GBp 290.50 -1.50 Customer websites About us Our way Investors Media Careers Customers Quick find Key facts Our businesses Our business model Our strategy Our markets Our management Our history Corporate governance Governance framework Committees Remuneration Remuneration consultants Risk and Risk Management Internal Control Home About us Corporate governance Remuneration Remuneration The Remuneration Policy is based on the following broad principles set by the Remuneration Committee to: provide a competitive remuneration package to attract and retain quality individuals; align remuneration to drive the overall objectives of the business; align the interests of management with the interests of shareholders; and provide the foundation for overall reward and remuneration beyond the specific roles falling within the direct remit of the Remuneration Committee. In implementing its policy, the Remuneration Committee gives full consideration to the principles set out in the Code with regard to Directors’ remuneration and due regard is given to the guidance issued by investor protection bodies and institutional investors more generally. Remuneration policy is reviewed on an ongoing basis against the Committee’s broad principles and in light of emerging best practice in corporate governance. Revised policy for Executive Directors The following changes have been made to the policy approved at the 2014 AGM in response to shareholder feedback received: Three long term incentive arrangements have been simplified to a single plan. Awards under the Share Matching arrangement will cease and the Five Year Awards will no longer be granted to the Group Chief Executive. The remuneration package of the Group Chief Executive has been rebalanced to give less weighting to long term incentives and reduce the overall quantum. The aggregated opportunity under long term plans for the Group Chief Executive has been reduced from 320% of salary to 200% of salary and the Committee has introduced a two year holding period post-vesting. The maximum annual bonus for the Group Chief Executive has increased from 150% to 200% of salary, with 75% of the additional 50% subject to compulsory deferral. The shareholding requirement has been increased from 100% to 200% of salary for the Group Chief Executive and from 100% to 150% of salary for the Group Finance Director. The unfunded pension arrangement for the Group Chief Executive will cease to accrue upon the completion of a 12 month notice period. Remuneration and Departing Directors Further to the RNS announcement by National Express Group PLC ("the Company") on 10 October 2014 in respect of the resignation of Jez Maiden, Group Finance Director ("the Director"), this statement is made in accordance with section 430 (2B) of the Companies Act 2006. In compliance with the Rules of the Company’s Long Term Incentive Plan (LTIP), the Director's awards will lapse on date of leaving. No loss of office or termination payments will be due to the Director. The Director will continue to receive his normal remuneration until date of leaving including eligibility to the 2014 Annual Bonus Scheme. Remuneration Committee - Useful documents Terms of reference (56 Kb PDF) 2014 Overview (72 Kb PDF) Remuneration Policy (0.1 Mb PDF) Terms and Conditions of Appointment of Non Executive Directors Sir John Armitt (2 Mb PDF) Matthew Crummack (2 Mb PDF) Joaquin Ayuso (1 Mb PDF) Jane Kingston (2 Mb PDF) Lee Sander (1 Mb PDF) Jorge Cosmen (1 Mb PDF) Mike McKeon (3 Mb PDF) Chris Muntwyler (1 Mb PDF) National Express Group National Express Group is a leading transport provider delivering services in the UK, Continental Europe, North Africa, North America and the Middle East. Every year more than 845 million journeys are made on our buses, trains, light rail services and coaches. National Express Group PLC is a company registered in England and Wales, whose registered office is National Express House, Birmingham Coach Station, Mill Lane, Digbeth Birmingham, B5 6DD. Registered No: 2590560. Quick Links Home About us Our Way Investors Media Careers Customers Site tools Contact us Cookie Policy Sitemap Alert service RSS feed Keep in touch