WYG

The remuneration committee comprises all non-executive directors and is chaired by Brian Duckworth. Prior to Brian Duckworth's appointment to the Board in April 2005, the committee was chaired during the year by Gareth Cooper, and subsequent to his retirement in November 2004, by Peter Wood. It has clearly defined terms of reference to determine on behalf of the Board all aspects of remuneration of the executive directors. It is also kept advised of and consulted on all aspects of senior management remuneration across the Group.

During the year the committee appointed New Bridge Street Consultants LLP to review and provide advice on the remuneration of executive directors and other senior executives. New Bridge Street Consultants LLP provide no other service to the Group.