Remuneration Report
The remuneration of Directors is determined on behalf of the Board by the Remuneration Committee. The aim of the remuneration policy is to provide, in the context of the Group's business strategy, remuneration which will attract and retain high calibre executives and staff. In order to achieve this, total rewards are set at levels that are competitive within the relevant market. Potential rewards are earned through the achievement of objectives based on measures consistent with shareholder interests. The terms of reference of the Remuneration Committee include (but are not limited to) the following:
- determining and agreeing with the Board the framework or broad policy for the remuneration of the Company's Chief Executive, the Chairman, the Executive Directors, the Company Secretary and such other members of the executive management as it is designated to consider;
- reviewing the ongoing appropriateness and relevance of the remuneration policy;
- approving the design of and determining targets for, any performance-related pay schemes operated by the Company and approving the total annual payments made under such schemes;
- reviewing the design of all share incentive plans and share option schemes and arrangements for approval by the Board and shareholders; and
- overseeing any major changes in employee benefits structures throughout the Company or Group.
The Remuneration Committee is currently made up of John Booth and Mark Segall and met 2 times during 2010.