Policy on directors’ service contracts, notice periods, termination payments and external appointments
The Company’s policy on the duration of directors’ service contracts is that no executive directors have fixed-term contracts and the notice period for each is shown in the table below. None of the contracts of head office executive directors contain liquidated damages provisions. There were no payments in 2008 in respect of termination of employment of any executive director.
|Executive director||Effective from||Notice period|
|Sir Martin Sorrell||19 Nov 2008||“At will”|
|Paul Richardson||19 Nov 2008||12 months|
|Mark Read||19 Nov 2008||6 months|
Executive directors are permitted to serve as non-executives on the boards of other organisations. If the Company is a share owner in that organisation, non-executive fees for these roles are waived. However, if the Company is not a share owner in that organisation, any non-executive fees can be retained by the office holder.