Directors' remuneration report
Service agreements
The Group's policy is for executive directors to have service agreements with notice periods of no more than one year. All current executive directors are entitled to receive 12 months' notice from the Group, but would be required to give six months' notice if they wished to leave. Executive directors normally retire at age 60. However, following the implementation of The Employment Equality (Age) Regulations 2006, they may now choose to delay their retirement until age 65.
It is the Group's policy that where compensation on early termination is due, it should be paid on a phased basis, mitigated in the event that alternative employment is secured, and that bonus payments should relate to the period of actual service, rather than the full notice period, and will be determined on the basis of performance.
Any entitlements under the pension scheme or equity plans will be in accordance with the scheme rules on leaving.
|
Notice to be given by the Company |
Date of service agreement/letter of appointment |
|
|---|---|---|
|
Sir Victor Blank |
6 months |
25 January 2006 |
|
J E Daniels |
12 months |
22 January 2009 |
|
A G Kane |
12 months |
23 January 2009 |
|
G T Tate |
12 months |
9 February 2009 |
|
T J W Tookey |
12 months |
26 January 2009 |
|
H A Weir |
12 months |
21 January 2009 |
|
Former directors who served during 2008 |
||
|
T A Dial |
12 months |
23 May 2005 |
|
M E Fairey |
12 months |
28 August 1991 |
Independent non-executive directors do not have service agreements and their appointment may be terminated, in accordance with the articles of association, at any time without compensation.
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