2) “SINGLE FIGURE” OF REMUNERATION.


The Committee notes that BIS has proposed introducing an additional disclosure of a ‘single figure’ of remuneration received in the year. This is complicated because the periodic vesting of the PSP and bonus deferral affects the exact cash received each year. In addition, no simple definition of how these figures should be calculated to ensure consistency of approach has yet been agreed.

The final formula set in future years may change but the table below represents the Committee’s best attempt at providing shareholders with the total earnings of each executive in the year. It is hoped that this will help shareholders’ understanding and demonstrate the Committee’s commitment to transparent reporting.

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Executive Directors’ ‘single figure’ for financial year ended 31 December 2011

 

 

Changes to reflect in year earnings

 

Changes to reflect vesting of prior years’ awards

 

 

Total remu-
neration earned in 20111
£’000

Pension2
£’000

Deferred bonus3
£’000

Matching shares4
£’000

‘Single figure’ remu-
neration
in 2011 year
£’000

SBP and divi-
dends5
£’000

PSP6
£’000

Gain on SAYE7
£’000

Total ‘single figure’8 remu-
neration including vested awards in 2011
£’000

Tim Breedon

1,810

192

(302)

1

1,701

246

245

0

2,192

Nigel Wilson

1,060

53

(171)

1

943

267

0

0

1,210

John Pollock

995

128

(177)

1

947

91

118

0

1,156

Mark Gregory

747

71

(115)

1

704

49

55

0

808

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Executive Directors’ ‘single figure’ for financial year ended 31 December 2010

 

 

Changes to reflect in year earnings

 

Changes to reflect vesting of prior years’ awards

 

 

Total remu-
neration earned in 20101
£’000

Pension2
£’000

Deferred bonus3
£’000

Matching shares4
£’000

‘Single figure’ remu-
neration
in 2010 year
£’000

SBP and divi-
dends5
£’000

PSP6
£’000

Gain on SAYE7
£’000

Total ‘single figure’8 remu-
neration including vested awards
in 2010
£’000

1

Earnings reported in the Remuneration policies section (salary, benefits, cash in lieu of pension and total bonus).

2

Value of any registered pension using the HMRC formula for assessing the annual and lifetime limits (ie 16 times the post inflation benefit for defined benefit pensions or for defined contribution pensions the employer defined contributions as set out in the Other benefits section) It does not necessarily represent the economic value of the pension accrual and is not money immediately available to the person. Where the accrued value (net of inflation) is negative, we have used a value of zero. For reasons explained in previous reports, this figure can be volatile.

3

The 2011 deferred bonus which is awarded as shares under the Share Bonus Plan (SBP) as, although awarded in 2011, they do not vest in the year. 37.5% of any bonus awarded is deferred for three years.

4

Value of matching shares as at date of purchase and Group Performance Shares awarded in the year valued at the date of award (does not include the amounts that vested).

5

Value of the SBP awards that vested (as of date of vest) during the year and the value of all dividends received in 2011 in respect of outstanding SBP awards.

6

Value of PSP awards that vested in the year (as of date of vest). The vesting of awards is dependent on TSR outcomes as set out on in the Other shareholding information section.

7

Any gain on SAYE vesting in the year – nothing vested in either 2010 or 2011 for the directors.

8

Total ‘single figure’ of remuneration including vesting of prior years’ awards.

Tim Breedon

1,861

0

(331)

1

1,531

133

0

0

1,664

Nigel Wilson

1,141

84

(219)

1

1,007

1

0

0

1,008

John Pollock

874

0

(137)

1

738

53

0

0

791

Mark Gregory

746

48

(137)

1

658

31

0

0

689

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