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OUR PERFORMANCEFINANCIAL STATEMENTS GOVERNANCE OUR BUSINESS
73
ANNUAL REPORT AND FINANCIAL STATEMENTS 2015
As detailed on page 57 of the remuneration
policy, all executive directors have rolling
contracts which may be terminated by the
Company giving 12 months’ notice or the
director giving six months’ notice.
Date of appointment Notice period/unexpired term
Marc Bolland 01/05/2010 12 months/6 months
Patrick Bousquet-Chavanne 10/07/2013 12 months/6 months
John Dixon 09/09/2009 12 months/6 months
Steve Rowe 01/10/2012 12 months/6 months
Laura Wade-Gery 04/07/2011 12 months/6 months
FIGURE 27: SERVICE AGREEMENTS
EXECUTIVE CHANGES TO THE BOARD DURING 2014/15
Directors appointed to the Board
There were no directors joining the Board
during the year.
Directors retiring from the Board
Alan Stewart Chief Finance O cer,
resigned from the Board on 10 July 2014 and
left the Company after a period of garden
leave on 22 September 2014. Inline with his
contractual arrangements, Alanreceived
no further payments. Any awards which
had not vested prior to the date he left the
business lapsed at this time.
Payments to past directors (audited)
As reported last year, Steven Sharp retired
from the Board on 9 July 2013 and had two
outstanding awards under the Performance
Share Plan. In accordance with the rules of
the Performance Share Plan, 7.6% of his 2011
award (35,085 shares) vested in May 2014.
Steven has one outstanding award. After
the completion of the performance period,
it has been determined that 4.7% of the
original 2012 award (24,396 shares) will vest
in May 2015.
Payments for the loss of o ce (audited)
There were no payments for loss of office
made to directors during the year.
Changes to the Board in 2015/16
Helen Weir joined the Board on 1 April 2015
as Chief Finance O cer. Her remuneration
is in line with the approved recruitment
policy detailed on page 57 and approved
in July 2014. On appointment, Helen’s basic
annual salary is £590,000. Helen will receive
benefi ts in line with those provided to the
other executive directors. In the fi rst year,
she will receive a payment totalling £188,500
to compensate for the annual di erential
in contractual pension that she will forfeit
to join M&S. This payment will be made
in 12 equal instalments, payable monthly.
No share awards have been granted to
Helen in relation to her appointment
although she is eligible for a PSP grant in
July 2015 in accordance with the annual
remuneration policy.
The Company recognises that executive
directors may be invited to become non-
executive directors of other companies and
that these appointments can broaden their
knowledge and experience to the benefit of
the Company. The policy is for the individual
director to retain any fee.
The table opposite sets out the details
for these fees earned up to 28 March 2015.
For Marc Bolland, fees for Manpower Inc.
rel ate to the period to 11 February 2015, the
date at which he retired from Manpower Inc.
Board. Marc Bolland joined the Board of The
Coca-Cola Company on 18 February 2015.
Fees are paid quarterly in cash and shares
and so the fees shown in the table represent
those earned in respect of the period
18 February 2015 to 28 March 2015. These
were paid on 1April 2015.
FIGURE 28: EXTERNAL APPOINTMENTS
EXECUTIVE DIRECTORS’ REMUNERATION CONTINUED
Director Company
Fee4
£000
Marc Bolland Manpower Inc.1109
The Coca-Cola Company242
Patrick Bousquet-Chavanne Brown-Forman3171
1. Fees u p until 11 Feb r uar y 2015 when Marc B o lland reti red from th e Man p ower Inc. Board. Fees were p aid in c ash and s tock
units in US dollars.
2. Marc Bolland joined the Board of The Coca-Cola Company on 18 February 2015. Fees are paid in cash and stock units in
US dollars and are for the period from his appointment to 28 March 2015.
3. Patrick Bousquet-Chavanne’s fees are paid in cash and stock units in US dollars.
4. For the purposes of this table, cash payments have been converted to UK sterling using the rolling average £:$ exchange
rates for the respective periods. Stock units have been converted to UK sterling using the appropriate £:$ spot rate at the
end of the relevant period.