The Remuneration Committee

Board of Directors

Report of the directors

Report on remuneration and related matters

Introduction

The Remuneration Committee

Remuneration policies

Summary of remuneration

Executive directors’ salaries

Executive directors’ bonuses

Executive directors’ service contracts

Remuneration of the non-executive directors

Directors’ pension arrangements

Share plans

Directors’ interests

Directors retiring and standing for re-election

Audit Committee

Statement of directors’ responsibilities

The Remuneration Committee

The Remuneration Committee deals with the remuneration of senior executive management on behalf of the Board and shareholders. During 1998 the members of the Remuneration Committee were Sir Christopher Hogg, Bob Bauman, Sir John Craven, Roberto Mendoza, Dick Olver, Charles Sinclair and Sir David Walker. On 9 February 1998 Bob Bauman took over the chairmanship of the Remuneration Committee from Sir Christopher Hogg.