Remuneration Committee

The Remuneration Committee consists of Sir Michael Oliver (Chairman), Mikhail Baranov and David Wood. The members of the Committee are re-elected by the directors each year. The Committee is responsible for determining the Company’s policy on the remuneration and terms and conditions of service of the executive directors and employees, reviewing the performance of the executive directors and other senior executives and for determining appropriate levels of remuneration, in consultation with external advisers as appropriate, with due regard to the interests of the shareholders. The Committee meets at least twice a year.

The remuneration of the non-executive directors will also be set by the Remuneration Committee.  The Committee also makes recommendations to the Board in respect of employee incentives, including the granting of share options.  No director is permitted to participate in discussions or decisions concerning his own remuneration.

Zirax has adopted a code for dealing in ordinary shares by directors and employees which is appropriate for an AIM quoted company.