The remuneration committee is chaired by Paul Myners, and consists of two independent directors and Dame Liz Forgan, chair of the Scott Trust. On matters other than those concerning themselves, the chief executive and group HR director normally attend the committee’s meetings.
The committee is responsible to the Board for determining the remuneration packages of the executive directors and other senior executives earning a salary above a level determined by the committee, and advises on executive remuneration policy issues. The committee has access to professional advice where necessary. PricewaterhouseCoopers LLP, who are also the Group auditors, have provided remuneration advice to the committee.
The committee’s proceedings are minuted by the group HR director and circulated to all independent directors. The remuneration committee chair provides the Board with a summary report of the remuneration committee meeting.
Details of Board remuneration are set out on page 39 of the annual report.