Directors Remuneration      
 


The remuneration committee
consists of Mr C Haines (chairman) and Mr S Davidson and Mr A Howe. In the matters to be decided, members have no personal financial interests, other than as shareholders, nor are they involved in the day to day running of the business. The committee consults the chief executive about its proposals.

 
 
  Directors’ Remuneration Policy        

The Board is responsible for setting the Company’s policy on directors’ remuneration and the Remuneration Committee decides on the remuneration package of each executive director.

The primary objectives of the Company’s policy on executive remuneration are that it should be structured so as to attract and retain executives of a high calibre with the skills and experience necessary to develop the Company successfully and, secondly, to reward them in a way which encourages the creation of value for the shareholders. The performance measurement of the executive directors and the determination of their annual remuneration package is undertaken by the Remuneration Committee. The Remuneration Committee have used New Bridge Street consultants in the past to advise on the levels of remuneration and have also used their extensive experience and consulted with others in general as to the appropriateness of levels of remuneration.

No director is involved in setting his own remuneration.

The main elements of the executive directors remuneration are:

  • Basic annual salary
    The salaries of the executive directors are reviewed annually and reflects the executives’ experience, responsibility and
    market value.
  • Long-term incentive arrangements
    Long-term incentives are achieved by aligning directors’ and shareholders’ interests through shares held under option
    and the annual bonus plan, both of which include performance criteria linked to growth in earnings per share.
  • Other benefits
    Other benefits include pension contributions, medical cover and car allowances.

 

   


Non-executive directors’ remuneration
All non-executive directors have letters of appointment and their remuneration is determined by the Board having regard to the level of fees for similar companies. Non-executive directors cannot participate in any of the Company’s share option schemes unless they were granted options while holding an executive position.

Christopher Haines holds share options, and notional shares under a Long Term Incentive Plan, which were awarded when he was executive chairman. Nonexecutive directors are not entitled to any contribution in respect of pensions.

 
 

 

       

 


Directors’ Emoluments

 

 


Pension Arrangements

 

 

 

Salary
and fees
(£000)
Bonus
(£000)
Pension
(£000)
Other
benefits
(£000)
Total
2008
(£000)
Total
2007
(£000)

Executive Directors

 

 

 

 

 

 

KK Appiah

84

9

8

2

103

591

KJ Sadler

153

-

15

14

182

171

Non-Executive Directors

 

 

 

 

 

 

SJ Davidson

40

-

-

-

40

40

CJM Haines

27

-

-

2

27

27

A Howe

231

-

-

-

23

-

 

 

327

9

23

16

375

297


1. Payment in respect of part of the year.

The other benefits consist of car allowance and health insurance cover.

 

 

The Company makes payment to Keith Sadler and Ken Appiah’s private pension schemes at the rate of 10% per annum.
No other director receives pension contributions.