BT 1998 Annual Report Download - page 37

R E P O R T O N D I R E C T O R S ’ R E M U N E R AT I O
Directors’ remuneration
The remuneration (excluding pension arrangements) of the directors was as follows:
Benefits
Salary and fees Annual bonus Deferred bonus excluding pension (a) Total
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1998 1997 1998 1997 1998 1997 1998 1997 1998 1997
£000 £000 £000 £000 £000 £000 £000 £000 £000 £000
)))%!!!00111!!!00111!!!00111!!!00111!!!00111
Sir Iain Vallance 500 485 325 185 ––37 32 862 702
Sir Peter Bonfield 570 499 325 225 163(c) –43 30 1,101 754
R P Brace 300 273 162 110 59(c) –23 17 544 400
A W Rudge 208 286 70 116 ––11 15 289 417
Sir Colin Marshall 65 65 ––––––65 65
J I W Anderson 38(b) 31(b) ––––––38 31
M Argent 52 46 ––––1153 47
Sir Ewen Fergusson 38 33 ––––––38 33
J K Oates 35 30 ––––––35 30
B E Breuel 22 20 ––––––22 20
Y M Newbold 829 ––––––829
B C Roberts ––––––––––
G H Taylor ––––––––––
Rt Hon Lord Tebbit –18 –––––––18
0005!!!00111!!!00111!!!00111!!!00111!!!00111
Total remuneration 1,836 1,815 882 636 222 –115 95 3,055 2,546
0005!!!00111!!!00111!!!00111!!!00111!!!00111
(a) Includes such benefits as described on page 36. 1997
figures have been restated.
(b) Payments to non-executive directors include fees paid
to their principal employer of £38,000 (1997 – £30,996).
(c) This amount has been awarded, by way of a deferred
bonus, for the year ended 31 March 1998. This award will be
applied in buying BT shares with a market value no greater
than the amount of the award. The executive will receive
those shares after three years only if he is still employed
by the company.
The directors’ long-term remuneration benefits, through the
exercise of share options, were as follows:
1998 1997
£000 £000
))))%!!!!!!0051111
Sir Iain Vallance 415 3
R P Brace –6
A W Rudge 442 –
M Argent –84
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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. The figures for 1998 include the
employee compensation for the special dividend (see note 3
to the financial statements).
Under the terms for his leaving the company, Michael Hepher continued to receive his salary and contractual benefits until his
service contract expired on 5 August 1997. The total salary payable during the year ended 31 March 1998 was £149,113 and he
received other benefits of £2,401. In the prior year, he received salary of £430,000 and £80,000 in lieu of benefits. Other benefits
for the year ended 31 March 1997 were £14,239.
Yve Newbold retired on 30 June 1997, Dr Alan Rudge on 31 October 1997, Gerald Taylor on 9 November 1997, Bert Roberts on
17 March 1998 and Birgit Breuel on 31 March 1998. Gerald Taylor agreed to waive fees of £13,383 (1997 – £8,587) for the year
ended 31 March 1998. In the previous financial year, Gerald Taylor joined the Board on 4 November 1996 and Lord Tebbit retired
on 2 November 1996. Sir Michael Bett, who retired on 31 January 1996, remains chairman of Cellnet Group Limited, a subsidiary
company for which he received fees of £15,000 (1997 – £15,000) during the year ended 31 March 1998. Yve Newbold remains on
the Community Affairs Committee for which she received fees of £3,750 after her retirement.