Tesco 2001 Annual Report Download - page 15

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TESCO PLC 13
Pensions
Executive Directors are members of the Tesco PLC Pension Scheme
which provides a pension of up to two-thirds of base salary on
retirement, normally at the age of 60, dependent upon service. The
scheme also provides for dependants’ pensions and lump sums on
death in service. The scheme is a defined benefit pension scheme,
which is approved by the Inland Revenue.
Service agreements
Executive Directors have service contracts with entitlement to notice of
24 months.This notice period is renewed annually by the Remuneration
Committee and is regarded as an essential part of the remuneration
package, designed to retain key executives within the company.
Non-executive Directors
Non-executive Directors do not have contracts but each appointment
is subject to review every three years. Non-executive Directors receive
a basic fee plus an additional sum in respect of committee membership.
Mr J A Gardiner has the benefit of the use of a company car.
TABLE 1 Directors’ emoluments
Incentive scheme
Profit- Total Total
Salary sharing Benefits Short-term Long-term 2001 2000
£000 £000 £000 £000 £000 £000 £000
Mr J A Gardiner 300 – 14 – – 314 305
Mr T P Leahy 771 8 43 252 534 1,608 1,173
Mr D E Reid 613 8 65 195 461 1,342 1,053
Mr R S Ager 398 8 12 126 318 862 698
Mr C L Allen 42––––4235
Mr P A Clarke 339 8 26 117 163 653 434
Dr H Einsmann 30––––3024
Mr J Gildersleeve 532 8 67 167 415 1,189 964
Mr A T Higginson 422 8 49 135 195 809 644
Mrs L James (a) ––––––307
Mr T J R Mason 422 8 25 135 284 874 680
Mr J W Melbourn 42––––4238
Mrs V Morali (b) 14––––14–
Baroness O’Cathain (c) 11–2––1340
Mr G F Pimlott 55––––5538
Mr D T Potts 349 8 14 117 163 651 505
Mr J M Wemms (c) 138 8 19 – 153 318 801
4,478 72 336 1,244 2,686 8,816 7,739
a Former Director.
b Mrs V Morali was appointed to the Board on 18 September 2000.
c Baroness O’Cathain and Mr J M Wemms retired from the Board on 15 June 2000.