The Remuneration Committee’s policy is to:

• Establish appropriate levels of remuneration to its senior executives, taking into account their experience, the size and complexity of their jobs, relevant market comparative data and any material special factors which may arise from time to time; and to
• Ensure that a significant proportion of executives’ remuneration is determined by performance.

The Remuneration Committee’s duties are set out in its terms of reference which were updated and approved by the Board on 13 December 2007. Remuneration committee terms of reference (Pdf, 25KB)

Further details of the Committee’s activities during 2006 are outlined in the Corporate Governance Statement in the 2006 Annual Report and Accounts.