Tesco 2015 Annual Report Download - page 60

(£’000m)
Distributions
to shareholders
Total
employee pay
-92%
13.7%
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
14/1513/1414 /15
13/14
Relative importance of spend on pay
The following chart shows total employee pay compared to distributions to shareholders.
Our colleagues are essential to how we do business and how we meet our customers’ needs. In
2014/15 we employed an average of 506,984 colleagues across the Group (510,444 in2013/14).
Total employee pay includes wages and salaries, social security, pension and share-based costs
(£7,271m in 2013/14 and £8,269m in 2014/15 – see Note 4 of the accounts on page 100).
Distributions to shareholders include interim and final dividends paid in respect of each
financial year (£1,193m in respect of 2013/14 and £95m in respect of 2014/15 – see Note 8
of the accounts on page 104). There were no share buy-backs in 2013/14 or 2014/15.
Non-executive Director fees and responsibilities
Committee membership in 2014/15
Senior
Independent
Director (SID)
Remuneration
Committee
Nominations
Committee
Audit
Committee
Corporate
Responsibility
Committee
Sir Richard Broadbent Resigned as Chairman 1 March 2015 º • º
Mark Armour º
Gareth Bullock Resigned from Board 5 March 2015 º
Patrick Cescau Resigned from Board and as SID 7 April 2015 X º º º
Stuart Chambers Stepped down as Chair of Remuneration Committee
1 January 2015 (remained a member of Committee) º º
Richard Cousins Appointed to Board 1 November 2014
Appointed to Audit Committee 2 December 2014
Appointed SID 7 April 2015
º
Olivia Garfield Appointed to Audit Committee 1 April 2014
Resigned from Board 28 February 2015 º
Ken Hanna º º •
Mikael Olsson Appointed to Board 1 November 2014
Appointed to Remuneration Committee and CR Committee
2 December 2014
º º
Deanna Oppenheimer Appointed Chair of Remuneration Committee 1 January 2015 • º
Jacqueline
Tammenoms Bakker
Appointed Chair of CR Committee 1 March 2014
Resigned from Board 28 February 2015 º •
x Senior Independent Director
• Committee Chairman
º Committee member
Non-executive Director fee policy for 2014/15
There were no changes to Non-executive Directors’ fees during the year. The current Non-executive Directors’ fees are as follows:
Non-executive Director fees
Basic fees £70,000 p.a.
Additional fees
Senior Independent Director £26,000 p.a.
Chairs of the Audit and Remuneration Committees £30,000 p.a.
Membership of Audit, Corporate Responsibility, Nominations and Remuneration Committees £12,000 p.a. for each Committee
Non-executive Director fees are due to be reviewed in July 2015.
Gareth Bullock and Deanna Oppenheimer were appointed to the Board of Tesco Personal Finance Group Limited in July 2012. They are paid
a basic fee of £70,000 p.a. for this role and an additional fee for Committee membership of £12,000 p.a. in line with other members of the
Board of Tesco Personal Finance Group Limited.
Chairman fees
John Allan was appointed as Non-executive Chairman with effect from 1 March 2015. He will receive a fee of £650,000 p.a. inclusive
of all Board fees which is fixed for a period of three years. He is also eligible to receive benefits as set out in the policy for Non-executive
Directors on page 68.
Fees paid during 2014/15
The following table sets out the fees paid to the Non-executive Directors for the year ending 28 February 2015. As the Non-executive
Directors are not paid a pension and do not participate in any of the Company’s variable incentive schemes, this information is not included
in the table. This table has been audited.
58 Tesco PLC Annual Report and Financial Statements 2015
Directors’ remuneration report continued
Annual remuneration report