The Remuneration Committee of the Board (‘RemCo’) is primarily responsible for determining the remuneration strategy and policies and conditions of service for executive Directors and the Chairman of the Company.

The Committee also reviews and monitors the level and structure of remuneration for certain senior managers immediately below the level of the Board.

Chaired by Iain Ferguson the RemCo's other members during 2014 were Maureen Kempston Darkes, Steve Marshall and Graham Roberts.

No member of the RemCo has conflicts of interest arising from cross-directorships and no member is involved in the day-to-day executive management of the Group.

During 2014 the Human Resources director, Paul Raby, was invited to join meetings of the RemCo, when appropriate. The role of secretary of the RemCo is fulfilled by the Head of Secretariat. No Director has any involvement in any decisions relating to his own remuneration.

The RemCo is responsible for appointing external independent consultants to advise on executive remuneration matters. This advice and assistance has been provided throughout the year by New Bridge Street ("NBS"). The Human Resources director has also provided advice to the RemCo.

Notice in accordance with Section 430 (2B) of the Companies Act 2006 - Duncan Magrath