Directors' remuneration for 2006
| Salary/ fees £000 |
Bonus £000 |
Other payments £000 |
Benefits* £000 |
Cash supplements for pension purposes** £000 |
Total emoluments 2006 £000 |
Total emoluments 2005 as reported in 2005 £000 |
Cash supplements for pension purposes in 2005 £000 |
Total emoluments 2005 including cash supplements for pension purposes £000 |
|
|---|---|---|---|---|---|---|---|---|---|
| Chairman | |||||||||
| Sir David Clementi | 473 | 46 | 113 | 632 | 479 | 83 | 562 | ||
| Executive directors | |||||||||
| Jonathan Bloomer (until 5 May 2005) | 455 | 95 | 550 | ||||||
| Philip Broadley (notes 1 and 2) | 530 | 477 | 60 | 107 | 1,174 | 1,000 | 1,000 | ||
| Clark Manning (notes 3 and 4) | 502 | 1,412 | 29 | 1,943 | 1,751 | 1,751 | |||
| Michael McLintock (notes 5 and 6) | 320 | 1,515 | 59 | 44 | 1,938 | 1,878 | 27 | 1,905 | |
| Mark Norbom (until 14 December 2006; notes 7 to 10) | 491 | 412 | 91 | 196 | 155 | 1,345 | 1,174 | 150 | 1,324 |
| Nick Prettejohn (from 1 January 2006; note 11) | 575 | 368 | 87 | 89 | 1,119 | ||||
| Barry Stowe (from 26 September 2006, notes 12 and 13) | 133 | 95 | 86 | 33 | 347 | ||||
| Mark Tucker (from 6 May 2005; notes 14 to 16) |
840 | 913 | 126 | 210 | 2,089 | 1,130 | 127 | 1,257 | |
| Mark Wood (until 17 October 2005) | 865 | 865 | |||||||
| Total executive directors | 3,391 | 5,192 | 91 | 643 | 638 | 9,955 | 8,253 | 399 | 8,652 |
| Non-executive directors | |||||||||
| Keki Dadiseth (from 1 April 2005; note 17) | 71 | 71 | 37 | 37 | |||||
| Michael Garrett | 56 | 56 | 50 | 50 | |||||
| Bridget Macaskill | 65 | 65 | 50 | 50 | |||||
| Roberto Mendoza | 73 | 73 | 135 | 135 | |||||
| Kathleen O’Donovan | 83 | 83 | 60 | 60 | |||||
| James Ross | 80 | 80 | 60 | 60 | |||||
| Rob Rowley (until 18 May 2006) | 35 | 35 | 90 | 90 | |||||
| Lord Turnbull (from 18 May 2006) | 34 | 34 | |||||||
| Total non-executive directors | 497 | 497 | 482 | 482 | |||||
| Overall total | 4,361 | 5,192 | 91 | 689 | 751 | 11,084 | 9,214 | 482 | 9,696 |
*Benefits include cash allowances for cars.
**Pension supplements that are paid in cash are reported in this table for the first time. The policy on pensions is described in the section on pension arrangements.
The pension arrangements for current executive directors are described in the section on directors' pensions and life assurance.
Notes
1. In 2006, a deferred share award from his 2005 annual bonus valued at £209,090 was made to Philip Broadley. This is included in the 2005 total and further details are shown
in the section on other share awards.
2. It is intended that a deferred share award from his 2006 annual bonus valued at £211,947 will be made to Philip Broadley. This is included in the 2006 bonus figure.
3. Clark Manning's bonus figure excludes a contribution of £5,969 from a profit sharing plan, that has been made into a 401k retirement plan. This is included in the table on pension contributions.
4. It is intended that a deferred share award from his 2006 annual bonus valued at $121,360 will be made to Clark Manning. This is included in the 2006 bonus figure.
5. In 2006, a deferred share award from his 2005 annual bonus valued at £554,732 was made to Michael McLintock. This is included in the 2005 total and further details are shown in the section on other share awards.
6. It is intended that a deferred share award from his 2006 annual bonus valued at £555,000 will be made to Michael McLintock. This is included in the 2006 bonus figure.
7. In 2006, a deferred share award from his 2005 annual bonus valued at £119,790 was made to Mark Norbom. This is included in the 2005 total and further details are shown in the section on other share awards.
8. Mark Norbom's directorship with Prudential plc ended on 14 December 2006 but he remained in employment until 31 January 2007. In connection with the termination of his employment he received a payment of £291,000 and will receive nine successive monthly payments of £55,792. He also continues to receive private medical and life cover, school fees and club memberships until 31 October 2007 and housing benefits until 5 May 2007, unless in each case he finds new employment which provides such benefits.
9. For 2006, Mark Norbom was also paid £90,603 in dividend equivalents from the awards detailed in the section on other share awards. This amount is included in the column headed Other payments.
10. Mark Norbom's benefits include those that reflect his expatriate status, including costs of £153,071 related to housing.
11. It is intended that a deferred share award from his 2006 annual bonus valued at £80,673 will be made to Nick Prettejohn. This is included in the 2006 bonus figure.
12. Barry Stowe joined on 26 September 2006. As part of his appointment terms he was paid US$75,000, included in the 2006 bonus in the table above, as compensation for the loss of his 2006 bonus from his previous employer, The exchange rate used is US$1.8430 = £1.
13. Barry Stowe's benefits include those that reflect his expatriate status, including costs of £43,403 related to housing.
14. In 2006, a deferred share award valued at £243,453 from his 2005 annual bonus was made to Mark Tucker. This is included in the 2005 total and further details are shown in the section on other share awards.
15. It is intended that a deferred share award from his 2006 annual bonus valued at £492,744 will be made to Mark Tucker. This is included in the 2006 bonus figure.
16. Mark Tucker was eligible to be paid a housing allowance of £11,017 per month until 30 April 2006. This is included in the benefits figure.
17. Keki Dadiseth is paid an allowance of £10,478 per annum in respect of his accommodation expenses in London whilst on the Company's business, in lieu of reimbursing hotel costs as is the usual practice for directors who are not resident in the UK.
The Remuneration Committee reviewed each executive director's individual contribution and the continuing strong operating performance of the Group in 2006 against the 2006 business plans and was satisfied the bonus payments made for the year were fully justified.