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Business review Performance Governance Financials Additional information
83
Vodafone Group Plc
Annual Report 2012
Audited information for executive directors
Remuneration for the year ended 31 March 2012
This table1 shows the remuneration of the executive directors during the year in the currently prescribed format. The table on page 76 includes a
value for GLTI payments. All other numbers are identical.
Vittorio Colao Andy Halford Michel Combes Stephen Pusey
2012 2011 2012 2011 2012 2011 2012 2011
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Salary/fees 1,099 1,043 700 694 785 763 569 538
GSTIP 2 1,037 1,323 654 869 728 745 537 683
Cash in lieu of GLTI dividends 545 92 333 70 326 – 110 29
Cash in lieu of pension 330 313 210 208 236 229 171 161
Benets /other 3 24 55 30 27 25 22 21 31
Total 3,035 2,826 1,927 1,868 2,100 1,759 1,408 1,442
Notes:
1 The information in this table is audited.
2 Payments are made in June following the end of the nancial year.
3 Includes amounts in respect of cost of living allowance, private healthcare and car allowance.
The aggregate remuneration we paid to our Executive Committee (other than our executive directors) for services for the year ended 31 March 2012
is set out below.
2012 2011
£’000 £’000
Salaries/fees 2,822 3,151
GSTIP12,758 4,081
Cash in lieu of GLTI dividends 490 89
Cash in lieu of pension 747 456
Benets/other 169 799
Total 6,986 8,576
Note:
1 Comprises the incentive scheme information for the Executive Committee members on an equivalent basis to that disclosed for executive directors at the beginning of the report. Details of share incentives awarded to
directors and other members of the Executive Committee are included in footnotes to “Directors’ interests in the shares of the Company – Long-term incentives” on page 84.
Pensions
Vittorio Colao, Andy Halford, Michel Combes and Stephen Pusey take a cash allowance of 30% of base salary in lieu of pension contributions.
The Executive Committee, including the executive directors, are provided benets in the event of death in service. They also have an entitlement
under a long-term disability plan from which two-thirds of base salary, up to a maximum benet determined by the insurer, would be provided until
normal retirement date.
Pension benets earned by the director in the year ended 31 March 2012 were:
Total accrued
benet at
31 March 20121
£’000
Change in
accrued
benet over
the year1
£’000
Transfer
value at
31 March 20112
£’000
Transfer
value at
31 March 20122
£’000
Change in
transfer value
over year less
member
contributions
£’000
Change in
accrued
benet in
excess of
ination3
£’000
Transfer value
of change
in accrued
benet net
of member
contributions
£’000
Employer
allocation/
contribution
to dened
contribution
plans
£’000
Andy Halford 18.7 0.9 701.2 846.9 145.7 (0.1) (4.8) –
Notes:
1 Andy Halford took the opportunity to take early retirement from the pension scheme due to the closure of the scheme on 31 March 2010 (aged 51 years). In accordance with the scheme rules, his accrued pension at this date
was reduced with an early retirement factor for four years to reect the fact that his pension is being paid before age 55 and is therefore expected to be paid out for a longer period of time. In addition, Andy Halford exchanged
part of his early retirement pension at 31 March 2010 for a tax-free cash lump sum of £118,660. The pension in payment at 31 March 2010 was £17,800 per year, and this increased on 1 April 2011 by 5%, in line with the scheme
rules, to £18,700 per year and remained so at 31 March 2012, as shown above. No member contributions are payable as Andy Halford is in receipt of his pension.
2 The transfer value at 31 March 2012 has been calculated on the basis and methodology set by the trustees after taking actuarial advice, as set out in the papers entitled “Calculation of cash equivalent transfer values” dated
January 2011 and “Sex-specic actuarial factor” dated March 2011. No director elected to pay additional voluntary contributions. The transfer value disclosed above does not represent a sum paid or payable to the individual
director. Instead it represents a potential liability of the pension scheme.
3 Ination has been taken as the increase in the retail price index over the year to 30 September 2011.
In respect of the Executive Committee, the Group has made aggregate contributions of £100,000 (2011: £508,600) into dened contribution
pension schemes.