Annual Report 2007 - Antofagasta plc

Non-Executive Directors’ feesThe fees payable to Non-Executive Directors were asfollows:2007 2006GBP ‘000 US$000 GBP ‘000 US$000Base fee 50 100 36 66Audit committeechairman 10 20 10 18Audit committeemember 5 10 5 9Remunerationcommittee chairman 8 16 7 13Remunerationcommittee member 5 10 4 7Nominationcommittee chairman 5 10 3 6Nominationcommittee member 2 4 2 4The fees are set and paid in sterling. The fees havebeen translated into US dollars at the averageexchange rates for the relevant year for the purposeof this report. In addition to the above amounts,Non-Executive Directors also receive fees in theircapacity as Non-Executive Directors of the principaloperating subsidiary companies within the Group.These additional fees are included within the amountsattributable to the Non-Executive Directors within thetable of Directors’ remuneration on page 75.Service contracts and letters of appointmentMr. J-P Luksic has a contract for services with eachof the Antofagasta Railway Company plc and withMinera El Tesoro. Both contracts for services can beterminated by either party on one month’s notice.There is also a contract between Antofagasta MineralsS.A. and Asesorías Ramón F Jara EIRL for theprovision of advisory services by Mr. R F Jara whichcan also be terminated on one month’s notice. Theamounts payable under these contracts for servicesare reviewed periodically in line with the Company’spolicy on Directors’ pay. Amounts paid during 2006and 2007 have been included in the table of Directors’remuneration on page 75.All Non-Executive Directors have letters ofappointment with the Company, for an initial period ofthree years from the date of their appointment, subjectto reappointment at the AGM. These letters requirethe Non-Executive Directors to undertake that they willhave sufficient time to discharge their responsibilities.The appointments are terminable by either party onone month’s notice. The letters of appointment areavailable for inspection at the Company’s registeredoffice during normal business hours and at the AGM(for 15 minutes prior to and during the meeting).The service contacts and letters of appointment do notprovide for any compensation for loss of office beyondpayments in lieu of notice.Share options and long-term incentiveschemesNo arrangements exist to enable Directors to acquirebenefits through the acquisition of shares in theCompany or any of its subsidiary undertakings, tobenefit through profit-related pay or share optionschemes or to participate in any long-term incentiveschemes.Directors’ interestsThe Directors’ interests in the shares of the Companyat the beginning and end of the year were as follows:Ordinary shares of 5p each31 December 1 January2007 2007J-P Luksic (1) 41,963,110 41,963,110C H Bailey 32,000 32,000(1) Mr. J-P Luksic’s interest relates to shares held by AurebergEstablishment, an entity which he controls.The Directors had no interests in the shares of theCompany during the year other than the interests inthe table set out above. No Director had any materialinterest in any other contract with the Company or itssubsidiary undertakings during the year other than inthe ordinary course of business.No changes took place in the interests of the Directorsbetween 31 December 2007 and the date of thisreport.REMUNERATION REPORTAntofagasta plc Annual Report and Financial Statements 2007 73