Chairman’s fees

Sir Peter Gershon became Chairman on 23 July 2009 receiving fees of £275,000 per annum which remained unchanged for the year ended 31 March 2011. The Committee reviews the Chairman’s fees each year and the Chairman does not participate in discussions or decisions relating to his own remuneration.

Following the most recent review of fees, the Remuneration Committee approved an increase in the Chairman’s fees to £283,250 effective 1 April 2011.