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Governance Marks and Spencer Group plc Annual report and financial statements 2012 62
Remuneration report continued
Performance Share Plan outcome for 2011/12
2009 Award Final Measurement
The underlying basic EPS figure for 2011/12 was 34.9p which was above the ‘threshold’ target of RPI+3% but below
‘maximum’ performance, resulting in 34.95% vesting for awards up to 200% of salary and 28.97% vesting for awards between
200% and 400% of salary.
The targets for all outstanding awards are shown in the tables below:
2009 and 2010 Awards
Award
Average annual EPS growth in excess of inflation (RPI)
EPS for start of scheme20% vesting1100% vesting1
2009 (awards up to 200% of salary) 3% 6% 28.0p
(awards between 200% and 400% of salary) 3% 8% 28.0p
2010 (awards up to 200% of salary) 3% 9% 30.0p1
(awards between 200% and 400% of salary) 4% 12% 30.0p1
1) The EPS for the start of the 2010 scheme is based on the 52 week result, ensuring a like-for-like measure.
2011 Award
% vesting1Cumulative EPS (p)
ROCE
(%)
Revenue (FY14 – £m)
UK2Multi-channel3 International4
Weighting (% of total award) 50% 20% 10% 10% 10%
‘Threshold’ performance 20% 110p 17.0% £9,200m £700m £1,100m
‘Maximum’ performance 100% 130p 18.5% £9,900m £1,000m £1,400m
1) % Vesting is a straight line between ‘threshold’ and ‘maximum’ performance.
2) Excluding Multi-channel.
3) Net of VAT/gross of returns.
4) Excluding Multi-channel/including Republic of Ireland.
Board appointments and contracts
Contract terms and current annual salaries/fees for all current members of the Board
Date of
appointment
Notice period/
unexpired term
Basic
salary/fee
£000
Committee
chair fee
£000
Current
annual
salary/fee
£000
Annual
salary/fee
2011
£000
Change1
£000
Chairman
Robert Swannell 23/08/2010 6 mths / 6 mths 450 – 450 450 –
Chief Executive Officer
Marc Bolland 01/05/2010 12 mths / 6 mths 975 – 975 975 –
Executive directors
Kate Bostock 10/03/2008 12 mths / 6 mths 608 – 608 590 18
John Dixon 09/09/2009 12 mths / 6 mths 562 – 562 540 22
Steven Sharp 08/11/2005 12 mths / 6 mths 675 – 675 655 20
Alan Stewart 28/10/2010 12 mths / 6 mths 567 – 567 550 17
Laura Wade-Gery 04/07/2011 12 mths / 6 mths 541 – 541 – –
Non-executive directors
Vindi Banga 01/09/2011 3 mths / 3 mths 70 – 70 – –
Miranda Curtis 01/02/2012 3 mths / 3 mths 70 – 70 – –
Jeremy Darroch 01/02/2006 3 mths / 3 mths 70 15 85 85 –
Martha Lane Fox 01/06/2007 3 mths / 3 mths 70 – 70 70 –
Steven Holliday 15/07/2004 3 mths / 3 mths 70 15 85 85 –
Jan du Plessis 01/11/2008 3 mths / 3 mths 100 – 100 70 30
1) All changes to salaries and fees were effective 1 January 2012 except that for Jan du Plessis, which was effective from 1 March 2012 when he became Senior Independent Director.
Laura Wade-Gery was appointed on a salary of £525,000 and received an increase of £16,000 on 1 January 2012.