National Grid 2008 Annual Report Download - page 622

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 23334
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 97
Description: EXHIBIT 15.1
0/9293.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/293/9*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 23334
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 97 Description: EXHIBIT 15.1
0/9293.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/293/9*
Table of Contents
Annual Report and Accounts 2007/08
105
Remuneration outcomes during the year ended 31 March 2008
Sections 1, 2, 3, 4 and 6 comprise the ‘auditable’ part of the Directors’ Remuneration Report, being the information required by
Part 3 of Schedule 7A to the Companies Act 1985.
1. Directors’ emoluments
The following tables set out an analysis of the pre-tax emoluments for the years ended 31 March 2008 and 2007, including
bonuses but excluding pensions, for individual Directors who held office in National Grid during the year ended 31 March 2008.
Additional note: Mike Jesanis, who left National Grid on 31 December 2006, received £323,200 reflecting the remaining months (April 2007 to June 2007 inclusive) of a consultancy
arrangement which was agreed as part of his termination package. The exchange rate used for this value was US$2.01:£1.
Year ended
31 March
Table 1A Year ended 31 March 2008 2007
Benefits Benefits
Annual in kind
(i)
in kind
(i)
Other
Salary bonus (cash) (non-cash) emoluments Total Total
£000s £000s £000s £000s £000s £000s £000s
Executive Directors
Steve Hollida
y
(
ii
)
850 1,190 6 16
–
2,062 1,292
Bob Catell
(
iii
)
(
iv
)
314 490
–
14
–
818
–
Steve Lucas
(
v
)
498 659
–
26
–
1,183 928
Nick Winser 445 502 – 16 – 963 806
Mark Fairbairn
(
ii
)
(
v
)
420 567
–
23
–
1,010 189
Tom Kin
g
(
iv
)
(
vi
)
316 328 264 100 141 1,149
–
Edward Astle
(
v
)
440 607 12 11
–
1,070 847
Total 3,283 4,343 282 206 141 8,255 4,062
(i) Benefits in kind comprise benefits such as private medical insurance, life assurance, either a fully expensed car or cash in lieu of a car and the use of a driver when required.
(ii) With effect from October 2007, Steve Holliday’s salary was increased to £875,000 per annum and Mark Fairbairn’s salary was increased to £440,000 per annum.
(iii) Bob Catell’s maximum potential bonus and long term incentive arrangements were significantly reduced from those applicable at KeySpan. Due to this contractual change, a buy out of
Bob’s contractual severance arrangements was paid equating to £6,277,547 (including excise tax of £2,022,290). Bob now has a National Grid contract which aligns his arrangements to
our other Executive Directors.
(iv) For US-based Executive Directors, the exchange rate averaged over the year 1 April 2007 to 31 March 2008 to convert US dollars to UK pounds sterling is US$2.01:£1.
(v) These Executive Directors participate in the UK flexible benefits plan which operates by way of salary sacrifice, therefore, their salaries are reduced by the benefits they have purchased.
The value of these benefits is included in the Benefits in kind (non-cash) figure. The values are: Steve Lucas £5,532, Mark Fairbairn £293.88 and Edward Astle £53.88.
(vi) On appointment to the Board, Tom King received a sign-on payment of £141,169 which is shown in the Other emoluments figure above. He also received a relocation cash payment of
£260,147 which is included in the Benefits in kind (cash) figure and relocation expenses of £96,045 included in the Benefits in kind (non-cash) figure.
Year ended
31 March
Table 1B Year ended 31 March 2008 2007
Other
Fees emoluments Total Total
£000s £000s £000s £000s
Non-executive Directors
Sir John Parker
(
i
)
500 59 559 553
Ken Harve
y
79
–
79 68
Linda Adaman
y
77
–
77 25
John Allan 71 – 71 62
Ste
p
hen Pettit 79
–
79 68
Maria Richter 92
–
92 71
Geor
g
e Rose 82
–
82 71
Paul Joskow (ii) 33 – 33 80
Total 1,013 59 1,072 998
(i) Sir John Parker’s other emoluments comprise a fully expensed car, private medical insurance and life assurance.
(ii) Paul Joskow left the Board on 31 July 2007.