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7. Chairman's fees

The chairman's fees were set in July 2009 at £650,000 pa to take effect from his appointment on 1 August 2009. The chairman's fees are reviewed periodically (on a different cycle from the review of non-executive directors' fees). A recommendation is then made to the Board (in the absence of the chairman) by the Committee and chief executive, who will take external advice on market comparators. In accordance with the terms of his appointment as chairman, Sir John Parker received a one-off restricted share award of 31,000 ordinary shares in the Company on 15 September 2009, equivalent to £500,000. The share award will be released in full at the third anniversary of his appointment (August 2012) subject to his still being chairman. The chairman will invest progressively in Anglo American shares over the same period, in order to acquire a similar holding.

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Annual Report 2009