Non-executive directors’ fees

Non-executive directors’ fees, reviewed annually by the Board, are set at a level to retain individuals with the necessary experience and ability to make a substantial contribution to the Group. Fees paid are commensurate with those paid by other UK-listed companies. In addition to the basic fee for each non-executive director and the Senior Independent Director, supplements are paid to the Chairmen of the Audit and Remuneration Committees to reflect the extra responsibilities attached to these positions. A supplement is also paid to Dr Barry Zoumas for chairing the Tate & Lyle Research Advisory Group.

The non-executive directors do not participate in the Group’s incentive or pension schemes, nor do they receive other benefits. The non-executive directors do not have service contracts or notice periods, but, under the terms of their appointment, they are usually expected to serve on the Board for between three and nine years, with a review of their terms of appointment every three years, subject to their re-election by shareholders. Non-executive directors have no right to compensation on the early termination of their appointment.

The Chairman and the Deputy Company Secretary undertook a detailed review of the actual and anticipated time commitments of each of the non-executive directors (excluding the Chairman). The analysis indicated that the time commitments for non-executive directors were well in excess of the time commitment indicated in their appointment letters. A review of market data provided by HNBS indicated that the current basic fee level was significantly below the market median for companies of similar size and complexity to Tate & Lyle. Taking account of the current market position, and the increased time commitment required of the non-executive directors, the executive directors and the Chairman agreed that an adjustment to non-executive directors’ fees be made with effect from 1 April 2011. The fees are shown in the following table.

Download Excel

 

Basic fees (per annum)

 

At 1 April 2011
£

At 1 April 2010
£

Non-executive director

58 000

49 200

Senior Independent Director

64 650

55 850

 

 

 

 

Supplemental fees (per annum)

 

At 1 April 2011
£

At 1 April 2010
£

Chairman of Audit Committee

15 375

15 375

Chairman of Remuneration Committee

10 250

10 250

Chairman of Research Advisory Group

21 525

21 525