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ICI » Topics » Overview of changes to application of policy for 2007

This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Overview of changes to application of policy for 2007
During 2006, the Remuneration Committee reviewed the remuneration policy and proposes to make the following changes for 2007, subject to shareholder approval where required:

• ensure that the reward opportunity from both the short and long-term incentive plans remains market competitive;
   
• re-balance the mix of long-term incentives between share options and the PGP;
   
• pay dividends in respect of vested awards under the PGP; and
   
• change and simplify the PGP performance criteria for divisional executives.

The proposed changes were discussed in detail with the Company’s major institutional shareholders and a number of their suggestions were incorporated. The changes provide for a higher degree of leverage and are set out in detail later in this report. Indicatively, for the Chief Executive the total value of the package remains no higher than the UK market median.

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