Remunerations Committee

The Board of directors has set up an independent remuneration committee consisting mainly of independent and non-executive directors, to recommend to the Board the remuneration of the executive and non-executive directors and the structure of their compensation package. The directors’ remuneration is sufficient to attract and retain directors to run the company effectively and has been over the years approved by shareholders in the Annual General Meeting.

 

The executive directors’ remuneration is structured in line with remuneration for other directors in the same industry and is aligned with the business strategy and long-term objectives of the company. It also includes an element that is linked to corporate performance, including a share option scheme, so as to ensure the maximization of the shareholders’ value.

The remuneration of non-executive directors is competitive and in line with remuneration for other nonexecutive directors in our industry. The remuneration package to directors is appropriately disclosed.