Remuneration
The Committee's principal responsibilities are:
- setting, reviewing and recommending to the Board for approval the Group's overall remuneration policy and strategy;
- setting, reviewing and approving individual remuneration arrangements for the Chief Executive and Executive Directors, including terms and conditions of employment and any changes;
- reviewing and monitoring remuneration arrangements for the senior managers of the operating businesses, including terms and conditions of employment and any policy changes; and
- approving the rules and launch of any Group sharebased incentive plan, and the granting of awards under any such plan.
The full terms of reference of the Committee can be found on the Diploma PLC website (www.diplomaplc.com) and copies are available on request.
Bruce Thompson, Chief Executive, attends meetings by the invitation of the committee to provide advice to the Committee to help it to make informed decisions. Nigel Lingwood, Company Secretary, attends meetings as Secretary to the Committee.
The Committee also holds meetings without management and receives information and independent executive remuneration advice from Kepler Associates, an external consultancy appointed by the Committee. During 2010, Kepler Associates provided advice to the Committee on incentive schemes and other remuneration issues. Kepler Associates does not advise the Group on any other issues.
Ashurst LLP also provides legal advice to the Committee on executive incentive schemes (as well as providing other legal services to the Group).