Marks and Spencer 2010 Annual Report Download - page 71

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To find out more, visit marksandspencer.com/annualreport2010 67
PART 2: AUDITED INFORMATION
Directors’ emoluments
Salary/fee
£000
Cash
allowance6
£000
Benefits6
£000
Dividend
equivalents7
£000
Bonus8
£000
Termination
payments
£000
Total
2010
£000
Total
2009
£000
Executive Chairman
Sir Stuart Rose11,13 8 304 39 – 1,125 – 2,606 1,765
Deputy Chairman
Sir David Michels 245 – – – – – 245 217
Executive directors
Kate Bostock2549 188 37 31 807 – 1,612 892
John Dixon3294 39 –25 296 – 654 –
Ian Dyson4679 187 688 554 – 1,514 1,009
Steven Sharp5614 155 25 – 608 – 1,402 882
Non-executive directors
Jeremy Darroch 73 – – – – – 73 73
Martha Lane Fox 67 – – – – – 67 67
Steven Holliday 73 – – – – – 73 67
Louise Patten 70 – – – – – 70 73
Jan du Plessis 64 – – – – – 64 25
Former directors9,10 – – 6 – – 181 187 1,170
Tot al 3,866 873 113 144 3,390 181 8,567 6,240
1 Sir Stuart Rose received a salary increase from £1,130,000 to £1,160,000 effective 1 January 2010. His bonus earned in 2009/10 was £2,813,000.
2 Kate Bostock received a salary increase from £500,000 to £560,000 on 1 July 2009, and from £560,000 to £575,000 on 1 January 2010. Her cash allowance includes a
relocation payment of £51,000. Her bonus earned in 2009/10 under the Annual Bonus Scheme was £1,380,000. In addition, £255,000 was earned, which was the third and
final payment under a three-year cash retention arrangement.
3 John Dixon was promoted to the Board on 9 September 2009 on a salary of £500,000. He received a salary increase of £12,500 effective from 1 January 2010. His bonus
earned in 2009/10 was £1,268,438 of which £739,922 was earned as an executive director.
4 Ian Dyson received a salary increase from £675,000 to £692,000 effective 1 January 2010. His bonus earned in 2009/10 was £553,600.
5 Steven Sharp received a salary increase from £565,000 to £625,000 on 1 July 2009, and from £625,000 to £640,000 on 1 January 2010. His bonus earned in 2009/10 was
£1,520,000.
6 The elements included in the Cash allowance and Benefits columns of the table are described in detail in the Benefits section on page 62 and have been audited.
7 Dividend equivalents were accrued over the vesting period for the 2006 and 2007 Deferred Share Bonus Plan. For John Dixon these also include dividend equivalents
accrued for shares awarded in 2008 and 2009 under the Restricted Share Plan that vested during 2009/10.
8 For all executive directors, 40% of the total bonus earned is paid in cash as shown in the table, and 60% paid in shares as part of the Deferred Share Bonus Plan, as
described under the Annual Cash Bonus Scheme on page 62. The Deferred Share Bonus Plan awards will be granted in June 2010.
9 Steven Esom retired from the Board on 1 July 2008, and under the terms of his service contract, the termination payments are phased, made on monthly basis. The amounts
shown in the table above comprise of the final three month’s payments and benefits in line with this contract provision.
10 The payments to former directors under the Early Retirement Plan and the unfunded pension paid by the Company to Clinton Silver can be found on page 71 under
Directors’ pension information.
Operating & Financial review p16
Governance
Financial statements p78