Unilever 2011 Annual Report Download - page 59

Download and view the complete annual report

Please find page 59 of the 2011 Unilever annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 133

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133

56
DIRECTORS’ REMUNERATION REPORT continued
Executive Directors’ remuneration in 2011
Remuneration for individual Executive Directors (audited)
Annual Emoluments 2011
Name and base country
Base
salary
€ ‘000
Allowances
and other
payments
€ ‘000
Value of
benefits
€ ‘000
Bonus
€ ‘000
Sub Total
€ ‘000
Pension
€ ‘000
Share
awards
€ ‘000
Total
€ ‘000
Paul Polman (UK)(a) 1,058 149(b) 31(c) 1,429(d) 2,667 363 3,631(g) 6,661
Jean-Marc Huët (UK)(e) 782 285(f) 24(c) 704(d) 1,795 143 2,009(g) 3,947
Total 2011 1,840 434 55 2,133 4,462 506 5,640 10,608
Total 2010 (including former Directors) 1,600 1,022 7 2,349 4,978 464 4,306 9,748
(a) Chief Executive Officer. Base salary set in sterling was £920,000 per annum.
(b) Includes allowance in lieu of company car, entertaining allowance of £1,000 and payment to protect against the difference between the employee social
security obligations in his country of residence versus the UK. He also received a further payment of €91,236 in 2011 in relation to his social security
obligations for 2009 and 2010 following a reconciliation for those years.
(c) Includes benefits for medical insurance, tax return preparation and private use of chauffeur-driven car.
(d) Bonus for the full year 2011. Includes the value of both the cash element and the element paid in shares of NV and PLC under the MCIP. It does not include
matching shares awarded on a conditional basis in addition to the element of bonus paid in shares.
(e) Chief Financial Officer. Base salary set in sterling was £680,000 per annum.
(f) Includes allowance in lieu of company car, entertaining allowance of £1,000, annual housing allowance and annual education allowance of £16,000 net per
child of school age.
(g) Costs are non-cash and relate to the expenses following IFRS2. Based on share prices on grant dates and 98% adjustment factor for GSIP shares awarded in
2011 and 2010, and 89% adjustment factor for GSIP shares awarded in 2009 and 2008 to take account of the external performance condition TSR for GSIP.
In addition, Unilever provides support to Executive Directors in relation to spouses’ travel expenses when travelling together on
company business. This amount is capped at 5% of base salary and the maximum limit for 2011 was €92,039.
Amounts have been translated into euros using the average exchange rate over the year: €1 = £0.8692 (2010: €1 = £0.858) and €1 = US
$1.3955 (2010: €1 = US $1.326).
Pensions (audited)
Paul Polman is a member of a defined contribution pension arrangement. The total pension cost including death in service benefits and
administration costs and the company’s conditional supplemental pension provision was €363,000. This total pension cost breaks down
as follows:
– company contribution towards defined contribution pension plan: €160,000;
– additional company contribution (made in return for his individual salary sacrifice) towards defined contribution pension plan:
€32,000*;
– costs of provision for death in service benefits and administration: €43,000;
– company’s supplemental pension provision, which is conditional on the CEO remaining in employment with Unilever to age 60 and
subsequently retiring from active service or his death or total disability prior to retirement: €128,000.
Jean-Marc Huët participated in a defined contribution pension arrangement from January to March 2011, but with effect from April 2011
he elected to cease pension provision and receive an equivalent payment in cash in lieu of pension. The total pension cost for Jean-Marc
Huët was €143,000. This total pension cost breaks down as follows:
From January 2011 to March 2011 the total cost was €44,000 of which:
– company contribution towards defined contribution pension plan: €30,000;
– additional company contribution (made in return for his individual salary sacrifice) towards defined contribution pension plan:
€6,000*;
– death in service benefits and administration: €8,000;
From April 2011 to December 2011, the total cost was €99,000 of which:
– cash payment of €89,000;
– death in service benefits: €10,000.
*This amount is paid from within (not in addition to) the salary reported in preceding sections of this Directors’ Remuneration Report.
Unilever Annual Report and Accounts 2011
Report of the Directors Governance