External directorships
Executive Directors are encouraged to take on not more than one external non executive directorship on a non-competitor board, as the committee believes there are significant benefits to be achieved to both the Company and the individual. In order to avoid any conflict of interest, all appointments are subject to the Board's approval. Executive Directors may retain payments received in respect of these appointments. Mr Hornsby is a non executive director of Virginia Company Bank for which he received no fees during the year; he received 3,000 stock options at US$10 each on appointment in 2006. Mr Webster is a non executive director of Bradford & Bingley plc, for which the annual rate of his fees is £70,000 (2007: £70,000).