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The Board believes that the Consolidated Entity is not of a size, nor are its financial affairs of such complexity to justify the establishment of a Remuneration Committee of the Board of Directors as recommended by the Council's recommendation 9.2. All reviews of remuneration packages and policies applicable to Executive Directors, Non-Executive Directors and Senior Executives normally conducted on an annual basis by a Remuneration Committee are dealt with by the Board of Directors. Notwithstanding its reasons for not establishing a Remuneration Committee, the Board resolved that it would be beneficial to adopt and implement a formal Charter that clearly sets out the Remuneration Committee's role and responsibilities, composition, structure and membership requirements. The Board will meet annually to review the necessity to establish a Remuneration Committee. |
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