Directors’ remuneration report
Details of directors’ service agreements
Re-election of directors
At the forthcoming AGM Christopher Rodrigues and Tony Hales will be offering themselves for re-election.
Chairman
Christopher Rodrigues has a letter of appointment with the Company dated 19 June 2007, as varied on 22 October 2008, terminable on one year’s notice from him or the Company. There are no provisions for compensation payable on early termination.
Executive directors
John Harnett has a service agreement dated 19 June 2007, as varied on 22 October 2008. David Broadbent has a service agreement dated 21 June 2007. Each of these service agreements is terminable upon one year’s notice from the relevant director or the Company and will automatically terminate when the relevant director reaches normal retirement age (65). There are no provisions for compensation payable on early termination. However, in the event that a director is not re-elected at an annual general meeting of the Company, the agreement is automatically terminated and this is treated as a breach by the Company.
Non-executive directors
Each of the non-executive directors has a letter of appointment dated 19 June 2007. Each director has been appointed for three years (until 30 June 2010), subject to re-election by shareholders. The initial three-year period may be extended.
Proposed executive director
It is proposed that Craig Shannon should be appointed to the board as Development Director and he will be proposed for election at the forthcoming AGM. He has not yet entered into a service agreement.
Performance graph
The graph below compares the total shareholder return of the Company with the companies comprising the FTSE 250 Index. This index was chosen for comparison because the Company is a member of this index and has been since its shares were listed on 16 July 2007.
