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Governance Marks and Spencer Group plc Annual report and financial statements 2013 68
Part 2: audited information
Directors’ emoluments
Salary/fee1
£000
Cash
allowance2
£000
Benefits3
£000
Dividend
equivalents
£000
Bonus4
£000
Total
2013
£000
Total
2012
£000
Chairman
Robert Swannell 450 – 20 – – 470 451
Chief Executive Officer
Marc Bolland 975 297 40 193 414 1,919 1,682
Executive directors
John Dixon 581 162 26 65 273 1,107 891
Steve Rowe5263 74 21 11 110 479 –
Steven Sharp 679 170 36 75 265 1,225 1,065
Alan Stewart 570 143 33 15 246 1,007 905
Laura Wade-Gery 544 153 7 23 235 962 1,377
Non-executive directors
Vindi Banga 70 – – – – 70 41
Miranda Curtis 70 – – – – 70 12
Jeremy Darroch 85 – – – – 85 85
Martha Lane Fox 70 – – – – 70 70
Andy Halford 18 – – – – 18 –
Steven Holliday 85 – – – – 85 85
Jan du Plessis 100 – – – – 100 73
Directors retiring from the Board
during the year
Kate Bostock5306 97 12 67 – 482 780
Total 4,866 1,096 195 449 1,543 8,149 7,517
1 Executive director salary increases, where applicable, were effective from 1 January 2013 as set out on page 60 and in the Contracts table on page 65. John Dixon and Steve Rowe
received salary increases on appointment to their new roles on 1 October 2012 as described on page 60.
2 The elements included in the Cash allowance column of the table include pension supplement and car allowance, as applicable to each director and are described on page 60.
3 The elements included in the Benefits column of the table include car, driver and life assurance, as applicable to each director and are described on page 60.
4 For executive directors, 50% of the total bonus earned is paid in cash as shown in the table above. The remaining 50% is deferred into shares which will be granted in June 2013. The
total bonus earned by each executive director is shown in the ‘single figure’ of remuneration table on page 64.
5 The amounts for Steve Rowe and Kate Bostock reflect their periods of service as executive directors. For Steve Rowe, his total bonus earned in 2012/13 was £441,000 of which
£220,500 was earned as an executive director. For Kate Bostock, the 2012 total reflects a £164,000 reduction to the total shown in last year’s report as no payment was made under
the 2011/12 Annual Bonus Scheme.
Directors’ pension information
a) Pension benefits
John Dixon and Steve Rowe are deferred members of the Company’s Defined Benefit Pension Scheme. Details of the pension
accrued by them during the year ended 30 March 2013 are shown below:
Age as at
30 March 2013
Accrued pension
entitlement as at
31 March 2012
£000
Accrued
pension
entitlement
as at
30 March 2013
£000
Increase in
accrued
pension during
the period1
£000
Increase in
accrued
pension during
the period net
of inflation1
£000
Transfer value of
accrued pension
as 31 March
2012
£000
Transfer value of
accrued pension
as at 30 March
2013
£000
Increase in
transfer value
during the
period1
£000
Increase in
transfer value
during the
period net of
inflation1
£000
John Dixon 45 130 133 3 – 1,830 2,099 269 –
Steve Rowe 45 138 141 3 – 1,965 2,251 286 –
1 The period is from 31 March 2012 to 30 March 2013.
The accrued pension entitlement is the deferred pension amount that the director would receive at age 60 if he left the Company
on 30 March 2013. 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
2013
£000
2012
£000
Clinton Silver 117 114
The pension entitlement for Clinton Silver is supplemented by an additional unfunded pension paid by the Company.