Experian 2014 Annual Report Download - page 90

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86
Annual report on remuneration
The information set out in this section has been subject to audit except where specified.
Single total figure of remuneration
Executive directors
The following table shows a single total figure of remuneration for the executive directors, in respect of the year ended 31 March 2014.
Don Robert Chris Callero Brian Cassin
2014
US$000
2013
US$000
2014
US$000
2013
US$000
2014
£000
2013
£000
Salary (1) 1,595 1,550 1,015 990 463 413
Benefits (2) 479 465 73 62 81 67
Annual bonus (3) 1,595 2,325 1,015 1,485 463 675
Share-based incentives (4) 11,99 0 17,827 7,685 11,4 51 –1,377
Pension (5) 1,187 807 810 27 29
Total 16,846 22,974 9,796 13,998 1,034 2,561
Explanation of figures
(1) Salary
Salary paid in the year to executive directors. Brian Cassin’s annual salary was £450,000 for the year ended 31 March 2013 but as
he joined Experian on 30 April 2012, the salary shown in the above table is that paid in respect of that year.
(2) Benefits
Taxable benefits comprise the provision of life insurance, private healthcare, company car and participation in the US deferred
compensation plan where applicable. Don Robert also received an accommodation allowance of £250,000 in 2013 and 2014. Brian
Cassin received a cash supplement of £53,130 and £65,675 in lieu of part of his pension contribution in 2013 and 2014 respectively.
(3) Annual bonus
Awarded for the years ended 31 March 2013 and 31 March 2014. Don Robert and Brian Cassin have made the maximum deferral,
invested in Experian shares, under the CIP in both years. Chris Callero made the maximum deferral in 2013 but is not deferring his
2014 annual bonus. These invested shares are matched with an additional award of shares (‘matching shares’) with the maximum
match being calculated on the basis of two matching shares for each invested share. The release of invested shares and matching
shares is deferred for three years and the release of the matching shares is subject to performance conditions which are measured
over that period. The performance conditions attached to the awards granted in June 2013 are set out in the section entitled Plan
interests awarded during the year.
(4) Share-based incentives
The value earned through shares vesting under the CIP and the PSP. For 2013 these awards were granted on 3 June 2010 and for
2014 they were granted on 15 June 2011.
The value of the share awards realised by Don Robert and Chris Callero in 2013 was calculated with reference to the prevailing share
price on the date of vesting. The share price was £12.04 at that date, which represented an increase of 89% from the date of grant. As
a result, US$8.3m of the single total figure for Don Robert and US$5.4m of the single total figure for Chris Callero was due to share
price appreciation over the period from the date of grant.
The figure for Brian Cassin in 2013 related to the recruitment award of 158,261 shares granted to him on his joining Experian in April
2012. While the shares vest in five annual tranches, between January 2013 and January 2017, their face value was recognised in full in
the financial year in which they were granted, in accordance with the methodology for calculating the single total figure of remuneration.
For the share awards that will vest in June 2014, the value is calculated using the average share price from 1 January 2014 to
31 March 2014. This was £10.83, representing a 38% increase from the date of grant. As a result, US$3.2m of the single total figure for
Don Robert and US$2.1m of the single total figure for Chris Callero was due to share price appreciation over the period from the date
of grant.
Dividend equivalents that are paid on vested shares are also included in the above figures. Further details of these are given below.
(5) Pension
Don Robert is currently provided with a defined benefit arrangement, the value of which is determined using the UK HMRC valuation.
Chris Callero and Brian Cassin participate in defined contribution plans and the company contribution to these is the figure shown.
Governance • Report on directors’ remuneration
P89