Remuneration Committee

The Remuneration Committee comprises of Stephen Burke, who is the Committee’s Chairman, and Ric Piper who are both independent nonexecutive directors.

Details on the directors’ remuneration and the work of the Remuneration Committee can be found in the Directors’ Remuneration Report.

The Committee’s duties include reviewing the performance of Executive Directors, determining the employment packages of the Executive Directors and the need to ensure the Executive Directors’ commitment to the continued success of the Group by means of incentive schemes to enhance performance and align the interests of the Executive Directors with those of shareholders. The Committee also reviews the employment packages of other senior managers.

The Committee is also responsible for the implementation and subsequent monitoring of the share based incentive schemes.

In determining the Executive Directors’ remuneration for the year, the Committee consulted the Company’s Chairman about its proposals (except for his own remuneration). No Director or senior manager participates in meetings at which his own remuneration is under consideration.

The objectives of the Group’s remuneration policy are to attract, retain and incentivise management with the appropriate professional, managerial and technological expertise to realise the Group’s business objectives and to align their interests with those of shareholders. The Group strives to link payment to performance and thereby create a performance culture.

To ensure that they offer the best available incentive for Executive Directors and senior managers to enhance shareholder value, the Committee continues to monitor basic salary, benefits, performance bonus payable for achievement of in year targets, and medium term share incentives.