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
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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