AK Towers Perrin
Terms of Reference
The Remuneration Committee (the Committee) has appointed Towers, Perrin, Forster & Crosby, Inc. (”Towers Perrin”) as its external advisors to assist it in the execution of its duties as outlined in the Remuneration Committee Terms of Reference, and operates within the terms of reference set by the Committee and outlined below:
- To provide advice and guidance to the Committee on all aspects of executive remuneration for the Chairman, the executive directors and certain senior executives, including carrying out competitive remuneration benchmarking exercises as required from time to time;
- To consult with the Chairman, the Group Chief Executive and any other senior executives as appropriate and from time to time on matters concerning executive remuneration policy and to ensure that the Committee is fully briefed on these discussions;
- To inform and brief the Committee on changes to corporate governance and market practice; and
- To assist the Committee in developing its desired reward strategy as it relates to executive directors and senior executives and taking into account the Company’s remuneration strategy for all employees. This may include the selection of appropriate comparators, the determination of the Company’s competitive posture and the relative weight of the different components of total remuneration.
In addition, Towers Perrin provides advice, as and when required
by the Company, on employee remuneration generally including the
provision of competitive market data for other groups of employees,
on the remuneration of non-executive directors including the
Chairman, in relation to Board performance, and in connection with
International Financial Reporting Standards for share-based
payments. Towers Perrin may, from time to time, provide other
services to the Company with the consent of the Committee.
Each year, the Chairman of the Committee reviews the use of
advisors and considers the appropriateness of the continued
appointment of Towers Perrin.
