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Annual Report and Financial Statements 2010
Directors’ Remuneration Report
continued
Audited information
The following information, comprising details of the directors’ remuneration, directors’ pension provision, the Group’s equity incentive schemes and compensation for a past director, is audited in accordance with the requirements of the Companies Act 2006.
Directors’ remuneration
Remuneration
The directors’ remuneration for 2010 amounted to £1,564,000 (2009: £1,482,000) analysed as follows:
| Director’s name | Salary £000 | Bonus £000 | Benefits £000 | Fees £000 | 2010 Total £000 | 2009 Total £000 |
|---|---|---|---|---|---|---|
| Christopher Rodrigues | 150 | – | 3 | – | 153 | 274 |
| John Harnett | 450 | 120 | 18 | – | 588 | 479 |
| David Broadbent | 250 | 68 | 32 | – | 350 | 282 |
| Charles Gregson | – | – | – | 49 | 49 | 45 |
| Tony Hales | – | – | – | 62 | 62 | 45 |
| Edyta Kurek* | – | – | – | 44 | 44 | – |
| John Lorimer** | – | – | – | 32 | 32 | – |
| Nicholas Page | – | – | – | 64 | 64 | 60 |
| Ray Miles† | – | – | – | 33 | 33 | 97 |
| Craig Shannon‡ | 179 | – | 10 | – | 189 | 200 |
| Total | 1,029 | 188 | 63 | 284 | 1,564 | 1,482 |
*Edyta Kurek was appointed as a director on 15 February 2010.
**John Lorimer was appointed as a director on 12 May 2010.
†Ray Miles ceased to be a director on 12 May 2010.
‡Craig Shannon ceased to be a director on 6 August 2010. Further details in relation to him are set out below in the section: Compensation for a past director.
John Harnett has been awarded a bonus of £360,450 constituting 80.10% of his 2010 basic salary. Of this, 49.97% was payable by reference to pre-tax profit of the Group for 2010 and 30.13% was payable by reference to personal objectives.
David Broadbent has been awarded a bonus of £202,750 constituting 81.10% of his 2010 basic salary. Of this, 49.97% was payable by reference to pre-tax profit of the Group for 2010 and 31.13% was payable by reference to personal objectives.
Details of objectives are set out above in the section: Statement of the Company’s policy on directors’ remuneration: bonuses. Two thirds of the bonuses will be deferred into shares under the Deferred Share Plan, thus only the cash element is shown above.
Incentive Plan
Awards
Awards under the Incentive Plan are shown below. All awards lapsed during the year as the performance condition was not met.
| Director’s name | Awards held at 31 Dec 2009 | Awards lapsed on 16 July 2010 | Awards held at 31 Dec 2010 | Performance condition period | Market price of shares at date of grant (p) |
|---|---|---|---|---|---|
| Christopher Rodrigues | 0.6% | (0.6%) | – | 16 Jul 2007 – 15 Jul 2010 | 250 |
| John Harnett | 0.6% | (0.6%) | – | 16 Jul 2007 – 15 Jul 2010 | 250 |
| 0.1% | (0.1%) | – | 16 Jul 2007 – 15 Jul 2010 | 156 | |
| David Broadbent | 0.4% | (0.4%) | – | 16 Jul 2007 – 15 Jul 2010 | 250 |
Notes to awards
The awards potentially made available to participants, and thus are shown as, a percentage of the earned value pool at the end of the performance period. The total of this pool could have been up to 3% of the total return to shareholders in the performance condition period.
© International Personal Finance 2012