Vodafone 2011 Annual Report Download - page 125

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Vodafone Group Plc Annual Report 2011 123
Financials
29. Directors and key management compensation
Directors
Aggregate emoluments of the directors of the Company were as follows:
2011 2010 2009
£m £m £m
Salaries and fees 5 5 4
Incentive schemes 3 3 2
Other benefits(1) 1 1 1(2)
9 9 7
Notes:
(1) Includes the value of the cash allowance taken by some individuals in lieu of pension contributions.
(2) Includes the value of 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 2011 by directors who served during the year was £nil
(2010: £1 million, 2009: £nil).
Further details of directors’ emoluments can be found in “Directors’ remuneration” on pages 62 to 73.
Key management compensation
Aggregate compensation for key management, being the directors and members of the Executive Committee, was as follows:
2011 2010 2009
£m £m £m
Short-term employee benefits 18 21 17
Post-employment benefits – defined contribution schemes 1 1 1
Share-based payments 22 20 14
41 42 32
30. 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 29.
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.
2011 2010 2009
£m £m £m
Sales of goods and services to associates 327 281 205
Purchase of goods and services from associates 171 159 223
Purchase of goods and services from joint ventures 206 194 57
Net interest receivable from joint ventures(1) (14) (44) (18)
Trade balances owed:
by associates 52 24 50
to associates 23 17 18
by joint ventures 27 27 10
to joint ventures 67 40 33
Other balances owed by joint ventures(1) 176 751 311
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.