The Committee comprises Ron Marsh (the Chairman), all of the Non-Executive Directors, being Moni Mannings, Paul Dean and Mark Hammond, and Martin Payne (the Chief Executive Officer). Accordingly, there are five members. The Committee is chaired by the Board Chairman except when considering his own re-election.
In accordance with UK Code Provision B.2.1, the majority of the members were independent. During the year, Martin Payne became CEO following the retirement of David Hall, and as a result took over David’s membership of the Committee.
Under the Committee’s Terms of Reference, the Committee will normally meet not less than twice a year and at such other times as the Chairman shall require. The Committee held three scheduled formal meetings during the year under review. After each Committee meeting, the Chairman reports to the Board on the main items discussed.
During the year under review, the Committee carried out a process to recruit a new Chief Executive Officer to replace David Hall, who had indicated his intention to retire from the Company in October 2017. The Committee also considered the appointment of Glen Sabin to the Board as Chief Operating Officer and carried out a process to recruit a new Chief Financial Officer to replace Martin Payne. Further information on these processes is set out below. The Committee also carried out its duties as listed above and has given particular focus to succession planning for both the Board members as well as senior executives as discussed below. As stated in the Corporate Governance Report, all of the Company’s Directors will retire and each will offer themselves for election or re-election at the forthcoming AGM in accordance with UK Code Provision B.7.1. The Chairman confirms that the Committee has considered the formal performance evaluation and the contribution and commitment of the Directors that are required to offer themselves for re-election. The Chairman has confirmed to the Board that their performance and commitment is such that the Company should support their re-election.
No Director was able to vote in respect of their own re-election when consideration was given to Director re-election at the AGM.