Report on directors’ remunerationSub‐section report on directors’ remuneration

Chairman’s remuneration

Our policy is that the chairman’s pay should be set at a level that is competitive with those of chairmen in similar positions in comparable companies. He is not entitled to any annual or long-term incentive, retirement or other benefits.

There were no changes in the chairman’s remuneration in 2008. With effect from 1 January 2007, his remuneration was £450,000 per year.