Vodafone 1997 Annual Report Download - page 60

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Vodafone Group Plc Annual Report & Accounts for the year ended 31 March 1997
1. C C Gent was appointed Chief Executive on 1 January 1997.
2. Salaries, fees, benefits and pension information for D Channing Williams, J M Horn-Smith and Lord
MacLaurin are stated from the dates of their appointments to the Board.
3. D J Henning left the Board on 30 June 1996 and by way of periodic payments from that date to 1 April
1998 is entitled to be paid a total of £399,903 plus benefits in kind with an estimated value of £8,742.
These amounts will be reduced if Mr Henning obtains full time paid employment before 1 April 1998. In
the year to 31 March 1997, payments to Mr Henning totalled £239,867 including benefits in kind of
£7,964. The Company will pay a pension to Mr Henning commencing at any time between 1 July 1998 and
27 October 2004, subject to actuarial reduction if it commences before 26 October 1999. If paid at 1 July
1998 the pension is estimated to be £82,500 per annum.
4. Sir Gerald Whent retired as Chief Executive on 31 December 1996 and was appointed non-executive
Deputy Chairman from 1 January 1997.
5. G J Lomer retired from the Board on 31 March 1997.
Pension benefits earned by the directors in the year to 31 March 1997
Increase in Transfer value Accumulated total
Name of accrued pension of increase in accrued pension
Director during the year(£) accrued pension(£) at year end(£)
C C Gent 20,500 160,000 116,600
D Channing Williams 7,600 44,000 81,800
D J Henning 10,300 197,000 82,500
J M Horn-Smith 7,200 40,000 82,400
K J Hydon 11,500 101,000 103,000
E J Peett 18,800 189,000 171,300
Notes
The pension benefits earned by the directors are those which would be paid annually on retirement, on service to
the end of the year, at the normal retirement age. Salaries have been averaged over 3 years in accordance with
Inland Revenue regulations. The increase in accrued pension during the year excludes any increase for inflation.
The transfer value has been calculated on the basis of actuarial advice in accordance with the Faculty and Institute
of Actuaries' Guidance Note GN11. No director elected to pay Additional Voluntary Contributions. The table does
not include Sir Gerald Whent because of the different form of his pension scheme.
Share options
The following information summarises the directors' options under the Vodafone Group Savings Related
Share Option Scheme ('savings related scheme'), the Vodafone Group Executive Share Option Scheme
('executive scheme'), both Inland Revenue approved schemes, and the Vodafone Group Share Option
Scheme ('unapproved scheme'), which is not Inland Revenue approved, in operation at 31 March 1997.
Sir Ernest Harrison, Sir William Barlow, Sir Robert Clark and Lord MacLaurin have no options under any
of these schemes. The Remuneration Committee, whilst acknowledging that options have been granted in
http://www.vodafone.com/download/investor/reports/annual97/5/4.htm (4 of 8)29/03/2007 22:44:51