Non-executive directors’ remuneration
The remuneration of non-executive directors is annually reviewed by the Board, excluding the non-executive directors. The fees payable are as follows:
| Fees payable (£’000s) | ||
|---|---|---|
| Position/role | From 1 April 2007 | From 1 April 2008 |
| Chairman | 525 | 560 |
| Deputy Chairman | 145 | 155 |
| Non-executive director | 105 | 110 |
| Chairmanship of Audit Committee | 25 | 25 |
| Chairmanship of Remuneration Committee | 20 | 20 |
| Chairmanship of Nominations and Governance Committee | 15 | 15 |
In addition, an allowance of £6,000 is payable each time a non-Europe based non-executive director is required to travel to attend Board and committee meetings, to reflect the additional time commitment involved.
Details of each non-executive director’s remuneration for the 2008 financial year are included in the Audited Information.
Non-executive directors do not participate in any incentive or benefit plans. The Company does not provide any contribution to their pension arrangements. The Chairman is entitled to use of a car and a driver whenever and wherever he is providing his services to or representing the Company.
Chairman and non-executive directors service contracts
The Chairman, Sir John Bond, has a contract, that may be terminated by either party on one year’s notice.
Non-executive directors, including the Deputy Chairman, are engaged on letters of appointment that set out their duties and responsibilities. The appointment of non-executive directors may be terminated without compensation.
The terms and conditions of appointment of non-executive directors are available for inspection by any person at the Company’s registered office during normal business hours and at the AGM (for 15 minutes prior to the meeting and during the meeting).