Marks and Spencer 2010 Annual Report Download - page 64
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Marks and Spencer Group plc Annual report and financial statements 2010 Directors’ report 60
Remuneration report continued
Senior remuneration framework continued
For executive directors, this can be summarised as follows:
Policy Delivery
Base Pay Reviewed against:
salary levels in comparably-sized –
companies and major retailers;
economic climate, market conditions and –
Company performance;
the level of pay awards in the rest of the –
business; and
the role and responsibility of the individual –
director
monthly in cash –
reviewed annually with any increases –
normally awarded from 1 January
Benefits provided on a market competitive basis –
aligned to total reward structure for –
all employees
affordability –
Group Pension Scheme: This –
compromises a defined benefit section,
which closed to new entrants with effect
from 1 April 2002 and a defined
contribution section which has been open
to new members since 1 April 2003.
Executive directors who are not part of the
scheme receive a salary supplement in lieu
of pension
life assurance cover where the executive –
director is not a member of the Group
Pension Scheme
car or car cash allowance plus driver –
all-employee share schemes –
(Save As You Earn)
employee product discount –
Annual Bonus Scheme:
with compulsory deferral into shares
drive profitability and sales across the –
whole organisation
stretching targets required to achieve –
maximum payment
Group PBT with an individual performance –
element
aligned to shareholder interests –
bonus potential of up to 250% of salary –
for ‘maximum performance’
compulsory deferral of 60% of bonus –
earned into shares
shares vest after three years, with no –
further performance condition other than
continued employment
Performance Share Plan primary long-term incentive –
link individual reward with long-term –
growth in the Company
aligned to shareholder interests –
targets based on EPS over a three-year –
performance period
annual awards –
normally up to 200% of salary with –
up to 400% of salary in exceptional
circumstances
awards vest after three years based on –
achievement of performance targets