Unilever 2014 Annual Report Download - page 30

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ULTIMATE REMEDY/MALUS
rants under the SIP and MIP are subect to ultmate remedy Upon vestng of an award, the ommttee shall have the dscretonary
power to adust the value of the award f the award, n the ommttee’s opnon takng all crcumstances nto account, produces
an unfar result In exercsng ths dscreton, the ommttee may take nto account Unlever’s performance aganst non-fnancal
measures The ommttee wll only adust the value of a vestng SIP and MIP award upwards after obtanng shareholder consent
Wth effect from the 2015 SIP and MIP awards, the ommttee may apply malus to reduce an award or determne that t wll not vest
or only vest n part n the event of a sgnfcant downward restatement of the fnancal results of Unlever, gross msconduct or gross
neglgence, materal breach of Unlever’s ode of Busness Prncples or any of the Unlever ode Polces or conduct by the ndvdual
that results n sgnfcant losses or serous reputatonal damage to Unlever Wth effect from the 2015 annual bonus (based on 2014
performance), the annual bonus wll also be subect to malus on the same grounds as apply for SIP and MIP awards
LAWBAK
The ommttee has dscreton to reclam or claw-back some or all of the value of awards of performance-related payments to Executve
Drectors n the event of a sgnfcant downward restatement of the fnancal results of Unlever Ths ncludes the annual bonus together
wth any awards that have been made and/or vested shares under the Share Matchng Plan, the SIP and the MIP Ths claw-back may
be effected up to two years from vestng by reducng outstandng awards or requrng the return of the net value of vested awards to Unlever
In 2014, the ommttee dd not reclam or claw-back any of the value of awards of performance-related payments to Executve Drectors
SINLE FIURE OF REMUNERATION AND IMPLEMENTATION OF THE REMUNERATION POLIY IN 2014 FOR EXEUTIVE
DIRETORS (AUDITED)
The table below shows a sngle fgure of remuneraton for each of our Executve Drectors, for the years 2013 (restated to reflect fnal value
of SIP performance shares on the date of vestng) and 2014
Paul Polman
EO (UK)
(’000)
Jean-Marc Hut
FO (UK)
(’000)
2014
2013
(Restated) 2014
2013
(Restated)
(A) Base salary 1,251 1,189 885 841
(B) Fxed allowances and other benefts 787 700 377 594
() Annual bonus 1,652 1,864 778 879
Long-term ncentves
(D) MIP matchng shares –
(requred by UK law) 1,803 n/a 370 n/a
(E) SIP performance shares –
(requred by UK law) 3,923 3,798 3,022 2,630
Long-term ncentves (sub-total) 5,726 3,798 3,392 2,630
(F) ondtonal supplemental penson 145 138 n/a n/a
Total remuneraton pad – (requred by UK law) (A+B++D+E+F) 9,561 7,689 5,432 4,944
() Share awards (requred by Dutch law) 4,206 4,069 2,249 2,652
Total remuneraton pad – (requred by Dutch law) (A+B++F+) 8,041 7,960 4,289 4,966
Where relevant, amounts for 2014 have been translated nto euros usng the average exchange rate over 2014 (1 = £08071), excludng
amounts n respect of long-term ncentve plans whch have been translated nto euros usng the exchange rate at vestng date
(1 = £07383) Amounts for 2013 have been translated nto euros usng the average exchange rate over 2013 (1 = £08492), excludng
amounts n respect of SIP whch have been translated nto euros usng the exchange rate at vestng date (1 = £08351)
We do not grant our Executve Drectors any personal loans or guarantees
ELEMENTS OF SINLE FIURE REMUNERATION 2014
(A) BASE SALARY (AUDITED)
Salary set n sterlng and pad n 2014
• EO – £1,010,000
• FO – £714,000
67Unilever Annual Report and Accounts 2014 Governance