- Financial Statements
Notes to the Consolidated Financial Statements
for the year to 31 December 2007
40. Related party transactions
Transactions between the company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures are disclosed below. Transactions between the company and its subsidiaries and joint ventures are disclosed in the company’s separate financial statements.
Trading transactions
During the year, Group companies’ purchases from joint ventures totalled £21.4m (2006: £30.7m). Purchases were based on open market values.
Remuneration of key management personnel
Details of the remuneration of the directors and members of the Executive Committee, who are the key management personnel of the Group, are contained in the audited part of the Remuneration Report on Directors’ Remuneration Report and form part of these financial statements.