The Nomination and Remuneration Committee comprises the Chairman, Managing Director and one non-executive Director and is responsible for reviewing and recommending the remuneration packages applicable to the board members and Managing Director.

The Managing Director determines the remuneration packages for the senior executives of the company in accordance with compensation guidelines set by the board. The board remuneration policy has been developed to ensure that remuneration packages properly reflect each person’s duties and responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest quality.

There is an annual evaluation of the board, including directors and committees. The board nomination policy was developed to ensure that the composition of the board is regularly reviewed, including reviewing issues such as identifying and selecting nominees and succession planning.

When a board vacancy occurs or where it is considered that the board would benefit from the services of a new director with particular skills, the non-executive Directors and the Managing Director will review potential candidates, with advice from external consultants if necessary, and then recommend candidates to the board.

The board then appoints the most suitable candidate. The company’s remuneration policy links the nature and amount of executive directors’ and officers’ emoluments to the company’s financial and operational performance.