Marks and Spencer 2012 Annual Report Download - page 66

Download and view the complete annual report

Please find page 66 of the 2012 Marks and Spencer annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

Governance Marks and Spencer Group plc Annual report and financial statements 2012 64
Remuneration report continued
What is the shareholding policy for executive
directors?
All executive directors are required to hold shares equivalent
in value to a minimum percentage of their salary (200% for
the CEO and 100% for all other executive directors) within a
five-year period from the date of their appointment. The
relevant salary is at date of appointment and the share market
value is measured at the current date. Shares included in this
measure are the directors’ interest in the Company plus the
net value of any unexercised awards under the Deferred
Share Bonus Plan and Restricted Share Plan.
As at 31 March 2012, the measurement for each director was
as follows:
Time from
date of appointment
% of salary
Target Actual
Marc Bolland 1 year / 11 months 200% 142%
Kate Bostock 4 years / 1 month 100% 267%
John Dixon 2 years / 7 months 100% 235%
Steven Sharp 6 years / 5 months 100% 523%
Alan Stewart 1 year / 5 months 100% 46%
Laura Wade-Gery – / 9 months 100% 152%
Dilution limits
What is the current dilution of share capital by
employee share plans?
Awards granted under the Company’s Save As You Earn
scheme and the Executive Share Option scheme are met by
the issue of new shares when the options are exercised. All
other share plans are met by market purchase. The Company
monitors the number of shares issued under these schemes
and their impact on dilution limits. The Company’s usage of
shares compared to the relevant dilution limits set by the
Association of British Insurers (ABI) in respect of all share
plans (10% in any rolling ten year period) and executive share
plans (5% in any rolling ten year period) as at 31 March 2012
was as follows:
Total shareholder return
Performance graph
The graph illustrates the performance of the Company against the FTSE 100 over the past five years. The FTSE 100 has been
chosen as it is a recognised broad equity market index of which the Company has been a member throughout the period.
All share plans
Executive share plans
Actual
Actual
Limit
Limit
0.98%
5%
10%
6.31%
Marks & Spencer Group plc
29 March
2008
31 March
2007
28 March
2009
3 April
2010
29 March
2011
2 April
2012
0
20
40
60
80
100
120
140
FTSE 100 Index Source: Thomson Reuters