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Governance and Remuneration
Remuneration report

The following table reflects the status of unexercised options held by executive directors and the gains made by them as a result of past awards during the year ended 30 June 2014:

Special contractual arrangements

No fixed-term employment contracts are in place for executive directors.

The periods of notice applying to senior executives is six months on either side in the case of the CEO and three months on either side in the case of other executive directors.

The notice periods for senior management members appointed to the executive committee (Exco) is three months, six months for the CEO and one month for all other managers.

On 18 October 2013, Mr PA Dunne stepped down as an executive director of the Group, but remained in service until 31 December 2013, and the Company agreed to a mutual separation payment. The payment made to Mr Dunne reflected in the variable remuneration table under retention, included a separation payment and settlement of his retention scheme balance.

Non-executive directors' remuneration

No annual fee increase is proposed for 2015 and the board and the committees' fees will remain unchanged for the fourth consecutive year.

Fee structures for remuneration of board and sub-committee members are recommended to the board by the Remcom and are reviewed annually. The review addresses market comparisons of fees and Company performance.

Non-executive fee structure comprises an annual fee for attending and contributing at board meetings. In terms of the memorandum of incorporation of the Company, fees payable to non-executive directors for their services as directors are determined by the shareholders in a general meeting.