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Corporate Governance REMUNERATION REPORT Key matter considered Actions taken by Committee Human resources The Committee received regular reports and updates on headcount, training programs, promotion, payroll cost and administration, comparative salary analysis, recruitment and disengagement of staff in key positions across the Group. Succession planning The Committee has focused on succession planning and culture, assessing the Executive, Non-Executive and Senior Executive succession pipeline, and identifying what skills are needed to support our strategy and business for the long-term. Board and Senior Executive succession has been a regular feature of Committee discussions during the course of the year and this has culminated in the development of a Succession Planning Policy, which is described on page 81. Staff and executive compensation Following the comparative salary analysis commissioned by the Committee during the year, with similar industries as benchmark, the Committee has noted the gap between compensation/benefits of junior and senior staff and are working on reviewing the compensation structure. Inflation and compensation Organisational structure Complaints Management Policy The Committee received regular reports and is currently reviewing the effect of inflation and Nigerian economic situation on payroll increase. The Committee is currently reviewing the organisational structure across the Group. This Policy was developed in line with the requirements of the Securities & Exchange Commission’s Rules Relating to the Complaints Management Framework of the Nigerian Capital Market (“SEC Rules”). It defines a transparent procedure for receiving, responding, monitoring and resolving complaints and enquiries from shareholders of the Company. Health and Safety, Environmental and Corporate Social Policy This policy was developed in recognition of the health and safety of workforce and stakeholders. The Policy seeks to comply with applicable laws, understand and continuously improve on health, welfare and social welfare initiatives. Remuneration Policy The Remuneration Report describes the Board’s policy on remuneration and how the policy was applied during the year. This report also notes the Executive Management Performance Incentive Policy which is a Long-Term Incentive Compensation Policy for Senior Executives contained that will be implemented during 2017. The Company’s Remuneration Policy has been designed to take into account the environment in which the Group operates and the results it achieves. The policy takes cognisance of the relevant Codes of Corporate Governance in Nigeria as well as leading governance practices with a view to ensuring adherence to the highest standards of Corporate Governance. This policy reflects the Group’s desire to sustain longterm value creation for shareholders with five overall objectives in mind: • To attract and retain people with integrity, ability, skill and experience to deliver the Group’s strategy • To motivate senior executives to pursue and promote balance between the short-term and Annual Report 2016 123

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