Audited information

Directors’ emoluments and pension entitlements

The emoluments of the Directors were as follows:

Name Directors’
salaries/fees
£000		 Benefits
in kind
£000		 Pension
supplement
£000		 Annual
bonus
£000		 Total year to
1 Feb 2009
£000		 Total year to
3 Feb 2008
£000
Non-Executive Chairman            
I Gibson 279 – – – 279 52
Chairman            
K Morrison1 78 6 – – 84 736
Executive Directors            
M Bolland 804 47 241 608 1,700 1,689
M Gunter 541 37 42 434 1,054 1,093
M Jones 425 31 31 332 819 980
R Owen 525 35 – 389 949 1,009
R Pennycook 519 35 40 417 1,011 1,145
Non-Executive Directors            
B Flanagan 56 – – – 56 45
P Manduca 84 – – – 84 65
S Murray 66 – – – 66 55
N Robertson 56 – – – 56 45
Former Directors            
D Hutchinson2 – – – – – 268
Total 3,433 191 354 2,180 6,158 7,182

Resigned from the Board with effect from:

  1. 13 March 2008.
  2. 30 June 2007.

In addition to the emoluments detailed above, a charge of £3.9m has been made to the income statement in respect of Directors’ share-based payments.

Benefits in kind comprise transport costs, health insurance, telephone expenses and the use of a Company leased apartment for Marc Bolland. The Directors also receive a staff discount entitlement which is not taxable.

None of the Directors has a material interest in any contract significant to the Group’s business.

The Executive Directors each received 77% of the potential annual bonus payable in respect of profit before tax (excluding exceptionals). The range of percentages of potential bonus payable in respect of personal objectives was between 82% and 93%.

For the period 2008/09 Marc Bolland received cash fees from Manpower Inc. to a Sterling equivalent of £13,607, and deferred and restricted stock worth a Sterling equivalent of £85,447 for his role as Non-Executive Director at Manpower Inc.

For the period 2008/09 Richard Pennycook received cash fees from Persimmon Plc of £42,215.

Following cessation of employment on 29 September 2006, Robert Stott agreed to work on a consultancy basis for the Group from 1 November 2006 for a minimum of 156 days over the following 12 month period. During that period, he was responsible for co-ordinating the Group’s response to the Competition Commission enquiry into the Grocery sector. Following completion of the initial consultancy period, Robert Stott’s engagement was extended, for 10 days per month, until the Competition Commission’s final report was issued. Robert Stott’s engagement ended on 14 May 2008. Consultancy fees paid to Robert Stott amounted to £137,568 (including VAT) for the period from 3 February 2008 to 14 May 2008.

The following Directors had accrued entitlements under defined benefit schemes as follows:

Name Accrued
pension at
3 Feb 2008
£000		 Increase in
accrued
pension
(excluding
inflation)
for year
ended
1 Feb 2009
£000		 Transfer
value of
the increase
in accrued
pension
during
the year
£000		 Accrued
pension at
1 Feb 2009
£000		 Transfer
value of
accrued
pension at
3 Feb 2008
£000		 Transfer
value of
accrued
pension at
1 Feb 2009
£000		 Movement
in transfer
value
during
the year
£000
Executive Directors              
M Gunter 47 3 31 52 491 514 23
M Jones 30 3 34 35 319 339 20
R Owen1 321 N/A N/A 295 5,278 5,257 N/A
R Pennycook 8 3 24 12 70 84 14
Total 406 9 89 394 6,158 6,194 57
  1. Roger Owen retired on 1 February 2009 and the pension shown is the early retirement pension. It is not therefore directly comparable to the prior year figures.

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