Annual Report 2015 | Page 48

Annual Report 2015 Remuneration Remuneration packages are designed to attract, retain and motivate high-calibre senior executives. The Remuneration Committee has overall responsibility for determining the Executive Director’s remuneration package and those of the executive team and other senior management. NonExecutive Directors do not receive any remuneration or fee from the Company. Board Committees – Remuneration Committee The Remuneration Committee is responsible for the Group’s remuneration policy and the setting of the remuneration packages of the Board, executive team and other senior management. No Director is involved in determining his or her own remuneration. During the year the Remuneration Committee comprised of Jesús Olmos, Ram Kumar and Adrian Page. The total remuneration package of the Executive Director, executive team and other senior management includes basic salary, benefits and an annual bonus that is linked to individual business and Group targets and personal performance related objectives. Performance related objectives are designed to encourage and reward continuing improvement in the Group’s performance and value. The key terms of reference for the Committee are to: • Agree remuneration that will ensure that the Executive Director, the executive team and other senior management are provided with appropriate incentives to achieve high standards of performance and reward them for their individual contributions to the success of the Group • Determine such packages and arrangements with regard to any relevant legal requirements 46 and associated guidance and to obtain reliable, up-to-date information about remuneration in other companies • Approve the design of, and determine targets for, any performance related remuneration packages operated within the Group • Ensure that contractual terms on termination are fair and that failure is not rewarded • Oversee any material changes in employee benefits structures throughout the Group. – Nomination Committee In addition to conducting a rigorous process when making appointments to the Board, the Nomination Committee is responsible for reviewing the balance of skills and knowledge on the Board. It also keeps under review the possibility of any actual or potential conflicts of interest. The Nomination Committee is formed on an ad hoc basis, when the need for an appointment to the