The Remuneration Committee comprises Neil Woodyer, Roger Richer and Alexander Nesis, with Neil Woodyer as Chairman, is responsible for the review and recommendation of the scale and structure of remuneration for senior management, including any bonus arrangements or the award of share options with due regard to the interests of the Shareholders and the performance of the Group.

 

All of the directors have been granted options under the Unapproved Share Option Scheme. The Combined Code questions whether directors in receipt of share options should be classified as independent. The Board believes that in a situation where the Company needs to bring exploration and mining projects to fruition in order to achieve capital growth, the Board needs to take a long term perspective of the affairs of the Company. The Board believes that granting share options to non-executive directors is consistent with this need and, therefore, will not compromise the independence of the non-executive directors.