Remuneration Policies 

The Remuneration Committee, as stated above, has the responsibility to make recommendations to the Board on the Group’s remuneration policies. These policies are designed to attract and retain high quality directors and executives to achieve the Group’s stated objectives. 

During 2006 the Board accepted the recommendation of the Remuneration and Nomination Committee to introduce a new Remuneration Framework for the Group’s Leadership Group to ensure that executives are fairly compensated and have interests aligned to securityholders’ interests.   

Non-Executive Directors’ Remuneration 

Fees paid to Non-Executive Directors are set by the Board, within an aggregate limit set by the securityholders.  

The Remuneration and Nomination Committee recommended to the Board that Directors’ remuneration be reviewed to bring it in line with the Group’s peers and to make it more transparent.  The Board, after receipt of independent confirmation as to the reasonableness of arrangements recommended, has accepted those recommendations.