The following section provides details of the remuneration, pension and share plan interests of the Directors for the 52 weeks ended 21 March 2009 and has been audited.
i) Directors’ remuneration
The remuneration of the Directors for the year was as follows:
| Note |
Salary/fees £000 |
Bonus3 £000 |
Pension supplement4 £000 |
Benefits5 £000 |
Total6 2009 £000 |
Total6 2008 £000 |
|
|---|---|---|---|---|---|---|---|
| Justin King | 1, 7 | 872 | 869 | 262 | 45 | 2,048 | 2,176 |
| Mike Coupe | 2 | 487 | 311 | 122 | 17 | 937 | 694 |
| Darren Shapland | 513 | 321 | 117 | 16 | 967 | 1,042 | |
| Philip Hampton | 395 | - | - | 1 | 396 | 396 | |
| Anna Ford | 60 | - | - | - | 60 | 60 | |
| Val Gooding | 50 | - | - | - | 50 | 50 | |
| Mary Harris | 2 | 50 | - | - | - | 50 | 33 |
| Gary Hughes | 60 | - | - | - | 60 | 60 | |
| John McAdam | 60 | - | - | - | 60 | 60 | |
| Bob Stack | 60 | - | - | - | 60 | 60 | |
|
Payments made to Directors who left the Board before the start of the financial year |
- | – | |||||
| Total 2009 | 2,607 | 1,501 | 501 | 79 | 4,688 | ||
| Total 2008 | 2,379 | 1,773 | 423 | 56 | 4.631 |
- Highest paid Director.
- Appointed to the Board on 1 August 2007. Total remuneration in 2008 pro-rated accordingly.
- Includes performance bonuses earned in the period under review but paid following the end of the financial year.
- Justin King is not a member of the Company pension schemes and received 30 per cent of his basic salary as a cash pension supplement. In addition to this supplement, £3,000 (2008: £4,000) of interest has been earned on a notional fund during the year from his previous membership of the Executive Stakeholder Pension Plan. Mike Coupe is not a member of the Company pension schemes and received 25 per cent of his basic salary as a cash pension supplement. Darren Shapland was a member of the Executive Stakeholder Pension Plan until 10 August 2008. Contributions to the Stakeholder Plan by the Company in 2008/09 in respect of his membership were £5,650 (2008: £14,100). He received a cash pension supplement equal to 25 per cent of the amount by which his salary exceeded the Company’s earnings cap (2008: £117,600) until that date, and a supplement of 25 per cent of his basic salary thereafter.
- Benefits include company car benefits and private medical cover.
- The totals for 2008 and 2009 (in the case of Darren Shapland) do not include deductions made from basic salary for Saving Money and Reducing Tax (“SMART”) pensions.
- The Company allows Executive Directors to take up one public company non-executive role outside the Company subject to a consideration of the role and the time commitment. Directors are entitled to retain the fees earned from such an appointment. Justin King was appointed a Non-Executive Director of Staples, Inc. on 17 September 2007. He received US$75,000 for his services during 2008/09. He received no stock options. In 2008 he received US$43,750 from Staples, Inc. He also received 6,414 restricted stock units which vest between March 2009 and December 2010. In addition he received 48,199 Stock Options, 16,699 of which vest in March 2009 with the remainder vesting 25 per cent per annum.