Remuneration Committee Report

The Remuneration Committee of Hayleys PLC consists of Non-Executive Directors, a majority of whom are independent, and is chaired by an Independent Non-Executive Director as per good governance requirements. The Chairman and Chief Executive assists the Committee by providing relevant information and participating in its analysis and deliberations, except when his own compensation package is reviewed.

The Committee is responsible for determining the compensation of the Chairman and Chief Executive, Executive Directors and members of the Group Management Committee. In addition, they lay down guidelines and parameters for the compensation structures of all management staff within the Group taking into consideration industry norms.

A primary objective of the compensation packages is to attract and retain a highly-qualified and experienced workforce, and reward performance accordingly in the backdrop of industry norms. These compensation packages provide compensation appropriate for each business within the Group and commensurate with each employee’s level of expertise and contribution, bearing in mind the business performance and shareholder returns.

Dr. Harsha Cabral, PC
Chairman
Remuneration Committee

2nd May, 2013