Marks and Spencer 2004 Annual Report Download - page 22

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20
Marks and Spencer Group plc
Remuneration report continued
Part 2: Audited Information
1 Directors’ emoluments Current
annual Termination Total Total
salary/fee Salary/fee Benefits Bonus payments 2004 2003
£000 £000 £000 £000 £000 £000 £000
Chairman
Luc Vandevelde1n/a 447 100 – – 547 1,725
Chief Executive
Roger Holmes 620 605 88 – – 693 1,138
Executive directors
Maurice Helfgott2320 116 10 – – 126 n/a
Laurel Powers-Freeling 350 342 70 35 – 447 699
Vittorio Radice3435 427 129 – – 556 1,200
Alison Reed 360 352 36 – – 388 695
Non-executive directors
Brian Baldock 60 60 – – – 60 34
Barbara Cassani45025–––25 n/a
Jack Keenan 50 50 – – – 50 34
Kevin Lomax 60 60 – – – 60 34
Paul Myners 50 50 – – – 50 34
Dame Stella Rimington 60 60 – – – 60 50
Retired directors (retirement date)
Justin King (19 November 2003)5– 297 60 – – 357 370
David Norgrove (31 March 2004)6– 332 18 – 754 1,104 595
Former directors ––––––681
Total 3,223 511 35 754 4,523 7,289
The elements included in the benefits column of the emoluments table are described in detail in the Salaries and benefits
section on pages 16 and 17, and have been audited.
1Luc Vandevelde’s salary is paid in the form of 13,500 shares bought on the 10th of each month at the market price of shares on that day. The figure in
the emoluments table is his salary up to 31 August 2003 and the value of the share purchases from September 2003.
2Maurice Helfgott was promoted to the Board on 19 November 2003 when his salary increased to £320,000.
3Vittorio Radice’s annual salary increased from £435,000 to £485,000 with effect from 5 April 2004 to recognise his increased responsibilities.
4Barbara Cassani was appointed as a non-executive director on 1 October 2003 on an annual fee of £50,000. She retired from the Board
on 30 April 2004.
5Justin King retired from the Board on 19 November 2003 and his service contract terminated on 28 March 2004.
6David Norgrove retired from the Board on 31 March 2004. His termination payment includes one year’s salary of £340,000 and £414,000 for loss of
benefits which includes bonus, car benefits and loss of pensionable service.
2 Directors’ interests in long-term incentive schemes
a) Executive Share Matching Plan
Maximum Maximum
receivable at receivable at Performance
30 March 2003 3 April 2004 period for
or date of Awarded Vested Lapsed or date of Date of matching
appointment1in year in year in year retirement1award award
Luc Vandevelde 178,788–––178,788 30 Jul 200222002-05
Roger Holmes 113,525–––113,525 30 Jul 200222002-05
– 396,279 – – 396,279 23 Jun 200332003-06
113,525 396,279 – – 509,804
Maurice Helfgott 35,064–––35,064 30 Jul 200222002-05
108,188–––108,188 23 Jun 200332003-06
143,252–––143,252
Laurel Powers-Freeling 26,324–––26,324 30 Jul 200222002-05
– 244,860 – – 244,860 23 Jun 200332003-06
26,324 244,860 – – 271,184
Alison Reed 76,841–––76,841 30 Jul 200222002-05
– 246,983 – – 246,983 23 Jun 200332003-06
76,841 246,983 – – 323,824
Vittorio Radice – 234,181 – – 234,181 23 Jun 200332003-06