Remuneration committee

THE REMUNERATION COMMITTEE IS CHAIRED BY LYNNE WEEDALL, AND THE OTHER MEMBERS ARE MIKE COUPE, IAN DURANT and rob rowley. ALL THE MEMBERS ARE CONSIDERED BY THE BOARD TO BE INDEPENDENT.

The role of the committee includes determining the remuneration policy for the executive directors and the chairman and fixing the total individual remuneration package of each of the executive directors, considering the granting of share options and awards under the long-term incentive plan and determining bonuses payable to the executive directors.

The remuneration committee meets at least three times each year. The chairman and the chief executive, at the request of the committee, attend its meetings. The chairman does not participate in any discussions relating to his own remuneration. The chief executive is consulted by the committee on its proposals, but does not participate in any discussions relating to his own remuneration.

Details of the company's policies on remuneration, service contracts and compensation payments are set out in the directors' remuneration report.

Disclosure pursuant to s430(2B) of the Companies Act 2006

Greene King plc announced on 1 October 2014 that agreement had been reached with Matthew Fearn that he should step down from the board and from his role as chief financial officer in order to focus on his health.

As required by section 430(2B) of the Companies Act 2006, the following arrangements have been agreed with Matthew Fearn.

  1. Matthew will remain an employee of the company until 24 August 2016. During that time he will not be entitled to any remuneration other than as set out below and will not be required to perform any work for the company.
  2. An amount equal to£234,802 will be paid to Matthew Fearn within the next 10 days. This is based on 6 months’ salary, the value of his company car and the anticipated cost of private medical cover until the date of cessation set out above.
  3. No element of bonus for the 2014/15 or any future financial years will be paid.
  4. Awards made under the plans below have been scaled back on a time apportioned basis as specified in the rules of the relevant plan. Those awards remain subject to the applicable performance conditions being satisfied and the original vesting schedule.
    1. Awards granted in 2012 under the Greene King Long Term Incentive Plan have been reduced on a time apportioned basis to 59,611 shares.
    2. Awards granted in 2013 under the Greene King plc Performance Share Plan 2013 have been reduced on a time apportioned basis to 41,789 shares.
    No further dividend equivalents will accrue on the awards although those accrued to date will be payable to the extent awards vest).
  5. The company shall continue to provide Matthew with life assurance cover until the date of cessation referred to above.
  6. Matthew will be paid any PHI payments to which he is entitled until the date of cessation referred to above.
  7. The company will also maintain Matthew’s private medical insurance cover until he is able to procure alternative cover on comparable terms at his own cost.
  8. The company agreed to pay £15,650 plus VAT towards the costs of Matthew’s legal fees incurred in connection with the agreement.

Download the remuneration committee terms of reference (PDF 80KB)