Other information.

Other information.

TOTAL SHAREHOLDER RETURN (TSR)

The chart shows the value, as at 31 December 2013, of £100 investment in Legal & General shares on 31 December 2008, compared to £100 invested in the FTSE 100 on the same date. The other points plotted are the values at the intervening financial year-ends. The FTSE 100 Index was chosen as the Company is a member of this index.

Total shareholder return (at 31 December 2013)

Total shareholder return (at 31 December 2013) [L&G: 2008: 100, 2009: 111.72, 2010: 140.71, 2011: 157.35, 2012: 236.74, 2013: 381.13]; [FTSE 100: 2008: 100, 2009: 127.88, 2010: 144.52, 2011: 142, 2012: 156.67, 2013: 186.52] (line chart)

Read a textual description of the above chart

HISTORIC CHIEF EXECUTIVE INFORMATION

The table below shows the remuneration of the Group chief executive in place at the time over the same period.

(XLS:) Historic chief executive information

Year

Name

Group chief executive single figure of total remuneration
(£’000)

Annual variable element against maximum opportunity

PSP vesting rates against maximum opportunity

1.

Tim Breedon retired as Group chief executive on 30 June 2012 and Nigel Wilson took over from that date having been the Chief Financial Officer.

2.

The 2009 PSP vested in full in 2012. However, no PSP is shown in the figure for Nigel Wilson as, while he received the PSP, it vested during the time he was CFO.

3.

The 2009 PSP vested in full in 2012. The PSP figure that vested for Tim Breedon is shown in his figure as it vested during the time he was Group chief executive.

2013

Nigel Wilson

 

 

4,072

93.10%

100%

20121

Nigel Wilson
Tim Breedon

898
3,280

4,178

96.00%
84.80%

0% – note 2
100 % – note 3

2011

Tim Breedon

 

 

2,325

79.58%

16.6%

2010

Tim Breedon

 

 

1,526

89.98%

0%

2009

Tim Breedon

 

 

1,999

80.00%

0%

PERCENTAGE CHANGE IN REMUNERATION OF DIRECTOR UNDERTAKING THE ROLE OF GROUP CHIEF EXECUTIVE

2013 over 2012

(XLS:) Percentage change in remuneration of director undertaking the role of Group chief executive

 

Change to base salary %

Change to benefits %

Change in AVP %

Notes

The UK senior management employees (ex LGIM) have been chosen as the comparator group as it provided the most closely aligned population. For 2012, figures for the Group chief executive reflect the fact that Tim Breedon held the position from 1 January 2012 to 30 June 2012 and Nigel Wilson held the position from 30 June 2012 to 31 December 2012.

Benefits: The Group chief executive participates in the same benefits as other senior management employees.

Increase in benefits for the employee comparators group relate to increases in salaries.

Group chief executive

-4.21%

1.54%

-1.36%

Comparator

2.44%

2.44%

15.12%

EXTERNAL APPOINTMENTS

The company considers that certain external appointments can help to broaden the experience and contribution to the Board of the executive directors. Any such appointments are subject to annual agreement by the company and must not be with competing companies. Subject to the company’s agreement, any fees may be retained by the individual. However, they received no fees for the below appointments.

During 2013:

Nigel Wilson sat on the ABI committee.

Mark Gregory was an unpaid Director of Westdown Park Management Company Limited.

John Pollock was on the Financial Services Practitioner Panel and sat on the ABI Long Term Savings and Life Insurance Committee.

Mark Zinkula sat on the IMA Board and ABI Advisory Panel.

SHARE PURCHASES FROM 1 JANUARY 2014 TO 28 FEBRUARY 2014

(XLS:) Share purchases from 1 January 2014 to 28 February 2014

Name

No. of shares

This table has been audited by PwC.

Nigel Wilson

178

John Pollock

178

Mark Gregory

178

Mark Zinkula

0

The executive directors’ share purchases were made pursuant to their participation in the Employee Share Plan.

RELATIVE IMPORTANCE OF SPEND ON PAY

The table shows the relative importance of spend on pay compared to shareholder dividends and share buy-backs. We also consider our corporate tax liabilities of importance and details of these are shown in the Tax matters section.

(XLS:) Relative importance of spend on pay

Year

Distribution to shareholders by way of dividend £m

%
change 2013 over 2012

Profit retained in the company
£m

%
change 2013 over 2012

Overall expenditure on pay £m – note 1

%
change 2013 over 2012

Share buy back

%
change 2013 over 2012

Note 1 – Pay includes salaries, social security costs, share based incentive awards, defined benefit pension costs and defined contribution pension costs. It covers 11,163 employees for 2013 and 9,864 employees for 2012. These numbers include the executive directors and consolidated private equity investment vehicles.

2013

550

21.41

896

12.28

630

18.42

0

0

2012

453

 

798

 

532

 

0

 

PAYMENTS TO PAST DIRECTORS

The information below has been audited by PwC.

There have been no payments to past directors during 2013 other than those made to Tim Breedon, former Group chief executive, who stood down from the Board on 30 June 2012 and retired as at 31 December 2012 and whose remuneration upon leaving the company was fully disclosed in the 2012 directors’ remuneration report.

PAYMENTS FOR LOSS OF OFFICE

The information below has been audited by PwC.

There have been no payments for loss of office to executive directors during 2013.

STATEMENT OF VOTING AT THE ANNUAL GENERAL MEETING (AGM) 2013

The table below shows the voting outcomes on the directors’ remuneration report at the last AGM in May 2013.

(XLS:) Statement of voting at the annual general meeting (AGM) 2013

YEAR

FOR
% / NUMBER

AGAINST
%/ NUMBER

ABSTAIN
NUMBER

REASON FOR VOTES
AGAINST IF KNOWN

ACTION TAKEN BY COMMITTEE

2012 REMUNERATION REPORT

99.14%

0.86%

Not known

The committee has had positive and constructive discussions and dialogue with shareholders during 2013 regarding the proposals for the 2014 executive director remuneration structure and encourages an open approach.

4,009,276,082

34,764,807

139,185,561

 

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