text: The current members of the 
  Remuneration Committee, all of 
  whom are independent non- 
  executive Directors, are: Professor 
  J Sloan (Chairperson), Mr S 
  Gerlach and Mr P C Barnett. 
  
  **EXECUTIVE DIRECTORS**
  The Managing Director, Mr J C 
  Ellice-Flint, is currently the only 
  Executive Director, he being 
  appointed a Director on 19 
  December 2000. 
  
  **NON-EXECUTIVE DIRECTORS**
  Within the aggregate amount 
  (being $1,500,000 per year) 
  approved by shareholders at the 
  Annual General Meeting of the 
  Company held on 7 May 2004, 
  the fees of the Chairman and 
  non-executive Directors are set 
  at levels which represent the 
  responsibilities of and the time 
  commitments provided by those 
  Directors in discharging their 
  duties. Regard is also had to 
  the level of fees payable to 
  non-executive Directors of 
  comparable companies. 
  As previously announced,  The principles underlying the 
  remuneration policy are: to 
  realistically reflect the 
  responsibilities of executives and 
  other employees; to be industry 
  competitive and reasonable; that 
  a significant portion of 
  remuneration be at risk against 
  individual and company 
  performance and shareholder 
  wealth creation; that performance, 
  not failure, be rewarded so that 
  the Company’s best performers  His remuneration comprises a base 
  salary reviewed annually and an 