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Remuneration policy

he Group’s underlying objective is to ensure that individuals are appropriately rewarded relative to their responsibility, experience and value to the Group. This objective has been and continues to be applied as consistently and fairly as possible to all Group personnel over a prolonged period of time. Only in this way will the Group be able to attract, retain and motivate high calibre executives and employees who can perform to the highest levels of expectations.
The recruitment market is, as always, competitive for the high quality candidates and so the Group (led by the Remuneration Committee, the executive management and the Group’s HR Department) has incrementally built a package of compensation and benefits, which is attractive but also flexible enough to accommodate differing experience levels of candidates, coming from a variety of backgrounds and geographies
The Remuneration Committee has clarified its role in determining the remuneration packages and benefits for certain senior management, namely for the CEO, the COO and the General Manager of Petroleum Development. The remuneration packages and benefits for other managers and personnel are determined by the CEO in consultation with the HR Department. However, the Remuneration Committee applies a similar philosophy in determining the remuneration for the senior management as is applied in respect of all other employees. No Director participates in the deliberation or approval of his own remuneration package.