The Board of Directors of the Company, in keeping with modern corporate governance principles, on May 2, 2005 established a Remuneration Committee to review and advise the Board on the remuneration and appointments of senior executives of the company.
The terms of reference of the committee require it to be entirely comprised of non-executive directors, of which a majority must be independent in the sense of not having a material shareholding in the company or other material economic ties to the company. The committee is also permitted and encouraged to seek external professional advice on any aspects of its deliberations.
Mr. Peter Reid was appointed Chairman of the Committee, and two other directors, Ms. Deanne Bell and Mr. Philip Martin, were appointed members of the committee.
