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Vodafone Group Plc Annual Report 2011 67
Governance
Pay for the 2012 nancial year
The information provided in the table below explains what the executive directors who were on the Board on 31 March 2011 will actually receive from base
salary and awards made previously with performance conditions which ended on 31 March 2011 but that will vest in the 2012 financial year.
Vittorio Colao Andy Halford Michel Combes Stephen Pusey
Base salary
Base salary effective from July 2011 £1,110,000 £700,000 £790,000 £575,000
GSTIP (Annual bonus)(1)
Target (100% of base salary at 31 March 2011) £1,065,000 £700,000 £770,000 £550,000
Percentage of target achieved for the 2011 financial year 124.2% 124.2% 96.8% 124.2%
Actual bonus payout in June 2011 £1,322,730 £869,400 £745,052 £683,100
GLTI performance shares
GLTI performance base share awarded in July 2008 4,126,587 2,282,447 2,589,782 942,132
GLTI performance match share awarded in July 2008 3,001,154 2,074,952 736,919 500,844
Vesting percentage based on cumulative adjusted three year free cash flow
and TSR out-performance 30.6% 30.6% 30.6% 30.6%
GLTI performance shares vesting in 2011 2,181,088 1,333,363 1,017,970 441,550
Note:
(1) The executive directors’ GSTIP for the 2011 financial year is payable in June 2011 with actual payments detailed in the table above. Vittorio Colao, Andy Halford and Stephen Pusey were measured
solely against Group performance, whilst Michel Combes was measured on both Group and Europe region performance.
Performance shares vesting in 2011
Adjusted free cash flow for the three year period ended on 31 March 2011 was £16.9 billion and the graph below shows our TSR performance against our
peer group for the same period resulted in an outperformance of the median by 3.9%. Using the matrix above, this results in a payout of 30.6% of the
maximum. These shares will vest in July 2011.
The free cash flow performance is approved by the Remuneration Committee. The performance assessment in respect of the TSR out-performance of a
peer group median is undertaken by pwc.
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100 100
84
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56
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95
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76 83
109
94
Key:
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Vodafone
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Median of peer group
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Outperformance of median of 9% p.a.
March 2008 September 2008 September 2009 September 2010March 2009 March 2010 March 2011
2008 GLTI award: TSR performance (growth in the value of a hypothetical US$100 holding over the performance period, six month averaging)