Annual report and accounts 2023 - Flipbook - Page 95
Corporate Governance
Strategic Report
Accounts
The figures in the single figure table on the previous page are derived from the following:
(a) Salary and fees
The amount of salary/fees received in the year. A salary sacrifice arrangement is operated by the Company. Employees who join this arrangement no
longer pay contributions to the pension scheme but receive a lower taxable salary. Directors’ salaries are shown gross of any salary sacrifice pension
contributions.
(b) Benefits
The value of benefits received in the year. These include car allowance, fuel benefit, private medical insurance, healthcare cash plan, flex-cash, the
value of SAYE options vesting in the year, and AESOP free and matching shares awarded in the year.
SAYE: option shares are valued at the market price of the option shares at the date of vesting less the option exercise price.
AESOP: free and matching shares are valued at market value at the date of award.
Details of the executive directors’ interests in the SAYE are set out on page 106.
(c) Bonus
A description of the annual bonus in respect of the year and Group and personal performance against which the bonus pay-out was determined is
provided on pages 94 and 95.
(d) Long term incentives The value of LTIP awards that vest in respect of the year.
Details of the executive directors’ interests in the LTIP are set out on page 106.
(e) Pension
The pension figure includes:
•
•
pension cash alternatives equal to the executive directors’ contractual pension provision; and
for individuals in the 2008 Scheme’s defined benefit section, the additional value accrued in the year calculated using the HMRC method (using
a multiplier of 20).
Further details of pension benefits are set out on pages 98 and 99.
Individual elements of remuneration
Base salary and fees
Base salaries for individual executive directors for the year ended 29 January 2023 and for the following year are set out in the table below:
Executive director
R.A. White
Base salary for year ended
29 January 2023
£000
Base salary for year
ending 28 January 2024
£000
Increase %
493
513
4.35%
S. Lorimer
339
353
4.35%
J.D. Kemp
258
269
4.35%
93
