Remuneration in detail

Table 56a

What emoluments did Directors receive? (£’000) (audited)

	Basic salary and fees	Benefits¹	Bonuses		Deferred bonus shares²		Total emoluments excluding pensions
	2007/08	2007/08	2007/08	2006/07	2007/08	2006/07	2007/08	2006/07
Executive:
F W Salway	619	22	791	536	535	119	1,967	1,268
A M Collins (resigned 19 October 2006)	–	–	–	146	–	49	–	457
I D Ellis³	413	18	451	669	87	483	969	1,546
M R Hussey	413	19	686	338	509	74	1,627	803
R J Akers	355	19	563	190	428	52	1,365	582
M F Greenslade	385	17	501	282	340	71	1,243	702
	2,185	95	2,992	2,161	1,899	848	7,171	5,358
Non-Executive:
P G Birch (Chairman to 1 January 2007)	–	–	–	–	–	–	–	194
D Rough	77	–	–	–	–	–	77	69
Sir Winfried Bischoff	65	–	–	–	–	–	65	58
Sir Stuart Rose	55	–	–	–	–	–	55	50
B A Lerenius	55	–	–	–	–	–	55	50
A J Carnwath	55	–	–	–	–	–	55	50
P Myners (appointed a Director on 1 September 2006 and Chairman on 1 January 2007)⁹	250	110	–	–	–	–	360	80
Total	2,742	205	2,992	2,161	1,899	848	7,838	5,909

table 56b

Table 56b

What emoluments did Directors receive? (£’000) (audited)

	Pensions		Performance shares vested⁶		LTIP and matching shares vested		Gain on exercise of share options
	2007/08	2006/07	2007/08	2006/07	2007/08	2006/07	2007/08	2006/07
Executive:
F W Salway	155	148	315	271	601	–	–	465
A M Collins (resigned 19 October 2006)	–	95	–	–	–	190	–	–
I D Ellis	103	95	260	599	366	–	–	–
M R Hussey⁴	103	131	217	398	355	–	–	542
R J Akers⁴	97	136	122	53	298	–	–	105
M F Greenslade⁴	96	131	–	–	652	–	–	–
	554	736	914	1,321	2,272	190	–	1,112
Non-Executive:
P G Birch (Chairman to 1 January 2007)	–	–	–	–	–	–	–	–
D Rough	–	–	–	–	–	–	–	–
Sir Winfried Bischoff	–	–	–	–	–	–	–	–
Sir Stuart Rose	–	–	–	–	–	–	–	–
B A Lerenius	–	–	–	–	–	–	–	–
A J Carnwath	–	–	–	–	–	–	–	–
P Myners (appointed a Director on 1 September 2006 and Chairman on 1 January 2007)	–	–	–	–	–	–	–	–
Total	554	736	914	1,321	2,272	190	–	1,112

Notes:

1. Benefits consist of the provision of a company car or car allowance, private medical insurance and life assurance premiums.
2. Deferred bonus shares represent the value ascribed to shares awarded under the Deferred Bonus Plan. This therefore includes the deferred bonus shares to be awarded in July 2008 but vesting in July 2011.
3. I D Ellis received fees of £36,875 from Rok plc in respect of his Non-executive Directorship of that company.
4. The pension contributions for M R Hussey, R J Akers and M F Greenslade for 2006/07 contained additional contributions to correct a shortfall in respect of prior years.
5. Pensions of £61,902 (2007: £61,708) resulting from unfunded historic benefit obligations were paid to former Directors or their dependants.
6. The Performance Share award for 2007/08 represents the value of shares that will vest as a result of performance targets satisfied during the year to 31 March 2008.
7. For awards made under the Performance Share Matching Plan, vesting of awards is equally dependent on the growth in EPS (defined to be normalised adjusted diluted EPS (NADEPS) and TPR measured over a three year period. 25% of the total award vests for NADEPS growth of 2.5% p.a. rising on a straight-line basis to 50% of the total award vesting for achieving NADEPS of 4% p.a. The remaining half of an award vests, dependent on the Company’s TPR equalling, or exceeding, the IPD All Fund Universe Index over a rolling three year period.
8. The Committee determined that the long-term incentive awards made under the Performance Share Matching Plan in 2005, vested in full.
9. From 1 April 2007, the Company agreed to assume, from Marks & Spencer Group plc, the cost of supplying a driver (including all employment costs) and fleet vehicle for Paul Myners. For 2007/08, the cost of this arrangement to the Company was £110,081.