On behalf of the Board, the Committee considers the broad policy for executive remuneration, this includes:

• reviewing individual remuneration packages for the CEO and senior team;
• reviewing the terms and conditions of PfS's staff;
• determining how the Company's bonus scheme operates and the criteria to be applied; and
• reviewing the recommendations by the CEO for annual reviews of salary and performance.

The Remuneration Committee is chaired by Michael Grabiner and the members are Brian Rigby, Christine Davies, James Stewart and Richard Baldwin.