Regulation 11

3. The directors' remuneration report must contain a statement by the director who fulfils the role of chair of the remuneration committee (or, where there is no such person, by a director nominated by the directors to make the statement) summarising for the relevant financial year -

(a) the major decisions on directors' remuneration;

(aa) any discretion which has been exercised in the award of directors' remuneration;

(b) any substantial changes relating to directors' remuneration made during the year; and

(c) the context in which those changes occurred and decisions have been taken.