Marks and Spencer 2007 Annual Report Download - page 49

Contract terms and current annual salaries/fees for all members of the Board
Committee Committee Current annual
Date of Notice period/ Basic salary/fee1member fee chair/SID fee salary/fee
Name appointment unexpired term £000 £000 £000 £000
Chairman
Lord Burns 01/10/2005 12 mths/6 mths 450 – – 450
Chief Executive
Stuart Rose 31/05/2004 12 mths/6 mths 1,050 – – 1,050
Executive directors
Ian Dyson 27/06/2005 12 mths/6 mths 525 – – 525
Steven Sharp 08/11/2005 12 mths/6 mths 525 – – 525
Non-executive directors
Jeremy Darroch 01/02/2006 3 mths/3 mths 55 6 12 73
Steven Holliday 15/07/2004 3 mths/3 mths 55 12 – 67
Jack Keenan 01/09/2001 3 mths/3 mths 55 12 – 67
Sir David Michels 01/03/2006 3 mths/3 mths 55 12 12 79
Louise Patten 01/02/2006 3 mths/3 mths 55 6 12 73
1From 1 January 2007 for Chief Executive and executive directors and 1 April 2007 for Chairman and non-executive directors.
Shareholding policy
The current shareholding policy for executive directors was introduced from 1 June 2002. All executive directors are required to hold
a defined percentage of salary (200% for Chief Executive and 100% for all other executive directors) within a five-year period from
their appointment. The relevant salary is either the salary as at 1 June 2002 or as at date of appointment, whichever is the later.
The share market value is measured at the current date.
Directors’ interests
The beneficial interests of the directors and connected persons in the shares of the Company are shown below. Options granted
under the SAYE scheme and the Executive Share Option Schemes and the shares awarded under the Deferred Share Bonus Plan
and Performance Share Plan are shown on page 49. Further information regarding employee share option schemes is given in Note
12 to the financial statements starting on page 71 of the Annual report.
There have been no other changes in the directors’ interests in shares or options granted by the Company and its subsidiaries
between the end of the financial year and 10 May 2007, one month prior to the Notice of the Annual General Meeting, other than
that noted below in respect of Lord Burns. No director had any interest in any of the Company’s subsidiaries at the beginning or end
of the year.
Name Ordinary shares as at 31 March 2007 Ordinary shares as at 1 April 2006
Lord Burns112,275 5,545
Jeremy Darroch 2,000 2,000
Ian Dyson 60,000 60,000
Steven Holliday 2,500 2,500
Jack Keenan 53,238 53,238
Sir David Michels 4,000 4,000
Louise Patten 8,000 4,000
Stuart Rose 500,416 500,416
Steven Sharp 28,473 27,816
1Lord Burns bought 2,197 shares on 2 April 2007 under the terms of his appointment, being the purchase of shares on a quarterly basis, using approximately 25% of his
net income from the Company, increasing his shareholding to 14,472 ordinary shares.
External appointments
The Company recognises that executive directors may be invited to become non-executive directors of other companies and that
such appointments can broaden their knowledge and experience, to the benefit of the Company. The individual director retains the
fees. Stuart Rose serves as a non-executive director at Land Securities and received a fee of £50,000 during the year under review.
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