Unilever 2003 Annual Report Download - page 63

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Remuneration report – detailed information
Detailed Information on Directors’ Remuneration 2003
The following section contains detailed information on the Directors’ annual remuneration, long-term incentives, pension benefits and
share interests in respect of 2003.
Table of aggregate remuneration for Directors
The following table gives the aggregate monetary value received by all Directors from the remuneration programme in 2003. For
convenience, the amounts are shown both in euros and [in brackets] in pounds sterling – based on average exchange rates for the year
of €1 = £0.6912, €1 = $1.126 (2002: €1 = £0.6280, €1 = $0.9398)
2003 2002
’000 ’000
Annual emoluments(1)
Base salary €7 942 €7 975
[£5 489] [£5 008]
Allowances €279 €515
[£193] [£323]
Value of benefits in kind €768 €800
[£531] [£503]
Performance-related payments (annual bonus)(2) €1 781 €8 024
[£1 231] [£5 039]
Sub-total of annual emoluments €10 770 €17 314
[£7 444] [£10 873]
Other income arising from long-term incentives(3)
Gains on exercise of share options €644 €3 037
[£446] [£1 907]
Vesting of matching shares €116 €0
[£80] [£0]
Total of annual emoluments and other income arising from long-term incentives €11 530 €20 351
[£7 970] [£12 780]
(1) Annual emoluments includes base salary, allowances and the value of benefits in kind received in 2003. It also includes the annual bonus
(both the cash element and the bonus paid in shares) payable in March 2004 relating to the performance year 2003.
(2) The value of matching shares, totalling €1 605 thousand, awarded in respect of the performance period 2002 is included in the figures
of ‘performance-related payments (annual bonus)’ shown for 2002 above. For 2003, the value of these matching shares, totalling
€445 thousand, is not included in the 2003 figures shown above, but will be reported when they vest in 2007.
(3) Includes the gains realised in 2003 following the exercise of share options granted in earlier years. It also includes the value of the matching
shares vested in 2003 which were originally awarded in 1998.
60 Unilever Annual Report & Accounts and Form 20-F 2003