Vodafone 2015 Annual Report Download - page 90

Annual Report on remuneration (continued)
At 19 May 2015 there had been no change to the Directors’ interests in share options from 31 March 2015.
Other than those individuals included in the table above, at 19 May 2015 members of the Group’s Executive Committee held options for 24,378
ordinary shares at prices ranging from 144.37 pence to 156.13 pence per ordinary share, with a weighted average exercise price of 150.12 pence per
ordinary share exercisable at dates ranging from 1 September 2015 to 1 September 2019.
Paolo Bertoluzzo, Warren Finegold, Philipp Humm and Serpil Timuray held no options at 19 May 2015.
Loss of ofce payments (audited)
Andy Halford retired on 31 March 2014 having worked 6 months of his 12 month notice period. As disclosed in last year’s Annual Report
on remuneration, Andy was entitled to receive payments in lieu of notice each month for the remainder of his notice period – the total of which
would not exceed £350,000 (six months’ salary), subject to mitigation if Andy was to start a new executive role at another organisation.
During the year Andy commenced employment Standard Chartered plc, with his payment for lieu in notice ceasing with effect from 16 June 2014.
In total, Andy received payments in lieu of notice of £145,833.
In line with treatment detailed in last year’s report, Andy’s 2013 and 2014 GLTI awards lapsed following the commencement of employment with his
new employer. Andy’s 2012 GLTI award, which was disclosed under his 2014 single gure in last year’s report, vested on 28 June 2014.
As previously disclosed, Andy is in receipt of no further benets aside from the provision of a SIM card for his personal use at the Company’s expense
until 31 March 2017.
Payments to past Directors (audited)
Other than mentioned above no payments were made, or benets given, to past Directors with value of greater than our de minimis threshold
(£5,000 p.a.) during the 2015 nancial year.
Fees retained for external non-executive directorships
Executive Directors may hold positions in other companies as non-executive directors and retain the fees. None of the Executive Directors held
a non-executive directorship during the 2015 nancial year.
Assessing pay and performance
In the table below we summarise the Chief Executive’s single gure remuneration over the past six years, as well as how our variable pay plans have
paid out in relation to the maximum opportunity. This can be compared with the historic TSR performance over the same period. The chart below
shows the performance of the Company relative to the STOXX Europe 600 Index over a six year period. The STOXX Europe 600 Index was selected
as this is a broad-based index that includes many of our closest competitors. It should be noted thatthepayout from the long-term incentive plan
is based on the TSRperformance shown in the chart on page 85 and not this chart.
Six year historical TSR performance
(growth in the value of a hypothetical €100 holding over six years)
325
275
175
225
125
75
100 137
155 170
168
190
167
215
193
267
227
322
279
Vodafone Group STOXX Europe 600 Index
03/09 03/10 03/11 03/12 03/13 03/14 03/15
Financial year remuneration for Chief Executive (Vittorio Colao) 201012011 2012 2013 2014 2015
Single gure of total remuneration £’000 3,350 7,022 15,767 11,099 8,014 2,810
Annual variable element (actual award versus maximum opportunity) 64% 62% 47% 33% 44% 56%
Long-term incentive (vesting versus maximum opportunity) 25% 31% 100% 57% 37% 0%
Note:
1 The single gure reects share awards which were granted in 2006 and 2007, prior to his appointment to Chief Executive in 2008.
Change in the Chief Executive’s remuneration
In the table below we show the percentage change in the Chief Executive’s remuneration (salary, taxable benets and annual bonus payment)
between the 2014 and 2015 nancial years compared to the average for other Vodafone Group employees who are measured on comparable
business objectives and who have been employed in the UK since 2014 (per capita). Vodafone has employees based all around the world and some
of these individuals work in countries with very high ination therefore a comparison to Vodafone’s UK-based Group employees is more appropriate
than to all employees.
Percentage change from 2014 to 2015
Item Chief Executive: Vittorio Colao
Other Vodafone Group employees
employed in the UK
Base salary 2.7% 2.8%
Taxable benets 5.3% 0.5%
Annual bonus 31.1% 30.0%
Vodafone Group Plc
Annual Report 2015
88
Directors’ remuneration (continued)