Vodafone 2004 Annual Report Download - page 61

Audited Information
Remuneration for the Year to 31 March 2004
The remuneration of the directors for the year to 31 March 2004 was as follows:
Salary/fees Incentive schemes Benefits Total
2004 2003 2004(1) 2003 2004(2) 2003 2004 2003
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Chairman
Lord MacLaurin 473 432 ––22 31 495 463
Deputy Chairman
Paul Hazen 124 105 ––––124 105
Chief Executive
Sir Christopher Gent 425 1,270 429 1,586 11 40 865 2,896
Arun Sarin 1,100 65 1,217 –879 –3,196 65
Executive directors
Peter Bamford 733 691 722 843 34 31 1,489 1,565
Vittorio Colao(3) 531 469 651 695 991,191 1,173
Thomas Geitner(3) 644 556 673 694 35 23 1,352 1,273
Julian Horn-Smith 908 846 950 1,057 39 37 1,897 1,940
Ken Hydon 733 691 776 863 29 28 1,538 1,582
Non-executive directors
Dr Michael Boskin 80 65 ––––80 65
Professor Sir Alec Broers 80 65 ––––80 65
John Buchanan 80 –––––80 –
Penny Hughes 90 72 ––––90 72
Sir David Scholey 80 65 ––––80 65
Professor Jürgen Schrempp 80 65 ––––80 65
Luc Vandevelde 50 –––––50 –
Former directors(4) 541 –––313 510 854 510
6,752 5,457 5,418 5,738 1,371 709 13,541 11,904
Notes:
(1) These figures are the cash equivalent value of the base share awards under the Vodafone Group Short Term Incentive Plan applicable to the year ended 31 March 2004. These awards are in relation to the performance
achievements above targets in EBITDA, before exceptional items, ARPU, free cash flow, data as a percentage of service revenues and customer satisfaction for the 2003/04 financial year.
(2) Benefits principally comprise cars and private health and disability insurance. For Arun Sarin, the figure includes £835,000 (gross) to cover the costs of relocating from the US to the UK. The relocation expenses paid covered
costs including legal expenses, stamp duty, transportation costs and other out-of-pocket costs in accordance with normal Company policy.
(3) Salary and benefits for Vittorio Colao and Thomas Geitner have been translated at the average exchange rate for the year of 11.4442: £1 (2003: 11.5570: £1).
(4) Under the terms of an agreement, Sam Ginn, a former director of the Company, provides consultancy services to the Group and is entitled to certain benefits. The estimated value of the benefits received by him in the year to
31 March 2004 was £183,000, translated at the average exchange rate for the year of $1.6953: £1. From 31 July to 31 December 2003 Sir Christopher Gent provided consultancy services to the Company and was entitled
to certain benefits. On his retirement on 31 December 2003, his company car was transferred to him and the benefit value is included in the benefits column above. The total value of benefits provided, including the value of
the car, was £130,000.
The aggregate compensation paid by the Company to its senior management(1) as a group for services in all capacities for the year ended 31 March 2004, is set out below. The aggregate number of senior management in the year
ended 31 March 2004 was 6, compared to 7 in the year ended 31 March 2003.
2004 2003
£’000 £’000
Salaries and fees 2,341 2,502
Incentive schemes(2) 2,415 5,430
Benefits 462 213
5,218 8,145
Notes:
(1) Aggregate compensation for senior management is in respect of those individuals who were members of the Executive Committee as at, and for the year ended, 31 March 2004, other than executive directors.
(2) Comprises the incentive scheme information for senior management on an equivalent basis as that disclosed for directors in the table at the top of this page. 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 60 and 61.
Annual Report 2004 Vodafone Group Plc
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