Vodafone 2010 Annual Report Download - page 118

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116 Vodafone Group Plc Annual Report 2010
Notes to the consolidated nancial statements continued
30. Directors and key management compensation
Directors
Aggregate emoluments of the directors of the Company were as follows:
2010 2009 2008
£m £m £m
Salaries and fees 5 4 5
Incentive schemes 3 2 4
Benefits 1 – 1
Other(1) – 1 –
9 7 10
Note:
(1) Other amounts in 2009 include the value of the cash allowance taken by some individuals in lieu of pension contributions and payments in respect of loss of office and relocation to the US.
The aggregate gross pre-tax gain made on the exercise of share options in the year ended 31 March 2010 by directors who served during the year was £1 million (2009: £nil,
2008: £nil).
Further details of directors’ emoluments can be found in “Directors’ remuneration” on pages 57 to 67.
Key management compensation
Aggregate compensation for key management, being the directors and members of the Executive Committee, was as follows:
2010 2009 2008
£m £m £m
Short-term employee benefits 21 17 20
Post-employment benefits:
Defined benefit schemes – – 1
Defined contribution schemes 1 1 1
Share-based payments 20 14 10
42 32 32
31. Related party transactions
The Group’s related parties are its joint ventures (see note 13), associates (see note 14), pension schemes, directors and Executive Committee members. Group contributions
to pension schemes are disclosed in note 23. Compensation paid to the Company’s Board and members of the Executive Committee is disclosed in note 30.
Transactions with joint ventures and associates
Related party transactions with the Group’s joint ventures and associates primarily comprise fees for the use of products and services including network airtime and access
charges, and cash pooling arrangements.
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 except as disclosed below. Transactions between the Company and its joint ventures are not material to the extent that they have not been eliminated through
proportionate consolidation or disclosed below.
2010 2009 2008
£m £m £m
Sales of goods and services to associates 281 205 165
Purchase of goods and services from associates 159 223 212
Purchase of goods and services from joint ventures 194 57 13
Net interest (receivable from)/payable to joint ventures(1) (44) (18) 27
Trade balances owed:
by associates 24 50 21
to associates 17 18 22
by joint ventures 27 10 16
to joint ventures 40 33 39
Other balances owed by joint ventures(1) 751 311 127
Note:
(1) Amounts arise primarily through Vodafone Italy, Vodafone Hutchison Australia and Indus Towers and represent amounts not eliminated on consolidation. Interest is paid in line with market rates.
Amounts owed by and owed to associates are disclosed within notes 17 and 25. Dividends received from associates are disclosed in the consolidated statement of cash flows.