Corporate Governance

Non-executive directors' remuneration

The Board applies principles of good corporate governance relating to directors' remuneration and also keeps abreast of changing trends. Governance of directors' remuneration is undertaken by the remuneration committee.

The remuneration of non-executive directors is determined by the shareholders of the Company in general meeting, acting pursuant to a recommendation of the Board acting, in turn, pursuant to a recommendation of the executive committee.

The remuneration committee takes cognisance of market norms and practices, as well as the additional responsibilities placed on Board members by legislation and corporate governance principles. The independent non-executive directors do not have service contracts with the Group and are not members of the Group's pension schemes. The Company does not grant options and shares to non-executive directors. Non-executive directors receive an annual fee for their contribution. The annual fee consists of a base retainer fee and, where applicable, a committee membership fee. The Group pays for all travel and accommodation expenses incurred by directors to attend Board meetings. Details of the emoluments paid to non-executive directors are given in note 30 to the financial statements.