Vodafone 2005 Annual Report Download - page 72

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Board’s Report to Shareholders on Directors’ Remuneration continued
70 |Governance
Audited Information
Remuneration for the Year ended 31 March 2005
The remuneration of the directors for the year ended 31 March 2005 was as follows:
Salary/fees Incentive schemes Benefits Total
2005 2004 2005(1) 2004 2005(2) 2004 2005 2004
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Chairman
Lord MacLaurin 485 473 ––32 22 517 495
Deputy Chairman
Paul Hazen 130 124 ––––130 124
Chief Executive
Arun Sarin 1,175 1,100 1,148 1,217 183 879 2,506 3,196
Executive directors
Peter Bamford 771 733 663 722 37 34 1,471 1,489
Vittorio Colao 191 531 –651 39194 1,191
Thomas Geitner 679 644 665 673 37 35 1,381 1,352
Sir Julian Horn-Smith 970 908 966 950 34 39 1,970 1,897
Ken Hydon 779 733 776 776 30 29 1,585 1,538
Non-executive directors
Sir John Bond 21 –––––21 –
Dr Michael Boskin 85 80 ––––85 80
Lord Broers 85 80 ––––85 80
John Buchanan 85 80 ––––85 80
Penny Hughes 95 90 ––––95 90
Sir David Scholey 85 80 ––––85 80
Professor Jürgen Schrempp 85 80 ––––85 80
Luc Vandevelde 85 50 ––––85 50
Former directors(3) –966 –429 226 324 226 1,719
5,806 6,752 4,218 5,418 582 1,371 10,606 13,541
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 2005. These awards are in relation to the performance achievements against targets in
EBITDA before exceptional items, total service revenue, free cash flow and customer satisfaction for the 2005 financial year.
(2) Benefits principally comprise cars and private health and disability insurance. For Arun Sarin, the figure includes £133,000 (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. No further relocation costs are payable.
(3) 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 2005 was
£226,000.
The aggregate compensation paid by the Company to its collective senior management(1) for services for the year ended 31 March 2005, is set out below. The aggregate number
of senior management as at 31 March 2005 was 10, compared to 6 as at 31 March 2004.
2005 2004
£’000 £’000
Salaries and fees 2,972 2,341
Incentive schemes(2) 2,875 2,415
Benefits 1,066 462
6,913 5,218
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 2005, other than executive directors.
(2) Comprises the incentive scheme information for senior management on an equivalent basis to 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 and Long Term Incentives tables on pages 71 and 72.