Performance evaluation process
The Board and its Committees On an annual basis, Directors will provide written feedback in relation to the performance of the Board and its Committees against a set of agreed criteria. Each Committee of the Board will also be required to provide feedback in terms of a review of its own performance. Feedback will be collected by the Chairman, or an external facilitator, and discussed by the Board, with consideration being given as to whether any steps should be taken to improve performance of the Board or its Committees. The Managing Director will also provide feedback from senior management in connection with any issues that may be relevant in the context of Board performance review. Where appropriate to facilitate the review process, assistance may be obtained from third party advisers. Key Executives Executives and managers are subject to an annual performance review which addresses performance against agreed business objectives and provides for constructive discussion on individual competencies to enhance future performance. At the time of each review, the objectives (including measures) are set for the forthcoming review period. Typically, objectives are related to: - Costs/Financial Performance - People management and development - Operational/Business targets - Quality of process or production - Occupational Health & Safety - The performance of key executives is further considered by the Board Remuneration Committee on the potential capability within the executive team to realise the Group's business strategy and, if necessary, initiatives taken to strengthen capability. The performance of the Group Managing Director & CEO is assessed by the Group Board against objectives related to the Group's strategy and business plans. Endorsed June 2003
