Marks and Spencer 2016 Annual Report Download - page 71

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FINANCIAL STATEMENTS OUR BUSINESSOUR PERFORMANCEGOVERNANCE
69
ANNUAL REPORT AND FINANCIAL STATEMENTS 2016
NON-EXECUTIVE DIRECTORS’ REMUNERATION
Non-executive directors receive fees
reflective of the time commitment,
demands and responsibilities of the role.
The table opposite details the fees paid to
the non-executive directors for 2015/16
and 2014/15.
In recognition and support of the proposed
new pay arrangements being made in the
UK organisation, the Chairman and the
non-executive directors declined to accept
any increase in their fees.
FIGURE 30: NON-EXECUTIVE DIRECTORS’ SHAREHOLDINGS (audited)
The non-executive directors are not
permitted to participate in any of the
Company’s incentive arrangements.
The non-executive directors are required
to build and maintain a shareholding of
at least 2,000 shares in the Company
within two months of their appointment
to the Board.
The table opposite details the shareholding
of the non-executive directors who
served on the Board during the year as at
2 April 2016 (or upon their date of retiring
from the Board).
There have been no changes in the current
non-executive directors’ interests in
shares in the Company and its subsidiaries
between the end of the financial year
and 24 May 2016.
Director Number of shares held1
Robert Swannell 143,000
Vindi Banga 93,700
Alison Brittain 5,096
Miranda Curtis 5,500
Andrew Fisher 3,536
Martha Lane Fox 20,100
Andy Halford 21,000
Richard Solomons 5,000
1. Includes shares held by connected persons.
FIGURE 31: NON-EXECUTIVE DIRECTORS’ AGREEMENTS FOR SERVICE
Non-executive directors have an
agreement for service for an initial
three-year term which can be terminated
by either party giving three months’ notice
(six months’ for the Chairman).
The table opposite sets out these terms
for all current members of the Board.
Director Date of appointment Notice period/unexpired term
Robert Swannell 23/08/2010 6 months/6 months
Vindi Banga 01/09/2011 3 months/3 months
Alison Brittain 01/01/2014 3 months/3 months
Miranda Curtis 01/02/2012 3 months/3 months
Andrew Fisher 01/12/2015 3 months/3 months
Andy Halford 01/01/2013 3 months/3 months
Richard Solomons 13/04/2015 3 months/3 months
Director Year
Basic fees
£000
Additional
fees
£000
Benefi ts
£000
Total
£000
Robert Swannell 2015/16 70 380 20 470
2014/15 70 380 18 468
Vindi Banga 2015/16 70 30 0 100
2014/15 70 12 0 82
Alison Brittain 2
015/167000
70
2014/15700070
Miranda Curtis 2
015/167000
70
2014/15700070
Andrew Fisher12015/16 23 0 0 23
2014/15––––
Martha Lane Fox 2
015/167000
70
2014/15 70 0 0 70
Andy Halford 2015/16 70 15 0 85
2014/15 70 15 0 85
Richard Solomons22015/16 68 0 0 68
2014/15––––
1. The amounts shown for 2015/16 refl ect that Andrew Fisher joined the Board on 1 December 2015.
2. The amounts shown for 2015/16 refl ect that Richard Solomons joined the Board on 13 April 2015.
FIGURE 29: NON-EXECUTIVE DIRECTORS’ TOTAL SINGLE FIGURE REMUNERATION (audited)