Non-executive directors’ remuneration – 2014 (audited)

The table below shows the current fee structure and actual fees paid in 2014. The current aggregate limit for fees paid to NEDs is £1,500,000 p.a.

£000s

Base

Committee fee*

Committee Chairman

SID

Total fee
2014

Actual fee 2014

Benefits 2014 (1)

Actual fee 2013

Benefits 2013 (1)

Key:

NED committee membership:

A = Audit

N = Nominations

R = Remuneration

Ri = Risk

 

*

if sitting on two or more committees, excluding Nominations committee

 

Notes

1.

Benefits represent expenses incurred in the performance of non-executive duties for the company that have been reimbursed or paid for directly by the company. Benefits are not included in the actual fee totals.

2.

Effective 1 July 2014, Lindsay Tomlinson will receive an annual fee of £50,000 for sitting on the Board of LGIM. This is included in his actual fees for 2014.

3.

Appointed 1 August 2014.

4.

Appointed 8 December 2014.

5.

Appointed 1 December 2014.

6.

Stepped down from the Board 21 May 2014.

John Stewart
chairman N

340

340

340

1

340

0

Rudy Markham
N R

65

30

20

115

115

0

106

0

Stuart Popham
N R Ri

65

10

75

75

0

75

0.3

Julia Wilson
A N Ri

65

10

30

105

105

0

85

0.5

Lindsay Tomlinson2
A N R Ri

65

10

30

105

130

0

78

0

Lizabeth Zlatkus
A N Ri

65

10

75

72

2

5

0

Olaf Swantee3
A N

65

65

27

0

N/A

N/A

Richard Meddings4
N R Ri

65

10

75

6

0

N/A

N/A

Carolyn Bradley5
N R

65

65

5

0

N/A

N/A

Mike Fairey6
A N R

65

10

75

29

0.5

75

0.1

Shareholding requirements (audited)

NEDs are required to build up a shareholding equivalent to one times base fee. The table below shows their shareholding as at 2 January 2015, taking into account share purchases in relation to December 2014 fees, purchased on 2 January 2015.

Name

Shareholding as at 2 January 2015

Holding as a % of base fee

Met criteria of 1 x base fee

Shares purchased from 2 January 2015 to 27 February 2015

John Stewart

317,878

229%

Yes

2,896

Rudy Markham

243,843

933%

Yes

1,065

Stuart Popham

50,133

192%

Yes

611

Julia Wilson

33,078

127%

Yes

0

Lindsay Tomlinson

26,766

102%

Yes

939

Lizabeth Zlatkus

9,629

37%

On-target

669

Olaf Swantee

7,068

27%

On-target

1,262

Richard Meddings

727

3%

On-target

669

Carolyn Bradley

597

2%

On-target

580

Mike Fairey

41,136

157%

Yes

0