Marks and Spencer 1998 Annual Report Download - page 41

REPO RT OF TH E REM UNERATION CO M M ITTEE
1 DIRECTORS’ EMOLUMENTS
Profit Total Total
£000 Salary Share Benefits Bonus 1998 1997
Executive directors (2) ( 3) ( 4)
Sir Richard Greenbur y
(Chairman) 803 37 12 117 969 924
J K Oates (Deputy Chairman)(1) 526 24 20 76 646 608
P G McCracken 350 17 17 51 435 395
P L Salsbury 350 17 17 51 435 395
Lord Stone of Blackheath 344 16 17 50 427 390
R A ldridge 241 12 12 35 300 250
J R Benfield 222 11 21 32 286 236
N L Colne( 8) ÐÐÐЖ373
R W C Colvill 276 13 15 40 344 316
Mrs C E M Freeman 180 9 14 26 229 205
D K Hayes 202 10 34 29 275 241
C Littmoden (expatriate)( 5) 216 Ð 346 33 595 431
B S Morris 178 8 14 26 226 212
J T Rowe 230 11 18 33 292 238
S J Sacher 248 12 14 36 310 311
P P D Smith (ex patriate)( 5) 265 Ð 326 33 624 389
D G Trangmar(6) 279 13 13 36 341 303
Non-executive directors
B F Baldock 50ÐÐÐ50 25
Sir Mar tin Jacomb 34ÐÐÐ34 34
D G Lanigan(7) 37ÐÐÐ37 60
Sir Michael Perry 34ÐÐÐ34 17
Dame Stella Rimington 34ÐÐÐ34 9
Sir Ralph Robins 34ÐÐÐ34 34
The Hon David Sieff(9) 34 Ð 9 Ð 43 323
The Rt Hon The Baroness Young( 7) 13ÐÐÐ13 34
Total 5,180 210 919 704 7,013 6,753
(1) The highest paid director was J K Oates, whose emoluments including gains on share options ex ercised were £1.4m (last year £1.4m) . His
accrued pension entitlement at the end of the year was £268,000 (last year £221,000).
(2) In line with all other members of staff, directors performing their duties mainly in the UK are allocated a profit share based on a percentage of
their salar y. Fur ther information on profit sharing is given in note 9C to the financial statements.
(3) Benefits for UK directors relate mainly to the provision of cars and fuel. For ex patriate directors see footnote (5).
(4) The Group introduced an annual bonus scheme for ex ecutive directors and divisional directors in 1988 which was ex tended in 1995 to include
ex ecutives. Fur ther details of this scheme are given on page 38. The Remuneration Committee approved a bonus of 14.5%, amounting to £2.3m
(last year 20%, amounting to £2.9m) of which £0.7m (last year £0.9m) was attributable to the ex ecutive directors and is paid pro-rata to each
ex ecutive director according to individual basic salary. The bonus attributable to the divisional directors and ex ecutives was £1.6m (last year
£2.0m). The bonus does not form par t of pensionable salar y, nor is it eligible for profit sharing.
(5) Ex patriate directors carr ying out their duties overseas have their remuneration adjusted to take account of local living costs. This adjustment is
to put them in a position, after taking into account tax ation differentials, where they are no better or worse off as a result of carrying out their
duties overseas. Payments made to them, or on their behalf, such as allowances for working overseas and the provision of accommodation, are
treated
as benefits for the purpose of the above table and these payments are significantly higher this year due to relocation costs.
(6) D G Trangmar retired as ex ecutive director on 31 March 1998. Included within his salary is a non-pensionable payment in lieu of holidays.
(7) D G Lanigan and the Rt Hon The Baroness Young retired as non-ex ecutive directors on 31 July 1997.
(8) N L Colne retired as ex ecutive director on 31 March 1997.
(9) The Hon David Sieff retired as ex ecutive director on 31 March 1997 and was appointed non-executive director from 1 April 1997.
MA RKS A ND SPENCER p.l.c. 39