Vodafone 2015 Annual Report Download - page 88

Annual Report on remuneration (continued)
All-employee share plans
The Executive Directors are also eligible to participate in the UK all-employee plans.
Summary of plans
Sharesave
The Vodafone Group 2008 Sharesave Plan is an HM Revenue & Customs (‘HMRC’) approved scheme open to all staff permanently employed by
aVodafone Company in the UK as of the eligibility date. Options under the plan are granted at up to a 20% discount to market value. Executive
Directors’ participation is included in the option table on page 87.
Share Incentive Plan
The Vodafone Share Incentive Plan (‘SIP’) is an HMRC approved plan open toall staff permanently employed by a Vodafone Company in the UK.
Participants may contribute up to a maximum of £125 per month (or5%of salary if less) which the trustee of the plan uses to buy shares on their
behalf. An equivalent number of shares are purchased with contributions from the employing company. UK-based Executive Directors are eligible
toparticipate.
Pensions (audited)
Vittorio Colao, Stephen Pusey and Nick Read received a cash allowance of 30% of base salary in lieu of pension contributions during the 2015
nancial year. No Executive Directors accrued benets under any dened contribution pension plans during the year or have participated
in a dened benets scheme while an Executive Director.
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 (aged 60).
In respect of the Executive Committee, the Group has made aggregate contributions of £43,000 (2014: £53,000) into dened contribution
pension schemes.
Alignment to shareholder interests (audited)
All of our Executive Directors have shareholdings in excess of their goals. Current levels of ownership by the Executive Directors, and the date
by which the goal should be or should have been achieved, are shown below. The values are calculated using an average share price over the six
months to 31 March 2015 of 220.53 pence.
At 31 March 2014
Goal as a %
of salary
Current %
of salary held
% of goal
achieved
Number
of shares
Value of
shareholding
(£m)
Date for goal
to be achieved
Vittorio Colao 400% 2,040% 510% 10,639,281 £23.5 July 2012
Stephen Pusey 300% 581% 194% 1,579,543 £3.5 June 2014
Nick Read 300% 575% 192% 1,760,485 £3.9 April 2019
Collectively the Executive Committee including the Executive Directorsown more than 23 million Vodafone shares, with a value of over
£50.8 million. None of the Executive Committee members’ shareholdings amounts to more than 1% of the issued shares in that class of share,
excluding treasury shares.
Directors’ interests in the shares of the Company (audited)
A summary of interests in shares and scheme interests of the Directors who served during the year is given below. More details of the performance
shares and options follows.
At 31 March 2015
Share plans Share options
Total number
of interests in shares
Unvested GLTI Shares
(with
performance
conditions)
Unvested GLTR Shares
(without
performance
conditions)
SAYE
(unvested without
performance
conditions)
GIP
(vested)
Executive Directors
Vittorio Colao 22,695,349 12,046,461 –9,607 –
Stephen Pusey 6,389,899 4,810,356 – – –
Nick Read 8,501,845 5,386,146 159,544 10,389 1,185,281
Total 37,587,093 22,242,963 159,544 19,996 1,185,281
The total number of interests in shares includes interests of connected persons, unvested share awards and share options.
The unvested GLTR shares attributed to Nick Read reect an award made prior to his appointment to the Board. The award was made in June 2013
and, subject to Nick Read’s continued employment, will vest in June 2015.
Vodafone Group Plc
Annual Report 2015
86
Directors’ remuneration (continued)