Marks and Spencer 2015 Annual Report Download - page 70

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68
MARKS AND SPENCER GROUP PLC
DIRECTORS’ REPORT: GOVERNANCE
Unvested
With performance
conditions
Without
performance conditions
Shares owned
outright2
Performance
Share Plan
Deferred Share
Bonus Plan
Restricted
Share Plan
Vested but
unexercised3
Marc Bolland 611,436 1,865,329 196,790 0 0
Patrick Bousquet-Chavanne 2,000 747,499 26,195 174,258 0
John Dixon 328,196 1,118,672 124,704 0 0
Steve Rowe 165,447 833,598 83,210 0 0
Alan Stewart151,622 29,461 0 0 39,789
Laura Wade-Gery 172,955 1,047,603 91,126 0 0
1. Shareholding at 10 July 2014 , the d ate Al an Stew a rt resigned f ro m the Board. Please refer to fo o tn ote 3 on page 71 for f ur ther information on Alan Stewart’s shareholdings.
2. Includes shares held by connected persons.
3. Comprises all unexercised awards under these Plans.
FIGURE 19: DIRECTORS’ SHAREHOLDINGS (audited)
The table below sets out the total number of
shares held at 28 March 2015 or date of
retirement by each executive director
serving on the Board during the year.
There have been no changes in the current
directors’ interests in shares or options
granted by the Company and its subsidiaries
between the end of the financial year and
19 May 2015. No director had an interest in
any of the Company’s subsidiaries at the
statutory end of the year.
SHARESAVE (Save As You Earn) (audited)
As outlined in the remuneration policy on
pages 54 to 55, executive directors may
participate in ShareSave, the Company’s
Save As You Earn scheme, on the same
basis as all other eligible employees.
Marc Bolland, Patrick Bousquet-Chavanne,
John Dixon and Steve Rowe all participate
in existing schemes, saving the maximum
of £250 per month. Fur ther details of
the Scheme are set out in note 13 to the
financial statements on pages 108 to 109.
REMUNERATION REPORT
CONTINUED
FIGURE 18: PERFORMANCE CONDITIONS FOR OUTSTANDING PSP AWARDS (audited)
The details of outstanding PSP awards are
set out in the table on pages 70 and 71.
These awards vest subject to the extent that
the following three-year performance
conditions are met.
% vesting1
Performance target
Annualised EPS
growth (%) ROCE (%)
Revenue (£)5
UK2Multi-channel3International4
% of award 50% of award 20% of award 10% of award 10% of award 10% of award
2013/14 Award
Threshold performance 20% 5.0% 15.0% £8,900m £900m £1,400m
Maximum performance 100% 12.0% 18.5% £9,600m £1,100m £1,800m
2014/15 Award
Threshold performance 20% 5.0% 15.0% £8,900m £1,100m £1,400m
Maximum performance 100% 12.0% 16.5% £9,600m £1,300m £1,800m
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. Measured at the end of the 2015/16 for 2013/14 award and at the end of 2016/17 for 2014/15 award.
EXECUTIVE DIRECTORS’ REMUNERATION CONTINUED