Remuneration

Question 1

Principles

Answer 1

Remuneration should be designed to promote long term sustainability

Board should establish formal transparent procedures for developing the policy

No director should set his own pay

Question 2

Main provisions

Answer 2

• min 3 NEDs should be established
• promote long term shareholding’s by executive directors
• only basic salt should be pensionable and pension contribution rates should be aligned with those available to work

Question 3

Internal control provision

Answer 3

• board should establish an audit committee of independent Neds with minimum membership of 3
• chair of board not a member of audit committee
• competence in relevant sector operates in