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22 Tesco PLC
Directors’ remuneration report continued
Tables 1 to 7 are audited information.
Table 1 Directors’ emoluments
Fixed emoluments Performance-related emoluments
Short-term
Short-term Deferred
Cash Shares Long-term Total Total
Salary Benefits Profit-sharing (new scheme) (new scheme) (old scheme) 2005 2004
£000 £000 £000 £000 £000 £000 £000 £000
Executive Directors
Sir Terry Leahy 1,036 67 3 1,030 773 285 3,194 2,977
Mr R S Ager (a) 219––––301,634
Mr R Brasher (b) 415 9 3 541 300 – 1,268 –
Mr P A Clarke 588 65 3 594 446 95 1,791 1,657
Mr J Gildersleeve (a) 24 28––––522,161
Mr A T Higginson 613 41 3 594 446 115 1,812 1,659
Mr T J R Mason 602 15 3 594 446 164 1,824 1,681
Mr D T Potts 580 39 3 594 446 130 1,792 1,661
Non-Executive Directors
Mr C L Allen 58–––––5847
Mr R F Chase 100–––––10049
Mrs K R Cook (c) 22–––––22–
Mr E M Davies 57–––––5728
Dr H Einsmann 55–––––5544
Mr J A Gardiner (d) 38–––––38431
MrKJ Hydon 58–––––581
Ms V Morali (e) 55–––––5544
Mr G F Pimlott 73–––––7372
Mr D E Reid (Chairman) (f) 46772––––539 2,724
4,862 345 18 3,947 2,857 789 12,818 16,870
Benefits are made up of car benefits, disability and health insurance, staff discount and chauffeurs. The Long-Term Bonus awarded on 28 July 2004 under
the Performance Share Plan was awarded in the form of nil-cost options. Details of this award are shown in Table 6.
(a) Mr R S Ager and Mr J Gildersleeve retired from the Tesco Group on 15 March 2004. On their retirement Mr R S Ager and Mr J Gildersleeve were permitted
to retain their company cars, which had a value of £58,745 and £95,566, respectively, for nil consideration.
(b) Mr R Brasher was appointed during the year. The figures in Table1 are calculated from Mr R Brasher’s date of appointment. In 2001, as Non-food Director,
Mr R Brasher was set challenging three-year targets to deliver a step change in the Group’s clothing business. These performance targets ran from July 2001
to July 2004. Progress was above expectations so a performance-related payment was paid on 8 October 2004 following an internal audit confirmation of
the performance against target. This was a contractual obligation that was agreed by the Remuneration Committee at the start of 2001, and is included
within Performace-related emoluments - Short-term cash. In respect of the period from Mr R Brasher’s appointment to the end of the three-year
performance period, Mr R Brasher received £141,452.
(c) Mrs K R Cook was appointed during the year. The figures in Table 1 are calculated from the date of Mrs K R Cook’s appointment.
(d) Mr J A Gardiner retired from the Board on 2 April 2004.
(e) Ms V Morali retired from the Board on 26 February 2005.
(f) Mr D E Reid was appointed a Non-Executive Director on 2 April 2004, having retired as an Executive Director on 31 December 2003.