Marks and Spencer 2011 Annual Report Download - page 65

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PART 2: AUDITED INFORMATION
Directors’ emoluments
Salary/fee3
£000
Cash
allowance4
£000
Relocation
payment
£000
Compensatory
awards
£000
Benefits4
£000
Dividend
equivalents
£000
Bonus5
£000
Total
2011
£000
Total
2010
£000
Chairman
Robert Swannell 126–––2––128 –
Deputy Chairman
Sir David Michels 209 – – – – – – 209 245
Chief Executive Officer
Marc Bolland1894 273 167 2,600 39 – 409 4,382 –
Executive directors
Kate Bostock 579 150 – – 30 – 258 1,017 1,612
John Dixon 51967––––247
833 654
Steven Sharp 644 166 – – 41 – 287 1,138 1,402
Alan Stewart 235 58 – – 19 – 100 412 –
Non-executive directors
Jeremy Darroch 76––––––76 73
Martha Lane Fox 68–––––– 68 67
Steven Holliday 81––––––
81 73
Louise Patten 68 – – – – – – 68 70
Jan du Plessis 68–––––– 68 64
Directors retiring from the Board
during the year
Sir Stuart Rose2897 301 – – 26 186 1,361 2,771 2,606
Ian Dyson 28879––––– 367 1,514
Former directors ––––––––187
Total 4,752 1,094 167 2,600 157 186 2,662 11,618 8,567
1 Marc Bolland: The Compensatory awards include compensation of £1,600,000 in cash and £1,000,000 in shares for bonus and share awards that would have vested in 2010
had he remained with his previous employer (as described in detail in last year’s report). The relocation payment of £167,000 was made under the normal terms of the
Company’s relocation policy for new recruits.
2 Sir Stuart Rose: His salary decreased on 31 July 2010 from £1,160,000 to £875,000. In addition to the elements described in footnote 4, the cash allowance figure also includes
a holiday pay adjustment (as a result of the Working Time Directive relating to holidays and salary changes). His bonus earned in 2011 is fully paid in cash as described on
page60. The dividend equivalents paid were accrued between the date of grant and leaving date on his 2009 Performance Share Plan (PSP) and 2010 Deferred Share Bonus
Plan (DSPB) awards (details of which are shown on page 64).
3 Executive director salary increases, where applicable, were effective from 1 January 2011 as set out on page 56 and in the Contracts table on page 61. Non-executive director
fee increases/decreases were effective 1 January 2011 as described on page 57 and in the contracts table on page 61.
4 The elements included in the Cash allowance and Benefits columns of the table include pension supplement, car allowance, life assurance, and chauffeur as applicable to each
director and are described on page 56.
5 For executive directors, 40% of the total bonus earned is paid in cash as shown in the table, and 60% in shares as part of the Deferred Share Bonus Plan (DSPB). The Deferred
Share Bonus Plan awards will be made in June 2011. The total bonus ear ned by each executive dire ctor was: Marc Bolland: £1,023,344; KateBostock: £646,050; John Dixon:
£618,300; Steven Sharp: £717,225; Alan Stewart: £250,939. The payments for Marc Bolland and Alan Stewart were pro-rated from thedate of joining to year end.
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To find out more visit marksandspencer.com/annualreport2011 Directors’ report
63