The  Remuneration  Committee  (the  ‘Committee’)  consists  of  Gary Hoffman   (Chairman),   Sir   Ian   Gibson,   Jane   Lighting,   Kathleen O’Donovan and Laura Wade-Gery. Sir Angus Grossart, Peter Birch and David Ross were members of the Committee during the period in which they were directors.

The Committee is a committee of the Board of directors and has been  established  with  formal  terms  of  reference  approved  by  the Board. The Committee has authority to determine the appropriate remuneration, benefits and employment conditions for the executive directors. The Committee also monitors the level and structure of remuneration  for  senior  management.  The  Committee  sets  the remuneration of the Chairman (the Chairman does not participate in any discussion of his remuneration).

The  Committee  fulfils  its  duties  with  a  combination  of  both  formal meetings  and  informal  consultation  with  relevant  parties  internally, including the Chief Executive, the Secretary and Group Legal Director and  the  Group  HR  Director.  Its  principal  external  advisors  are  New Bridge  Street  Consultants,  who  were  appointed  by  the  Committee but who also provide remuneration advice to the Company. New Bridge Street Consultants do not provide any other services to the Company.

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