Vodafone 2016 Annual Report Download - page 72

Annual Report on remuneration (continued)
At 17 May 2016 there had been no change to the Directors’ interests in share options from 31 March 2016.
Other than those individuals included in the table above, at 17 May 2016 members of the Group’s Executive Committee held options for 26,501
ordinary shares at prices ranging from 156.1 pence to 189.2 pence per ordinary share, with a weighted average exercise price of 174.3 pence per
ordinary share exercisable at dates ranging from 1 September 2017 to 1 September 2020.
Hannes Ametsreiter, Paolo Bertoluzzo, Aldo Bisio, António Coimbra, Warren Finegold, Ronald Schellekens, Robert Shuter and Serpil Timuray held
no options at 17 May 2016.
Loss of ofce payments (audited)
Stephen Pusey retired on 31 July 2015 having worked 9 months of his 12 month notice period. Stephen was entitled to receive payments in lieu
of notice each month for the remainder of his notice period subject to mitigation. In total, Stephen received the equivalent of 3 months salary
(£150,000) and an amount equivalent to the pro-rated annual leave that had not been taken during his employment in the year (£16,846).
Since Stephen was employed for part of the 2016 nancial year his annual bonus payment (as disclosed on page 67) was pro-rated for time served
(i.e. to 31 July 2015). Stephen’s 2014 GLTI award, the nal vesting of which is described on page 67, will also be pro-rated for time worked and will vest
at the normal vesting date.
Stephen’s outstanding 2015 GLTI award will be pro-rated on a time worked basis and will vest, subject to performance, at the normal vesting date,
in accordance with our share plan rules.
Stephen will receive no further benets aside from the provision of a SIM card for his personal use at the Company’s expense for a period of three
years commencing on 1 August 2015.
Payments to past Directors (audited)
During the 2016 nancial year Lord MacLaurin received benet payments in respect of security costs as per his contractual arrangements.
These costs exceeded our de minimis threshold of £5,000 p.a. and, including the tax paid, were £9,411.
Fees retained for external non-executive directorships
Executive Directors may hold positions in other companies as non-executive directors and retain the fees.
With effect from 1 July 2015, Vittorio Colao was appointed to the boards of Unilever N.V. and Unilever PLC as a non-executive director. During the
year ended 31 March 2016 Vittorio retained fees of £63,783 in respect of this role.
With effect from 1 April 2015, Stephen Pusey was appointed to the board of Centrica plc as a non-executive director. During the period up to his
retirement on 31 July 2015, Stephen retained fees of £24,000 in respect of this role.
Assessing pay and performance
In the table below we summarise the Chief Executive’s single gure remuneration over the past seven 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 67 and not this chart.
Seven-year historical TSR performance
(growth in the value of a hypothetical €100 holding over seven years)
325
275
175
225
125
75
100 137
155 170
168
190
167
215
193
267
227
310
245
322
279
Vodafone Group STOXX Europe 600 Index
03/09 03/10 03/11 03/12 03/13 03/14 03/1603/15
Financial year remuneration for Chief Executive (Vittorio Colao) 201012011 2012 2013 2014 2015 2016
Single gure of total remuneration £’000 3,350 7,022 15,767 11,099 8,014 2,810 5,270
Annual variable element (actual award versus maximum opportunity) 64% 62% 47% 33% 44% 56% 58%
Long-term incentive (vesting versus maximum opportunity) 25% 31% 100% 57% 37% 0% 23%
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.
Directors’ remuneration (continued)
Vodafone Group Plc
Annual Report 2016
70