Remuneration Report
Service Contracts
The Company’s policy on the duration of Directors’ contracts is that for both Executive and Non-Executive Directors notice periods will be no more than one year served by the Company or the Director.
Andrew McIver and Jim Wilkinson have Service Contracts, dated 18 January 2006 and 21 January 2008 respectively, which provide for 12 months’ notice by the Company or the Director and contain non-compete obligations. There are no payments or compensation on early termination of the contract, save that where a payment is made in lieu of notice and the executive commences new employment during such a period, they are under an obligation to repay the Company any pro-rated amounts.
Each Non-Executive Director has a contract for services, each with a termination period of twelve months’ notice. It is the Company’s policy that a proportion of their fee is paid in Sportingbet Shares, which are to be retained until they cease to be a Director of the Company.
In December 2006, and in the case of Jim Wilkinson, on 1 February 2008, Sportingbet Plc granted rolling indemnities to all of its Directors and the Company Secretary, uncapped in amount, in relation to certain losses and liabilities which they may incur in the course of acting as Directors and Company Secretary of Sportingbet Plc or of one or more of its subsidiaries. These indemnities replace those previously granted on similar terms and continue to be in place as at 31 July 2008.