Vodafone 2008 Annual Report Download - page 131

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33. Directors and key management compensation
Directors
Aggregate emoluments of the directors of the Company were as follows:
2008 2007 2006
£m £m £m
Salaries and fees 5 5 6
Incentive schemes 4 3 5
Benefits 1 1 2
Other(1) – 4 –
10 13 13
Note:
(1) Other includes the value of the cash allowance taken by some individuals in lieu of pension contributions and payments in respect of loss of office.
The aggregate gross pre-tax gain made on the exercise of share options in the year ended 31 March 2008 by directors who served during the year was £nil
(2007: £3 million, 2006: less than £1 million).
Further details of directors’ emoluments can be found in “Directors’ Remuneration” on pages 71 to 81.
Key management compensation
Aggregate compensation for key management, being the directors and members of the Group Executive Committee, was as follows:
2008 2007 2006
£m £m £m
Short term employee benefits 20 29 26
Post-employment benefits:
Defined benefit schemes 1 1 2
Defined contribution schemes 1 1 2
Share-based payments 10 6 16
32 37 46
34. Related party transactions
The Group’s related parties are its joint ventures (see note 13), associated undertakings (see note 14), pension schemes, directors and members of the Executive
Committee. Group contributions to pension schemes are disclosed in note 25. Compensation paid to the Company’s Board and members of the Executive Committee
is disclosed in note 33.
Transactions with joint ventures and associated undertakings
Related party transactions can arise with the Group’s joint ventures and associates and primarily comprise fees for the use of Vodafone products and services including,
network airtime and access charges, and cash pooling arrangements. Except as disclosed below, no related party transactions have been entered into during the year
which might reasonably affect any decisions made by the users of these Consolidated Financial Statements.
2008 2007 2006
£m £m £m
Transactions with associated undertakings:
Sales of goods and services 165 245 288
Purchase of goods and services 212 295 268
Amounts owed by/(owed to) joint ventures(1) 127 (842) (378)
Net interest payable to joint ventures(1) 27 20 15
Note:
(1) Amounts arise through Vodafone Italy being part of a Group cash pooling arrangement and represent amounts not eliminated on consolidation. Interest is paid in line with market rates.
Amounts owed by and owed to associated undertakings are disclosed within notes 17 and 27. Dividends received from associated undertakings are disclosed in the
consolidated cash flow statement.
Transactions with directors other than compensation
During the three years ended 31 March 2008, and as of 23 May 2008, neither any director nor any other executive officer, nor any associate of any director or any other
executive officer, was indebted to the Company.
During the three years ended 31 March 2008, and as of 23 May 2008, the Company has not been a party to any other material transaction, or proposed transactions,
in which any member of the key management personnel (including directors, any other executive officer, senior manager, any spouse or relative of any of the foregoing,
or any relative of such spouse), had or was to have a direct or indirect material interest.
Vodafone Group Plc Annual Report 2008 129