Notes to the Accounts For the year ended 31 December 2007

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26. Related party transactions

Identity of related parties

The Group has a related party relationship with its Directors and members of the Executive Board, and subsidiaries (Note 12).

Transactions with key management personnel

Key management personnel are deemed to be the Directors and members of the Executive Board. The remuneration of Directors and members of the Executive Board is determined by the Remuneration Committee having regard to the performance of individuals and market trends. For transactions with Directors see the Remuneration Report on pages 43 to 49. Over and above these transactions, equity settled transactions for the year were £2.2m (2006: £1.3m). Transactions with the remaining members of the Executive Board are disclosed below:

  2007
£'000
2006
£'000
Short-term employee benefits 746 468
Pension costs - defined contribution plans 40 33
Equity settled transactions 340
Termination benefits 63

The increase in emoluments in the current year represents members being on the Executive Board for a full year and an increase in the bonus award, as well as awards made under the Michael Page Executive Share Option Scheme.

In addition to their salaries, the Group also provides non-cash benefits to members of the Executive Board, and contributes to a post-employment defined contribution pension plan on their behalf, details of which are given in Note 1.

Transactions between the Group and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation. Details of transactions between the parent company and subsidiary undertakings are shown below.

Dividends received Amounts owed by
related parties
Amounts owed to
related parties
  2007
£'000
2006
£'000
2007
£'000
2006
£'000
2007
£'000
2006
£'000
  4,283 8,140 73,516 38,067 302,241 229,641

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