Remuneration committee

The Remuneration Committee comprises three independent non-executive directors in accordance with the requirements of the Revised Combined Code. The Managing Director also attends Remuneration Committee meetings at the invitation of the Chairman of the Remuneration Committee, to provide advice from time to time, but he has no right of attendance.

The main duties of the Remuneration Committee are:

• reviewing and recommending the remuneration, pension entitlements and other benefits of the executive directors and, as appropriate, other senior executives of the Group; and
• reviewing the operation of share incentive schemes for directors and senior managers and the granting of awards under such schemes.

The Committee received advice during the last financial year from its appointed remuneration consultants who, until May 2005, were The Remuneration Practice, and, since May 2005, are New Bridge Street Consultants LLP (NBSC), and also from John Cuthbert (Managing Director). NBSC has carried out a full review exercise in respect of the remuneration packages offered to senior executives and will continue to assist the Committee in maintaining best practice in relation to remuneration. Neither The Remuneration Practice nor NBSC provided any other services to the Company.

For more detailed information on the functions performed by the Remuneration Committee, please refer to the Remuneration Committee Terms of Reference, and the Directors' remuneration report in the latest Annual Report and Accounts.