Vodafone 2003 Annual Report Download - page 64

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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003
62
BOARD’S REPORT TO SHAREHOLDERS ON DIRECTORS’ REMUNERATION Continued
The aggregate remuneration paid by the Company to its senior management* as a group for services in all capacities for the year ended 31 March 2003, is set out
below. The aggregate number of senior management in the year ended 31 March 2003 was 7, compared to 8 in the year ended 31 March 2002.
2003 2002
£000 £000
Salaries and fees 2,502 2,552
Incentive schemes** 5,339 2,781
Benefits 213 176
8,054 5,509
* Aggregate remuneration for senior management is in respect of those individuals who were members of the Executive Committee as at or during the year ended
31 March 2003, other than executive directors.
** Comprises incentive scheme information for senior management given on an equivalent basis to that disclosed for directors in the table on page 61. Details of share
incentives awarded to directors and senior management are included in footnotes to the Short Term Incentive, Long Term Incentives and Share Options tables on pages 63
and 64.
Pensions
Pension benefits earned by the directors in the year to 31 March 2003 were:
Transfer value
Total Change in Change in of change
accrued Change in Transfer Transfer transfer value accrued in accrued
benefit at accrued value at value at over year benefit benefit net
31 March benefit over 31 March 31 March less member in excess of member
2003(1) the year(1) 2002(2) 2003(2) contributions of inflation contributions
Name of director £000 £000 £000 £000 £000 £000 £000
Sir Christopher Gent 662.0 136.8 7,083.8 10,388.9 3,262.6 120.0 1,840.7
Peter Bamford(3) 19.0 3.6 147.2 217.4 66.8 3.1 32.3
Thomas Geitner(4) 45.5 21.1 228.4 510.7 282.3 20.3 227.3
Julian Horn-Smith 397.1 88.2 3,972.9 5,962.4 1,961.1 78.3 1,147.6
Ken Hydon 424.6 69.0 5,749.3 7,864.1 2,091.6 57.6 1,043.4
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 where necessary in order to compare with Inland Revenue regulations. The increase in accrued pension excludes any increase for inflation.
(2) The transfer values have 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.
(3) Contributions paid to a funded unapproved retirement benefit scheme for the benefit of Peter Bamford amounted to £141,075 in the year.
(4) In respect of Thomas Geitner the amounts as at the end of the previous year have been translated at an exchange rate for the year of 11.5570:£1. Other amounts have been
translated at the year-end exchange rate of 11.4486:£1.
In respect of Vittorio Colao, a contribution is made to a defined contribution plan for dirigenti in Italy which includes the supplementary dirigenti contribution required
under the National Collective Agreements. In the 2003 financial year the contribution amounted to £4,939. This amount has been translated at the average exchange
rate for the year of 11.5570:£1. No other pension benefits are provided.
In respect of senior management, the Group has made aggregate contributions of £457,617 into pension schemes.