BT 1997 Annual Report Download - page 30

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REPORT OF THE BOARD COMMITTEE ON EXECUTIVE REMUNERATION
30
Directors’ remuneration
The remuneration (excluding pension arrangements) of the directors was as follows:
Benefits
Salary and fees Bonus excluding pension(a) Total
1997 1996 1997 1996 1997 1996 1997 1996
£000 £000 £000 £000 £000 £000 £000 £000
Sir Iain Vallance 485.0 476.3 185.0 162.0 28.9 19.2 698.9 657.5
Sir Peter Bonfield 498.8 118.8 225.0 42.5 27.1 4.5 750.9 165.8
AWRudge 286.3 268.8 116.0 100.0 14.6 13.4 416.9 382.2
R P Brace 272.5 233.8 110.0 85.0 16.6 14.2 399.1 333.0
MLHepher –373.1(b) –154.0(b) –16.2(b) –543.3
Sir Colin Marshall 65.0 34.1 ––0.2 0.4 65.2 34.5
JIWAnderson 31.0(c) 11.4(c) ––––31.0 11.4
MArgent 46.4 82.1 ––0.4 32.7(d) 46.8 114.8
B E Breuel 20.1 19.5 ––––20.1 19.5
Sir Ewen Fergusson 33.4 30.0 ––0.2 0.2 33.6 30.2
Y M Newbold 28.6 27.1(c) ––0.2 0.2 28.8 27.3
J K Oates 30.1 26.8 ––0.2 0.2 30.3 27.0
B C Roberts ––––––––
GHTaylor ––––––––
Rt Hon Lord Tebbit 17.5 27.7 ––––17.5 27.7
Sir Michael Bett –31.3 –––1.4 –32.7
P G Bosonnet –56.3 –––––56.3
Total remuneration 1,814.7 1,817.1 636.0 543.5 88.4 102.6 2,539.1 2,463.2
(a) Includes such benefits as company car, petrol, driver,
personal telephone facilities, medical cover, financial
counselling and share schemes.
(b) Under the terms for his leaving the company on
31 December 1995, Mr Hepher continues to receive his
salary and contractual benefits until his service contract
expires on 5 August 1997. The total salary payable during the
year ended 31 March 1997 was £430,000 and he received
£80,000 in lieu of benefits. Other benefits for the year ended
31 March 1997 were £14,239. In the prior year for the period
1 January to 31 March 1996 he received salary of £107,500
and benefits of £9,033.
(c) Payments to non-executive directors include fees paid
to their principal employer of £30,996 (1996 – £24,125).
(d) Benefits include a company car, valued at £19,500,
transferred to Mr Argent.
The directors’ long-term remuneration benefits, through the
exercise of share options, were as follows:
1997 1996
£000 £000
Sir Iain Vallance 3.0 3.0
AWRudge –3.3
R P Brace 6.1 –
MArgent 83.8 –
The figures in the above table are based on the amount by
which the market value of the shares on the date of exercise
exceeded the option price.
Gerald Taylor joined the Board on 4 November 1996 and Lord Tebbit retired on 2 November 1996. Gerald Taylor has agreed to
waive fees of £8,587 for the year ended 31 March 1997. Bert Roberts receives no remuneration as a non-executive director of
the company. In the previous financial year, Sir Peter Bonfield joined the Board on 1 January 1996, Sir Colin Marshall and Birgit
Breuel on 1 April 1995 and Dr Iain Anderson on 1 November 1995. Michael Hepher and Paul Bosonnet retired on 31 December
1995. Sir Michael Bett retired on 31 January 1996; he remains chairman of Cellnet Group Limited, a subsidiary company, for
which he received fees of £15,000 during the year ended 31 March 1997.