Tesco 2012 Annual Report Download - page 82

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Corporate governance continued
Remuneration
Committee
activities 2011/12
The following provides a summary of the Committee’s activities during and shortly following the end of the
financial year:
Meeting Standing agenda items Other agenda items
February 2011  H[l_[me\f[h\ehcWdY[W]W_diji^ehj#j[hcWddkWbXedki"
long-term PSP and share option awards for 2010/11.
 H[l_[me\j^[\_hijZhW\je\j^[(&'&%'':_h[YjehiÊ
Remuneration Report.
 9ecc_jj[[[\\[Yj_l[d[iih[l_[m$
 H[l_[me\fhefei[ZY^Wd][ijej^[;n[Ykj_l[:_h[YjehiÊ
remuneration arrangements.
 7ffhelWbe\d[m9;EfWYaW][$
April 2011  H[l_[me\i^ehj#j[hcXedki"bed]#j[hcFIFWdZi^Wh[
options performance and vesting outturns for 2010/11.
 7ffhelWbe\i^ehj#j[hcXedkiWdZbed]#j[hcFIFjWh][ji
for 2011/12 awards.
 H[l_[me\(&'&%'':_h[YjehiÊH[ckd[hWj_edH[fehj$
 <_dWbWffhelWb\ehj^[Y^Wd][ije;n[Ykj_l[:_h[YjehiÊ
remuneration arrangements.
 7ffhelWbe\FIFHkb[i$
 El[hl_[me\h[mWhZ\eh;n[Ykj_l[9ecc_jj[[c[cX[hi
and approval of package for members who fall within
the Remuneration Committee’s terms of reference.
 KfZWj[edf[di_edjWnWj_edb[]_ibWj_ed$
June 2011  KfZWj[edi^Wh[^ebZ[h\[[ZXWYa$
 8[dY^cWha_d]e\;n[Ykj_l[:_h[YjehXWi[iWbWhoWdZjejWb
compensation against the market.
 :[j[hc_dWj_ede\XWi[iWbWh_[im_j^[\\[Yj\hec'@kbo(&''$
 9edi_Z[hWj_ede\j^[h[bWj_edi^_fX[jm[[d;n[Ykj_l[
Director reward and reward at the level below the Board.
 H[l_[me\j^[9^W_hcWdÊi\[[WdZWffhelWbe\fWYaW][
for new Chairman.
 H[l_[me\WffheWY^jeWii[ii_d]i^Wh[^ebZ_d]
guideline policy.
October 2011  7ddkWbh[fehj\hecj^[H[ckd[hWj_ed9ecc_jj[[
Chairman of Tesco Personal Finance PLC.
 KfZWj[edcWha[jfhWYj_Y[WdZZ[l[befc[dji_d
corporate governance.
 <ebbem#kf\hec9ecc_jj[[[\\[Yj_l[d[iih[l_[m$
 Fhe\[ii_edWbZ[l[befc[djkfZWj[edZ_i]k_i[Z
remuneration legislation, BIS consultation and updated
ABI guidelines.
 Fh_dY_fb[ih[]WhZ_d]FIFb[Wl[hfhel_i_edi$
February 2012  H[l_[me\f[h\ehcWdY[W]W_diji^ehj#j[hcWddkWbXedki"
long-term PSP and share option awards for 2011/12.
 H[l_[me\j^[\_hijZhW\je\j^[(&''%'(:_h[YjehiÊ
Remuneration Report.
 9ecc_jj[[[\\[Yj_l[d[iih[l_[m$
 KfZWj[edZ_i]k_i[Zh[ckd[hWj_edb[]_ibWj_ed$
 Fhe\[ii_edWbZ[l[befc[djkfZWj[ed?II=k_Z[b_d[i
andHigh Pay Commission report.
 H[l_[me\9ecc_jj[[j[hcie\h[\[h[dY[$
 KfZWj[ed\[[ZXWYa\heci^Wh[^ebZ[hi$
April 2012
(Following year end)
 H[l_[me\i^ehj#j[hcXedki"bed]#j[hcFIFWdZi^Wh[
options performance and vesting outturns for 2011/12.
 7ffhelWbe\i^ehj#j[hcXedkiWdZbed]#j[hcFIFjWh][ji
for 2012/13 awards.
 H[l_[me\(&''%'(:_h[YjehiÊH[ckd[hWj_edH[fehj$
 Fhe\[ii_edWbZ[l[befc[djkfZWj[ed8?IYedikbjWj_ed$
Number of
meetings
 DehcWbbo\ekhc[[j_d]if[ho[Wh$
 <_l[c[[j_d]im[h[^[bZZkh_d](&''%'($
External advisors Deloitte LLP
Deloitte is one of the founding members of the Remuneration Consultants Code of Conduct and adheres to this Code
in its dealings with the Committee. The Committee is satisfied that the advice provided by Deloitte is independent.
Deloitte also provided unrelated advisory services in respect of corporate tax planning, technology consulting, risk
management, share schemes, international taxation, corporate finance and treasury to the Group during the year.
Internal advisors  @edWj^WdBbeoZ"j^[9ecfWdoI[Yh[jWho"_iI[Yh[jWhojej^[9ecc_jj[[$
 I_h:Wl_ZH[_ZDed#[n[Ykj_l[9^W_hcWdje)&Del[cX[h(&''"I_hH_Y^WhZ8heWZX[djDed#[n[Ykj_l[9^W_hcWd\hec
30 November 2011), Philip Clarke (Chief Executive of the Group) and Laurie McIlwee (Group CFO) attend meetings
at the invitation of the Committee. They are not present when their own remuneration is being discussed.
 J^[9ecc_jj[[_iikffehj[ZXo7b_ied>ehd[h=hekfF[hiedd[b:_h[Yjeh":h[mCWjj^[mi=hekfH[ckd[hWj_ed
Director) and Corporate Secretariat and Finance functions.
Terms of reference Available from the Company Secretary upon request or can be viewed at www.tescoplc.com/plc/ir/corpgov/boardprocess.
Directors’ remuneration report
78 Tesco PLC Annual Report and Financial Statements 2012