The Chairman and the non-executive directors have letters of appointment rather than service contracts. No compensation is payable to the Chairman or to any non-executive director if the appointment is terminated early.
Non-executive directors' fees
The Board takes account of independent market surveys in determining the fees payable to the Chairman and the non-executive directors. The fees paid to the Chairman and non-executive directors are shown in the emoluments table.
The current annual fees payable to the non-executive directors are as follows:
|Other non-executive directors||£ 55,000|
|Chairman of audit committee||£ 15,000|
|Chairman of remuneration committee||£ 12,000|
|Chairman of ethics committee||£ 12,000|
|Senior Independent Director||£ 10,000|
The Chairman and the non-executive directors are not eligible to participate in any of the Group’s share schemes, incentive arrangements or pension schemes. A facility is in place which enables non-executive directors to use some or all of their fees, after the appropriate statutory deductions, to make market purchases of shares in the Company on a monthly basis.