Directors’ remuneration policy.

Directors’ remuneration policy.

The following sections set out our directors’ remuneration policy (the ‘policy’) which will be subject to shareholder approval at the 2014 AGM in accordance with section 439a of the Companies Act 2006. This policy will be applicable from receipt of shareholder approval.

The Committee remains mindful that regulation of remuneration in the financial services sector continues to evolve and although its intention is that this policy will apply for three years, the Committee may review the policy more frequently, for example where there is a material change to the business, or to the regulatory, market or economic environment.

It also sets out any legacy policy or contractual elements that will continue. For the avoidance of doubt, in approving this Directors’ Remuneration Report, authority is given to the Company to honour any commitments with current or former Directors entered into prior to the date of this policy being approved and any legacy arrangements.

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