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Report of the Remuneration Committee continued
64 Unilever Annual Report and Accounts 2008
Report of the Directors
Remuneration information for 2008
The following section contains detailed information and commentary on the Executive Directors’ annual remuneration, long-term
incentives, pension benefits and share interests in respect of 2008.
Aggregate remuneration for Executive Directors
The following table gives details of the aggregate remuneration (including value of the vesting of matching shares, vesting of other
long-term incentives and exercise of options) for the Executive Directors as a group.
2008 2007
€ ‘000 € ‘000
Annual emoluments
Base salary 2 682 3 491
Allowances and other payments 1 154 221
Benefits 62 82
Performance related payments (annual incentive) 4 156 4 865
Sub-total of annual emoluments 8 054 8 659
Other income arising from vesting/exercise of long-term incentives(a)
Gains on exercise of share options 140 50
Vesting of matching shares 86 230
Vesting of awards under other Long-Term Incentive Plans 2 704 –
Total of annual emoluments and other income arising from long-term incentives 10 984 8 939
(a) Includes the value of shares that vested under Long-term Incentive Plans and had been granted in earlier years and the gain realised in 2008
of share options granted in earlier years.
Comments on base salary 2008
For 2008, base salary levels were benchmarked against those paid in other major global companies based in Europe, excluding
companies in the financial sector. The increases for 2008 reflect changes in market levels as well as individual and Group performance.
Comments on base salary 2009
Due to the unprecedented economic turmoil and the impact of the economic downturn the salaries for 2009 will be frozen at the
2008 level.
Comments on annual incentive 2008
The annual incentive awards for 2008 were subject to achievement of underlying sales growth and trading contribution targets in
combination with individual strategic business targets. The Committee measured the results against the targets set and determined the
annual incentive amounts for 2008. The award levels reflect Unilever’s strong underlying sales growth and improved margin
performance as well as delivery on individual business targets.