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Remuneration report

Table F: Directors’ remuneration


Table F

Directors’ remuneration

2007 2006
Base salary £’000 Fees £’000 Bonus £’000 Benefits £’000 Other pay £’000 Total £’000 Base salary £’000 Fees £’000 Bonus £’000 Benefits £’000 Other pay £’000 Total £’000
Chairman
R L Olver – 562 – 19 – 581 – 500 – 6 – 506
Executive directors
C V Geoghegan 2 490 – 411 33 147 1,081 468 – 444 31 105 1,048
W P Havenstein 3 390 – 584 61 – 1,035 n/a n/a n/a n/a n/a n/a
I G King 3 545 – 532 22 – 1,099 n/a n/a n/a n/a n/a n/a
M Lester 1 n/a n/a n/a n/a n/a n/a 568 – 556 27 – 1,151
S L Mogford 2 176 – 243 13 – 432 468 – 463 25 – 956
M H Ronald 1 n/a n/a n/a n/a n/a n/a 542 – 773 31 643 1,989
G W Rose 560 – 532 32 – 1,124 530 – 519 27 – 1,076
M J Turner 945 – 1,375 35 284 2,639 870 – 1,305 31 196 2,402
Non-executive directors
Prof S Birley 2 – 26 – – – 26 – 73 – – – 73
P J Carroll – 78 – – – 78 – 70 – – – 70
Dr U Cartellieri 2 – 47 – – – 47 – 58 – – – 58
M J Hartnall – 86 – – – 86 – 78 – – – 78
A G Inglis 3 – 40 – – – 40 n/a n/a n/a n/a n/a n/a
Sir Peter Mason – 81 – – – 81 – 73 – – – 73
Rt Hon M Portillo 1 n/a n/a n/a n/a n/a n/a – 17 – – – 17
R Quarta – 66 – – – 66 – 58 – – – 58
Sir Nigel Rudd – 75 – – – 75 – 15 – – – 15
P A Weinberg – 93 – – – 93 – 77 – – – 77
3,106 1,154 3,677 215 431 8,583 3,446 1,019 4,060 178 944 9,647

1 retired during or at the end of 2006
2 retired during or at the end of 2007
3 appointed in 2007

All emoluments and compensation paid to the directors during the year are shown above. Where the individual was appointed during the year the amount shown is for the period from appointment.

The other pay received by Chris Geoghegan and Mike Turner was in respect of a cash supplement payable from opting out of future accrual under the Company pension schemes.

The benefits received by the UK-based executive directors include, where applicable, the provision of a car and the taxable benefit of any private use of a chauffeur, attendance at corporate events and support in relation to relocation/second residence. The benefits received by Walt Havenstein, the US-based executive director, include a cash allowance for a car, medical examination, dental benefits and insured life benefits. The benefit received by the Chairman, Dick Olver, was the taxable benefit relating to the private use of a chauffeur.

In 2007, Chris Geoghegan and Steve Mogford were each entitled to a sum of £490,000, being 12 months’ salary in lieu of notice, to which they waived their rights in return for augmented pension benefits as disclosed on the Executive directors who retired in 2007 page and in Table G.

The fees payable to the non-executive directors during 2007 are detailed on Non-Executive Directors' appointment, term and fees page. In addition, a transatlantic meeting allowance of £4,000 per meeting was paid to the US-based non-executive directors, Phil Carroll and Peter Weinberg, who attended five meetings in the UK. With the exception of Ulrich Cartellieri and Sue Birley, the remaining non-executive directors, being UK-based, received the same allowance to attend two meetings in the US. Ulrich Cartellieri received £4,000 to attend one meeting in the US prior to his retirement from the Board and Sue Birley did not attend any meetings in the US during 2007.

Sir Charles Masefield retired as a director on 28 February 2003 and was employed by the Company on a part-time basis in an overseas representational role until 31 December 2007. In 2007 his remuneration was £331,600 (2006 £316,600) and comprised a salary and a cash allowance for a car. Sir Richard Evans retired as a director and Chairman on 30 June 2004. He remained employed in a part-time customer relationship role and will cease to be an employee on 29 February 2008. The Company will invite him to become a member of its Home Market Advisory Board for Saudi Arabia. In 2007 his remuneration was £332,400 (2006 £317,350) and comprised a salary and a cash allowance for a car.

There were no other payments to former directors during the year other than the payment to Richard Lapthorne referred to in the notes to Table G.

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