EasyJet 2014 Annual Report Download - page 84

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82 easyJet plc Annual report and accounts 2014
What did the Directors earn in relation to the 2014 financial year?
The table below sets out the amounts earned by the Directors (£’000) (Audited):
2014 2013
£’000
Fees and
Salary Benefits(3) Bonus(4) LTIP(5) Pension(6) Total
Fees and
Salary Benefits Bonus LTIP Pension Total
Executive
Carolyn McCall OBE 677 5 1,034 5,915 47 7,678 665 5 1,153 5,907 47 7,777
Chris Kennedy 418 5 474 3,131 31 4,059 410 5 533 3,553 30 4,531
Non-Executive
John Barton(1) 300 – – – – 300 125 – – – – 125
Charles Gurassa 100 – – – – 100 90 – – – – 90
Adèle Anderson 66 – – – – 66 55 – – – – 55
David Bennett 78 – – – – 78 75 – – – – 75
Dr. Andreas
Bierwirth(2) 17 – – – – 17 – – – – – –
John Browett 60 – – – – 60 55 – – – – 55
Professor Rigas
Doganis 75 – – – – 75 63 – – – – 63
Keith Hamill OBE 60 – – – – 60 55 – – – – 55
Andy Martin 60 – – – – 60 55 – – – – 55
François Rubichon(2) 17 – – – – 17 – – – – – –
Sir Michael Rake(7) – – – – – – 175 – – – – 175
Total 1,928 10 1,508 9,046 78 12,570 1,823 10 1,686 9,460 77 13,056
(1) Appointed to the Board on 1 May 2013.
(2) Appointed to the Board on 22 July 2014.
(3) Benefits relate to the cost to the Company of personal accident and life assurance cover and the value of free and matching shares during
the year under the Company’s Share Incentive Plan.
(4) One-third of the bonus will be compulsorily deferred in shares for three years and subject to forfeiture. Carolyn McCall chose to defer the
maximum 50% of her bonus and Chris Kennedy chose to defer 22%, being two-thirds of the maximum voluntary deferral (of one-third)
of his bonus.
(5) This relates to the 2012 LTIP awards which vest in January 2015 based on performance measured to 30 September 2014. For the purposes of
this table, the award has been valued using the average share price over the three months to 30 September 2014 of £13.275. This compares to
£3.928 at grant.
(6) Chris Kennedy received £1,348 in exchange for sacrificing salary into the pension scheme, in line with easyJet’s SMART pension arrangements.
Carolyn McCall has reached her lifetime pension limit and receives a cash alternative of £47,424 in lieu of pension contributions.
(7) Retired from the Board on 1 May 2013.
How was pay linked to performance in the 2014 financial year?
As a percentage of maximum
bonus opportunity Performance required Actual Payout
Measure CE CFO Threshold On-Target Maximum
Profit before tax (£m) 70% 60% 475 530 610 581 82%
On-time performance 10% 10% 80% 84% 88% 85% 61%
Customer satisfaction
targets(1) 10% 10% 76% 81% 84% 78% 30%
Cost per seat (ex. fuel)(2) 10% 10% £39.26 £39.04 £38.76 £38.41 100%
Departmental
objectives(3) – 10% Successful Achieved Outstanding Exceeding 75%
(1) Customer satisfaction – this measures the percentage of our passengers that are “Quite satisfied”,“Very satisfied” or “Completely satisfied” at last
contact. We are considering measuring performance against “Very satisfied” and “Completely satisfied” in future years.
(2) Cost (excluding fuel) per seat targets are at constant (plan) currency.
(3) Actual reflects performance above ‘on-target’ and below ‘maximum’.
Directors’ remuneration report continued