Marks and Spencer 2006 Annual Report Download - page 47

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45Marks and Spencer Group plc
PART 2: AUDITED INFORMATION
1 Directors’ emoluments Current
annual Termination Total Total
salary/fee Salary/fee Benefits Bonus payments 2006 2005
£000 £000 £000 £000 £000 £000 £000
Chairman
Paul Myners1200 200 3 – – 203 149
Chief Executive
Stuart Rose2, 7 950 875 198 1,232 – 2,305 2,119
Executive directors (appointed from)
Ian Dyson (27 June 2005)3, 6 475 335 83 267 – 685 –
Steven Sharp (8 November 2005)4, 6 475 181 41 142 – 364 –
Deputy Chairman
Lord Burns (1 October 2005)517588–––88 –
Non-executive directors
Jeremy Darroch (1 February 2006) 50 8 – – – 8–
Steven Holliday 50 50–––50 36
Jack Keenan 60 60 – – - 60 56
Kevin Lomax 60 60–––60 60
David Michels (1 March 2006) 50 4 – – – 4
Louise Patten (1 February 2006) 50 8 – – – 8–
Directors retiring from the Board during the year
Alison Reed (30 April 2005)8– 33 2 – 622 657 624
Charles Wilson (31 October 2005) – 290 68 – – 358 1,414
Anthony Habgood (30 August 2005) – 21–––21 36
Former directors ––––––5,173
Total 2,213 395 1,641 622 4,871 9,667
The elements included in the benefits column of the emolument table are described in detail in the Salaries and benefits section
on page 41 and have been audited.
1Paul Myners will retire from the Board on 11 July 2006.
2Stuart Rose (appointed 31 May 2004) received a salary increase from £850,000 to £950,000 effective from 1 January 2006.
3Ian Dyson received a salary increase from £420,000 to £475,000 effective from 1 January 2006.
4Steven Sharp was promoted to the Board on 8 November 2005 at a salary of £420,000. He received a salary increase to £475,000 effective 1 January 2006.
5Lord Burns salary on appointment to Chairman on 11 July 2006 will increase to £400,000 pa.
6Total Bonus payments for 2005/06 were: Ian Dyson £534,000 and Steven Sharp £712,000 (of which £284,000 was earned as an executive director). Of the total bonus,
50% is paid in cash as shown in the table, and 50% paid in shares as part of the Deferred Share Bonus Plan as described under the Annual Bonus Scheme on page 41.
The Deferred Share Bonus Plan shares will be granted in June 2006.
7The total bonus payment for Stuart Rose is £1,425,000. The Remuneration Committee has agreed that he will be entitled to receive £519,000 of his £713,000 Deferred
Share Bonus in cash provided this is donated to his charity of choice (Friends of Mvumi Secondary School, Tanzania). In turn he is released from his promise to gift to
that same charity any gains on his share options (granted in 2004) up to a share price of £4.00, the equivalent of £519,000. His bonus deferred into shares will therefore
be £193,000, and will be granted in June 2006.
8Alison Reed’s termination payment was made up of salary £400,000, bonus £130,000 and benefits £92,000.