Exhibit 4(c).7
CHANGES TO EXECUTIVE AND NON-EXECUTIVE DIRECTORS SINCE 31 MARCH 2006
Base Salaries of Executive Directors
Base salaries for Executive Directors were reviewed in June 2006 with the new salaries below being effective from 1 April 2006.
| | | | | |
| Roger Urwin | | £820,000 | | |
| Steve Holliday | | £600,000 * | | |
| Steve Lucas | | £480,000 | | |
| Nick Winser | | £420,000 | | |
| Mike Jesanis | US | $880,000 | | |
| Edward Astle | | £420,000 | | |
| | |
| * | | Salary reviewed and effective on appointment to Deputy Group Chief Executive (1 April 2006). |
Fees for Non-Executive Directors
Fees for Non-Executive Directors as at 1 April 2006 are given below. There have been no subsequent revisions, with the exception of Sir John Parker who has received a salary increase to £500,000 with effective from 1 April 2006.
| | | | | | |
| Sir John Parker | | £ | 500,000 | | |
| | | | | | |
| Kenneth Harvey | | £ | 35,000 | | Plus additional £12,500 for position of Senior Independent Director |
| | | | | | |
| John Allan | | £ | 35,000 | | Plus additional £12,500 for chairing
the Remuneration Committee * |
| | | | | | |
| John Grant | | £ | 35,000 | | |
| | | | | | |
| Paul Joskow | | £ | 35,000 | | Plus additional £12,500 for chairing
the Finance Committee |
| | | | | | |
| Stephen Pettit | | £ | 35,000 | | Plus additional £12,500 for chairing the Risk and Responsibility Committee |
| | | | | | |
| George Rose | | £ | 35,000 | | Plus additional £15,000 for chairing
the Audit Committee |
| | | | | | |
| Maria Richter | | £ | 35,000 | | |
| | |
| * | | Appointed as new chairman of the Remuneration committee on 1 Feb 2006 as John Grant stood down as chairman. |
In addition, a fee of £1,500 is paid for each Board meeting that Non-Executive Directors attend in their country of resident, which is increased to £3,000 for meetings held outside of their country of residence. This fee is not paid to Sir John Parker.
