National Grid 2014 Annual Report Download - page 100

3. Operating costs continued
(c) Key management compensation
2014
£m
2013
£m
2012
£m
Short-term employee benefits 9810
Post-employment benefits 13 6
Share-based payment 55 5
15 16 21
Key management compensation relates to the Board of Directors, including the Executive Directors and Non-executive Directors for the
years presented.
(d) Directors’ emoluments
Details of Directors’ emoluments are contained in the audited part of the Remuneration Report, which forms part of these financial
statements.
(e) Auditors’ remuneration
Auditors’ remuneration is presented below in accordance with the requirements of the UK Companies Act 2006 and the principal
accountant fees and services disclosure requirements of Item 16C of Form 20-F.
2014
£m
2013
£m
2012
£m
Audit fees1 payable to the parent Company’s auditors and their associates in respect of:
Audit of the parent Company’s individual and consolidated financial statements 0.9 1.1 1.1
The auditing of accounts of any associate of the Company 7.8 6.0 5.2
Other services supplied22.3 2.7 2.3
11.0 9.8 8.6
Total other services3
Tax fees4
Tax compliance services 0.5 0.5 0.5
Tax advisory services 0.3 0.3 0.2
All other fees5
Other assurance services 0.1 0.1 0.3
Services relating to corporate finance transactions not covered above –0.3 0.2
Other non-audit services not covered above 0.8 1.1 2.6
1.7 2.3 3.8
Total auditors’ remuneration 12.7 12.1 12.4
1. Audit fees in each year represent fees for the audit of the Company’s financial statements and regulatory reporting for the years ended 31 March 2014, 2013 and 2012, and the review
ofinterim financial statements for the six month periods ended 30 September 2013, 2012 and 2011 respectively.
2. Other services supplied represent fees payable for services in relation to other statutory filings or engagements that are required to be carried out by the auditors. In particular, this
includesfees for reports under section 404 of the US Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley) and audit reports on regulatory returns.
3. There were no audit related fees as described in Item 16C(b) of Form 20-F.
4. Tax fees include amounts charged for tax compliance, tax advice and tax planning. Total tax fees for the year ended 31 March 2014 were £0.8m (2013: £0.8m; 2012: £0.7m).
5. All other fees include amounts relating to the review of US pensions and other post-retirement benefits census data and sundry services, all of which have been subject to approval by the
Audit Committee. Totalother fees for the year ended 31 March 2014 were £0.9m (2013: £1.5m; 2012: £3.1m).
In addition, fees of £0.1m were incurred in 2014 in relation to the audits of the pension schemes of the Company (2013: £0.1m; 2012: £0.1m).
Subject to the Company’s Articles of Association and the Companies Act 2006, the Audit Committee is solely and directly responsible
for the approval of the appointment, reappointment, compensation and oversight of the Company’s independent auditors. It is our policy
that the Audit Committee must approve in advance all non-audit work to be performed by the independent auditors to ensure that the
service will not compromise auditor independence. Certain services are prohibited from being performed by the external auditors under
the Sarbanes-Oxley Act 2002.
Notes to the consolidated
financial statements continued
98 National Grid Annual Report and Accounts 2013/14