Policy section.


This section sets out the principles behind our remuneration policies and the remuneration structure for the executive directors. During 2012, we have clarified our principles and we are now considering carefully our remuneration structure to ensure it continues to align with shareholder value while being underpinned by our values and customer outcomes. This review will continue during 2013.


While we have recognised the BIS guidance and started to structure this Remuneration Report into Policy and Implementation Sections, this year the following pages are designed more to help explain how our philosophy and policies have been considered. This report is not designed for shareholder voting and the format will evolve as further guidance is provided from BIS and prior to the binding vote in 2014.