The remuneration committee is chaired by Mr. Twining and its other members are Mr. Glatter and Mr. Williams. Only Non-Executive Directors serve on the committee and the members of the committee are independent of the Company´s management. The committee, which normally meets at least once a year, has responsibility for making recommendations to the Board on the Company´s policy for remuneration of senior executives, for reviewing the performance of executive Directors and Senior Management and for determining, within agreed terms of reference, specific remuneration packages for each of the executive Directors and members of Senior Management, including pension rights, any compensation payments and the implementation of executive incentive schemes. The Board also decided for the remuneration committee to administer the long-term incentive plan, when adopted. Compensation for non-executive Directors shall be a matter for the Board as a whole. In accordance with the committee´s terms of reference, no Director will be able to participate in discussions relating to his or her own terms and conditions of service or remuneration.