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Governance Marks and Spencer Group plc Annual report and financial statements 2012 67
Overview Strategic review Financial review Governance Financial statements and other information
Directors’ interests in long-term incentive schemes (continued)
Date of
grant
Maximum
options
receivable at
3 April 2011
or date of
appointment
Options
granted
during
the year
Options
exercised
during
the year
Options
lapsed
during
the year3
Maximum
options
receivable at
31 March 2012
Option
price
(p)
Share
price
on date
of award
(p)
Share
price on
date of
exercise
(p) Option period
Alan Stewart
Performance Share Plan 24/11/10 144,432 – – – 144,432 0.0 380.8 – 24/11/13 – 23/11/20
25/07/11 – 387,651 – – 387,651 0.0 354.7 – 25/07/14 – 24/07/21
Deferred Share Bonus Plan 09/06/11 – 39,789 – – 39,789 0.0 378.4 – 09/06/14 – 08/06/21
Restricted Share Plan2 24/11/10 39,390 – – – 39,390 0.0 380.8 – 24/11/11 – 23/11/20
24/11/10 39,391 – – – 39,391 0.0 380.8 – 23/11/12 – 23/11/20
SAYE 24/11/11 – 3,488 – – 3,488 258.0 322.4 – 01/01/15 – 30/06/15
Total 223,213 430,928 – – 654,141
Laura Wade-Gery
Performance Share Plan 25/07/11 – 444,037 – – 444,037 0.0 354.7 – 25/07/14 – 24/07/21
Restricted Share Plan225/07/11 – 119,751 – – 119,751 0.0 354.7 – 25/07/12 – 24/07/21
25/07/11 – 126,225 – – 126,225 0.0 354.7 – 25/07/13 – 24/07/21
25/07/11 – 77,677 – – 77,677 0.0 354.7 – 25/07/14 – 24/07/21
Total – 767,690 – – 767,690
1) The 2008 Performance Share Plan Award did not meet the minimum EPS target of RPI +3% and so all awards lapsed on 9 June 2011. For awards due to vest on 9 June 2012,
vesting will be as follows: awards up to 200% of salary, vesting will be 34.95%; awards between 200% and 400% of salary, vesting will be 28.97%. The explanation of the
performance criteria attached to the Performance Share Plan is set out on page 62 and has been audited.
2) These awards were made in connection with the directors’ appointment to compensate them for incentive awards that were forfeited on cessation from their previous employer.
3) John Dixon was awarded these Restricted Share Plan options before he was appointed executive director.
The market price of the shares at the end of the financial year was 379.0p; the highest and lowest share price during the financial year were 402.2p and 301.8p respectively.
Directors’ pension information
a) Pension benefits
John Dixon is the only executive director who was a member of the Company’s Defined Benefit Pension Scheme during
2011/12. He opted out of the scheme on 1 February 2012. Details of the pension earned by him during the year ending
31 March 2012 are shown below:
Name
Age as at
31 March 2012
Accrued
pension
entitlement at
2 April 2011
£000
Accrued
pension
entitlement at
31 March 2012
£000
Additional
pension
earned during
the period
£000
Additional
pension earned
during the
period above
inflation
£000
Transfer
value of
accrued
pension at
2 April 2011
£000
Transfer
value of
accrued
pension at
31 March 2012
£000
Increase in
transfer value
during the
period
£000
Increase in
transfer value
during the
period above
inflation
£000
John Dixon 44 126 130 4 2 1,417 1,830 413 23
The accrued pension entitlement is the deferred pension amount that the director would receive at age 60 if he left the
Company on 31 March 2012. The Listing Rules require this to be disclosed excluding inflation.
All transfer values have been calculated on the basis of actuarial advice in accordance with the current Transfer Value
Regulations. The transfer values of the accrued entitlement represent the value of the assets that the pension scheme would
transfer to another pension provider on transferring the scheme’s liability in respect of the director’s pension benefits. They do
not represent sums payable to the director and therefore cannot be added meaningfully to annual remuneration. The increase
in transfer value is the increase in the transfer value of the accrued benefits during the year.
b) Payments to former directors
Details of payments made to former directors during the year are:
Unfunded pensions
2012
£000
2011
£000
Clinton Silver 114 111
The pension entitlement for Clinton Silver is supplemented by an additional unfunded pension paid by the Company.
Approved by the Board
Steven Holliday, Chairman of the Remuneration Committee
London
21 May 2012