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Governance Marks and Spencer Group plc Annual report and financial statements 2013 64
Remuneration report continued
The targets for outstanding 2011 and 2012 awards are shown in the table below:
2011 and 2012 Awards
% Vesting1
Cumulative
EPS (p)
ROCE
(%)
Revenue (£)5
UK2Multi-channel3International4
Weighting (% of total award) 50% 20% 10% 10% 10%
2011 Award
‘Threshold’ performance 20% 110p 17.0% £9,200m £700m £1,100m
‘Maximum’ performance 100% 130p 18.5% £9,900m £1,000m £1,400m
2012 Award
‘Threshold’ performance 20% 110p 15.0% £8,900m £800m £1,300m
‘Maximum’ performance 100% 130p 18.5% £9,600m £1,000m £1,700m
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.
5) FY 2014 for 2011 award and FY 2015 for 2012 award.
The above targets to do not take into consideration changes in accounting treatments adopted by the Group after the award date. The impact of these changes will be taken into
consideration when performance is assessed at the end of the three year performance period.
‘Single figure’ of remuneration 2012/13
The Committee notes that BIS intends to introduce the requirement for disclosure of a ‘single figure’ of remuneration received in
the year. There are some technical challenges in arriving at a single value, particularly concerning the timing and value of awards
which may not be aligned with the financial year end. However, it is hoped that the introduction of this figure in this year’s Report
will help shareholders’ understanding and demonstrate the Committee’s commitment to transparent reporting.
The directors’ ‘single figure’ of remuneration for 2012/13
Salary/fees
£000
Benefits
£000
Pension
benefits
£000
Total
fixed pay
£000
Bonus1
£000
PSP
vested2
£000
Total
variable pay
£000
Total
2013
£000
Chairman
Robert Swannell 450 20 – 470 – – – 470
Chief Executive Officer
Marc Bolland 975 45 293 1,313 829 0 829 2,142
Executive directors
John Dixon 581 43 148 772 546 0 546 1,318
Steve Rowe3263 29 69 361 221 0 221 582
Steven Sharp 679 36 170 885 531 0 531 1,416
Alan Stewart 570 33 143 746 492 0 492 1,238
Laura Wade-Gery 544 24 136 704 469 0 469 1,173
Non-executive directors
Vindi Banga 70 – – 70 – – – 70
Miranda Curtis 70 – – 70 – – – 70
Jeremy Darroch 85 – – 85 – – – 85
Martha Lane Fox 70 – – 70 – – – 70
Andy Halford318 – – 18 – – – 18
Steven Holliday 85 – – 85 – – – 85
Jan du Plessis 100 – – 100 – – – 100
Directors retiring from the
Board during the year
Kate Bostock3306 33 76 415 0 0 0 415
1 The annual bonus was based on performance against PBT and individual targets for 2012/13 (see detail on pages 62 and 63). Half of this amount will be deferred into Company
shares for a period of three years.
2 The PSP was awarded in 2010 and was based on EPS performance targets in the three year period to 30 March 2013, in accordance with the table on page 63. As the ‘threshold’
target was not met, this award will lapse in full.
3 The total amounts for Steve Rowe and Kate Bostock reflect the fact that they were executive directors for six months of 2012/13. The total amounts for Andy Halford reflect three
months for 2012/13.