Directors’ loans

At 31 December 2011 there were no loans outstanding to directors; (2010 was also nil).

Service contracts

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Executive Director

Contract commencement date

Continuous employment date

Tim Breedon

January 2002

September 1987

Nigel Wilson

September 2009

September 2009

John Pollock

November 2003

September 1980

Mark Gregory

January 2009

August 1998

Tim Breedon and John Pollock have a notice period of six months on either side and on termination they would be entitled to an additional six months’ salary, pension and car allowance entitlement.

Mark Gregory and Nigel Wilson have notice periods of 12 months. However, they have no entitlement to any additional contractual payment on termination of employment. Any payment in lieu of notice will consist solely of base salary and the cost of providing benefits for the outstanding notice period and will be subject to deductions for income tax and National Insurance as appropriate.

Copies of the executive directors’ service contracts are available for inspection at the Company’s registered office.

External appointments

The Company considers that certain external appointments can help to broaden the experience and contribution to the Board of the executive directors. Any such appointments are subject to annual agreement by the Company and must not be with competing companies. Subject to the Company’s agreement, any fees may be retained by the individual.

Tim Breedon is chairman and an unpaid Board member of the ABI. He is also an ex officio (ABI) member of the Takeover Panel. During 2011 he was appointed Chairman of a UK Government Taskforce set up to examine structural and behavioural barriers to raising non-bank finance.

Nigel Wilson is the Senior Independent Director (SID) at Capita with a fee of £70,000 pa. Mark Gregory is an unpaid Director of Westdown Park Management Company Ltd. John Pollock is on the Financial Services Practitioner Panel.

The Directors’ Report on Remuneration was approved by the directors on 13 March 2012.



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