Vodafone 2002 Annual Report Download - page 66

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Vodafone Group Plc Annual Report & Accounts and Form 20-F Board’s Report to Shareholders on Directors’ Remuneration64
Board’s Report to Shareholders on Directors’ Remuneration continued
Pensions
Pension benefits earned by the directors in the year to 31 March 2002 were:
Increase Transfer value of Accumulated
in accrued increase in accrued total accrued
pension during pension and change pension at
the year in retirement age year end(1)
Name of Director £000 £000 £000
Sir Christopher Gent 110.7 1,362.0 525.2
Peter Bamford (2) 3.3 27.0 15.4
Thomas Geitner (3) 13.9 128.0 24.4
Julian Horn-Smith 81.1 947.0 308.9
Ken Hydon 70.3 1,028.0 355.6
Notes:
(1) 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 three 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.
(2) Contributions paid to a funded unapproved retirement benefit scheme for the benefit of Peter Bamford amounted to £208,853 in the year.
(3) In respect of Thomas Geitner the amounts have been translated at the average exchange rate for the year of 11.6275 : £1.00.
Directors’ interests in the shares of the Company
Short Term Incentive
Conditional awards of ordinary shares made to executive directors under the STIP, and dividends on those shares paid under the terms of the Company’s scrip dividend
scheme and dividend reinvestment plan, are shown below. STIP shares which vested in the year ended 31 March 2002 are also shown below.
Shares conditionally Number of shares
Total Shares conditionally awarded during the added during the year
interest awarded during the year as enhancement through scrip Number of shares
in STIP year as base award in shares in respect dividend and transferred during
at 1 April respect of 2000/2001 of 2000/2001 dividend the year in respect of Total interest in STIP
2001 STIP awards (4) STIP awards (4) reinvestment 1998/1999 STIP awards as at 31 March 2002
In Number Number
Total Value at Value at respect of of of
number date of date of Total In respect enhance- base enhance- Total
of award(1)(2) award(2) number of of base ment award ment value(3)
shares Number £000 Number £000 shares awards shares shares shares £000
Sir Christopher Gent 172,935 518,543 783 259,271 391 5,150 63,426 31,713 573,839 286,921 1,117
Julian Horn-Smith 96,552 282,317 426 141,158 213 2,820 35,411 17,705 313,155 156,576 609
Ken Hydon 91,934 282,317 426 141,158 213 2,785 33,717 16,858 311,750 155,869 607
Notes:
(1) Previously disclosed within directors’ emoluments for the year ended 31 March 2001.
(2) Value at date of award is based on the purchase price of the Company’s ordinary shares on 5 July 2001 of 151p.
(3) The value at 31 March 2002 is calculated using the closing middle market price of the Company’s ordinary shares at 28 March 2002 of 129.75p.
(4) The aggregate number of shares conditionally awarded during the year as base award and enhancement shares to the Company‘s directors and senior
management is 2,078,486.