RBS 2003 Annual Report Download - page 127
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125
Annual Report and Accounts 2003
Directors’ remuneration report
The performance graph
The undernoted performance graph illustrates the performance of the company over the past five years in terms of total shareholder
return compared with that of the companies comprising the FTSE 100 index. This index has been selected because it represents a
cross-section of leading UK companies. The total shareholder return for the company and the FTSE 100 have been rebased to 0 for 1998.
Service contracts
The company’s policy in relation to the duration of contracts
with directors is that executive directors’ contracts generally
continue until termination by either party, subject to the required
notice, or until retirement date. The notice period under the
service contracts of executive directors will not normally exceed
12 months. However, the notice period may exceed 12 months
if existing service contracts have notice periods greater than
12 months and the Remuneration Committee considers it
appropriate not to reduce the existing notice period. In relation
to newly recruited executive directors, subject to the prior
approval of the Remuneration Committee, the notice period
from the employing company required to terminate the contract
will not normally exceed 12 months unless there is a clear case
for this. Where a longer period of notice is initially approved on
appointment, it will normally be structured such that it will
automatically reduce to 12 months in due course.
All new service contracts for executive directors will be subject
to approval by the Remuneration Committee. It will be the norm
to include in those contracts standard clauses covering the
performance review process, the company’s normal disciplinary
procedure, and terms for dismissal in the event of failure to
perform or in situations involving actions in breach of the
Group’s policies.
Any compensation payment made in connection with the
departure of an executive director will be subject to approval
by the Remuneration Committee, having regard to the terms of
the service contract and the reasons for termination.
Total shareholder return