CIS Remuneration report

CIS uses, as a guideline for its disclosure in relation to remuneration, the requirements applicable to listed companies, as set out in the Directors' Remuneration Report Regulations 2002.

The CIS Board comprises non-executive directors appointed by the Co-operative Group Board and independent professional non-executive directors and executive directors appointed by the CFS Board. The Chief Executive is appointed by both the CIS and Co-operative Group Board. This report provides details of the remuneration of the executive directors.

CIS' Remuneration and Appointments Committee meets as part of a combined Remuneration and Appointments Committee for CFS, CIS' parent company. Its role is described below.

Introduction

The Remuneration Report is presented by the Board and contains the following information:

• a description of the role of the CFS Remuneration and Appointments Committee ("the Committee"), covering CIS;
• a summary of its remuneration policy, including a statement of policy on executive directors;
• details of the terms of the service contracts and the remuneration of each executive director for the financial year.