Carphone Warehouse 2015 Annual Report Download - page 58

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Dixons Carphone plc Annual Report and Accounts 2014/15
Corporate Governance
Remuneration Policy report
56
Remuneration policy table
The individual elements of the remuneration packages offered to executive directors are summarised in the following table:
Base Salary (fixed pay)
• Purpose and link to strategy To aid the recruitment, retention and motivation of high-performing people.
To reflect their experience and importance to the business.
• Operation Reviewed annually.
The review reflects a range of factors including merit levels, internal relativity and cost.
Our overall policy, having due regard to the factors noted, is normally to target salaries
up to the median level.
Salaries for new appointments as executive directors will be set in accordance with the
Recruitment Policy set out on page 63 of this Remuneration Policy report.
The Committee takes into consideration the impact of base salary increases on the
package as a whole, as bonuses as well as some other elements of pay (such as
pension contributions) are generally worked out based on a percentage of salary.
• Maximum opportunity Ordinarily, increases for executive directors will be in line with increases across the
Group. Increases beyond those granted across the Group may be awarded in certain
circumstances such as changes in responsibilities, progression in the role and significant
increases in the size, complexity or value of the Group.
Salary levels for current directors are shown in the Annual Remuneration report.
• Performance assessment
/
targets Salaries are reviewed annually by the Committee at the appropriate meeting having due
regard to the individual’s experience, performance and added value to the business.
Benefits (fixed pay)
• Purpose and link to strategy In line with the Company’s strategy to keep remuneration weighted to variable pay that
incentivises outperformance, a modest range of benefits is provided.
Benefits may vary based on the personal choices of the director.
Provision of relocation or other related assistance may be provided to support the
appointment or relocation of a director.
• Operation Executive directors are entitled to a combination of benefits which include, but are not
limited to:
• car allowance;
• private medical cover;
• long term incapacity cover;
• life assurance;
• holiday and sick pay; and
• a range of voluntary benefits including the purchase of additional holidays.
Should an executive director be recruited from or be based in a non-UK location,
benefits may be determined by those typically provided in the normal country of
residence.
Relocation or other related assistance could include, but is not limited to, removal and
other relocation costs, tax equalisation, tax advice and accommodation costs.
• Maximum opportunity The cost to the Group of providing such benefits will vary from year to year in
accordance with the cost of providing such benefits, which is kept under regular review.
• Performance assessment
/
targets Not applicable.