Remit

Remuneration Committee

The members of the Remuneration Committee consist of at least three non-executive directors who are independent of management and free of any business or other relationships (including cross-directorships or day-to-day
involvement in the management of the business) which could interfere with the exercise of their independent judgement.

The duties of the Remuneration Committee are:

to determine those posts which will be designated as senior staff posts;

to determine the contracts of employment, including all terms and conditions of service, for senior staff taking account of guidance and market information where appropriate;

to monitor and evaluate the performance of senior staff;

to determine the remuneration of senior staff, ensuring that senior staff are fairly rewarded for their contribution to the Company having regard to affordability, guidance and market information where appropriate;

to support the Chief Executive in making recommendations each year (or such other period as may be agreed) to the Board on the appropriate pay award for all other staff to be submitted for ministerial consideration. In addition, a severance policy is in operation.