Create reportclose
Print sectionclose

Open the PDF file and print from your browser.

Downloadsclose

To save select 'Save file' when prompted.

Comparison of Key Figuresclose
 
Site feedbackclose

Table 51. What are the Executive Directors’ salaries?

  Current From 1 July 2009
F W Salway £645,000 £645,000
M F Greenslade £414,000 £414,000
M R Hussey £434,700 £434,700
R J Akers £372,600 £372,600
Back to top
 
 
 

Table 52. What were the criteria for the Directors’ 2008/09 bonuses?

F W Salway
–Total returns in excess of WACC
Group profit Performance of all business units Disposal programme
M F Greenslade
–Total returns in excess of WACC
Group profit Performance of Group support functions Trillium disposal
M R Hussey
–Total returns in excess of WACC
Group profit Investment performance Business unit revenue profit
R J Akers
–Total returns in excess of WACC
Group profit Investment performance Business unit revenue profit
Back to top
 
 
 

Table 53. What were the targets for the Directors’ additional bonus opportunities?

Executive Directors Performance measures and range Additional bonus
Managing Director
of the Retail Portfolio
2%–4% outperformance of the relevant Retail business total property return (TPR) Benchmark1 0%–200%
Managing Director
of the London Portfolio
2%–4% outperformance of the relevant London business total property return (TPR) Benchmark1. Delivery of major office lettings at Ebbsfleet Valley, Kent2 0%–200%
Finance Director Effective delivery of demerger or, if higher, aggregated performance of London and Retail Businesses relative to the above measures 0%–200%
Chief Executive 50% on effective delivery of demerger and 50% on aggregated performance of London and Retail Businesses relative to the above measures or, if higher, wholly on the latter measure 0%–200%
  1. The relevant sector benchmarks are provided by IPD and relate to ungeared total property return (reflecting the increase in the value of all assets plus income streams arising from those assets in the year). IPD benchmarks are generally acknowledged as the industry standard.
  2. Applies only to major office lettings in excess of 4,600m2 at Ebbsfleet Valley, Kent, subject to profitability criteria.
Back to top
 
 
 

Table 54. What annual bonus was each Director awarded?

Executive Directors % of year end salary
  Total bonus
earned 2008/09
Total bonus
earned 2007/08
Chief Executive 0 212
Group Finance Director 0 210
Managing Director of the Retail Portfolio 0 275
Managing Director of the London Portfolio 0 285
Back to top
 
 
 

Table 55. What emoluments did Directors receive? (£’000) (audited)

Basic salary and fees Benefits1 Bonuses Deferred
bonus shares2
Total emoluments
excluding pensions
2008/09 2008/09 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08
Executive:
F W Salway 640 22 791 535 662 1,967
I D Ellis3
(resigned 12 January 2009)
334 14 130 451 87 478 969
M R Hussey 431 19 686 509 450 1,627
R J Akers 369 19 563 428 388 1,365
M F Greenslade 411 18 501 340 429 1,243
2,185 92 130 2,992 1,899 2,407 7,171
Non-Executive:
D Rough 77 77 77
W F W Bischoff
(retired 1 April 2008)
65
S A R Rose 55 55 55
B A Lerenius 55 55 55
A J Carnwath7
(appointed Chairman on 12 November 2008)
155 155 55
P Myners8
(resigned 3 October 2008)
128 51 179 360
C Bland 133 133
R Haythornthwaite
(resigned 5 February 2009)
47 47
K O’Byrne 59 59
2,894 143 130 2,992 1,899 3,167 7,838

Notes:

  1. Benefits consist of the provision of a company car or car allowance, private medical insurance and life assurance premiums.
  2. Deferred bonus shares represent the value ascribed to shares awarded under the Deferred Bonus Plan.
  3. Ian Ellis received fees of £29,810 from Rok plc in respect of his Non-executive Directorship of that company.
  4. Pensions of £67,902 (2008: £61,902) resulting from unfunded historic benefit obligations were paid to former Directors or their dependants.
  5. The Performance Share award for 2007/08 represented the value of shares that vested as a result of performance targets satisfied during the year to 31 March 2008.
  6. For awards made under the Performance Share Matching Plan, vesting of awards is equally dependent on the growth in EPS (defined to be normalised adjusted diluted EPS (NADEPS)) and TPR measured over a three year period. 25% of the total award vests for NADEPS growth of 2.5% p.a. rising on a straight-line basis to 50% of the total award vesting for achieving NADEPS of 4% p.a. The remaining half of an award vests, dependent on the Company’s TPR equalling, or exceeding, the IPD All Fund Universe Index over a rolling three year period.
  7. Alison Carnwath will receive a salary of £300,000 per annum for her role as Chairman of the Company.
  8. From 1 April 2007, the Company agreed to assume, from Marks and Spencer Group plc, the cost of supplying a driver (including all employment costs) and fleet vehicle for Paul Myners. For 2008/09, the cost of this arrangement to the Company was £51,187.
Back to top
 
 
 

Table 56. What emoluments did Directors receive? (£’000) (audited)

  Pensions Performance
shares vested4
LTIP and matching
shares vested5
Gain on exercise
of share options
  2008/09 2007/08 2008/09 2007/08 2008/09 2007/08 2008/09 2007/08
Executive:
F W Salway 160 155 315 270 601
I D Ellis3
(resigned 12 January 2009)
83 103 260 367 366
M R Hussey 108 103 217 169 355
R J Akers 98 97 122 122 298
M F Greenslade 103 96 160 652
  552 554 914 1,088 2,272
Non-Executive:
D Rough
W F W Bischoff
(retired 1 April 2008)
S A R Rose
B A Lerenius
A J Carnwath
(appointed Chairman on 12 November 2008)
P Myners6
(resigned 3 October 2008)
C Bland
R Haythornthwaite
(resigned 5 February 2009)
 
K O’Byrne
Total 552 554 914 1,088 2,272

Notes:

  1. Benefits consist of the provision of a company car or car allowance, private medical insurance and life assurance premiums.
  2. Deferred bonus shares represent the value ascribed to shares awarded under the Deferred Bonus Plan.
  3. Ian Ellis received fees of £29,810 from Rok plc in respect of his Non-executive Directorship of that company.
  4. The Performance Share award for 2007/08 represented the value of shares that vested as a result of performance targets satisfied during the year to 31 March 2008.
  5. For awards made under the Performance Share Matching Plan, vesting of awards is equally dependent on the growth in EPS (defined to be normalised adjusted diluted EPS (NADEPS)) and TPR measured over a three year period. 25% of the total award vests for NADEPS growth of 2.5% p.a. rising on a straight-line basis to 50% of the total award vesting for achieving NADEPS of 4% p.a. The remaining half of an award vests, dependent on the Company’s TPR equalling, or exceeding, the IPD All Fund Universe Index over a rolling three year period.
  6. From 1 April 2007, the Company agreed to assume, from Marks and Spencer Group plc, the cost of supplying a driver (including all employment costs) and fleet vehicle for Paul Myners. For 2008/09, the cost of this arrangement to the Company was £51,187.

Pensions of £67,902 (2008: £61,902) resulting from unfunded historic benefit obligations were paid to former Directors or their dependants.

Back to top
 
 
 

Table 57. What LTIP and Matching Shares were awarded and vested this year?* (audited)

Cycle
ending
Award
date
Market
price at
award
date (p)†
Shares
awarded
Shares
vested
Market
price at
date of
vesting (p)
Vesting
date
F W Salway
–LTIP shares 2008 29/07/05 1393 40,464 40,464 1177 29/07/08
2009 29/06/06 1592† 33,063† 29/06/09
2010 29/06/07 1560† 40,070† 29/06/10
2012 30/03/09 1095† 58,914† 30/03/12
–Matching shares 2009 31/07/06 1778† 33,628† 31/07/09
2010 31/07/07 1527† 34,358† 31/07/10
2012 30/03/09 1095† 23,434† 30/03/12
M R Hussey
–LTIP shares 2008 29/07/05 1393 23,927 23,927 1177 29/07/08
2009 29/06/06 1592† 21,722† 29/06/09
2010 29/06/07 1560† 26,926† 29/06/10
2012 30/03/09 1095† 39,705† 30/03/12
–Matching shares 2009 31/07/06 1778† 20,136† 31/07/09
2010 31/07/07 1527† 27,146† 31/07/10
2012 30/03/09 1095† 16,208† 30/03/12
R J Akers
–LTIP shares 2008 29/07/05 1393 20,056 20,056 1177 29/07/08
2009 29/06/06 1592† 13,656† 29/06/09
2010 29/06/07 1560† 23,079† 29/06/10
2012 30/03/09 1095† 25,525† 30/03/12
–Matching shares 2009 31/07/06 1778† 16,550† 31/07/09
2010 31/07/07 1527† 21,090† 31/07/10
2012 30/03/09 1095† 12,330† 30/03/12
M F Greenslade
–LTIP shares 2008 28/09/05 1471 22,679 22,679 1285 28/09/08
2009 29/06/06 1592† 20,764† 29/06/09
2010 29/06/07 1560† 25,644† 29/06/10
2012 30/03/09 1095† 37,815† 30/03/12
–Matching shares 2008 30/09/05 1479 16,666 16,666 1250 30/09/08
2008 01/06/06 1621† 5,057† 01/06/09
2009 31/07/06 1778† 18,692† 31/07/09
2010 31/07/07 1527† 23,000† 31/07/10
2012 30/03/09 1095† 14,654† 31/03/12

*Subject to performance tests (see our renumeration policy and philosophy).
†As adjusted for the Rights Issue in March 2009.

Back to top
 
 
 

Table 58. What interests in shares do Directors have?

  Ordinary shares Deferred shares LTIP performance shares** Matching shares**
  2009 2008 2009 2008 2009 2008 2009 2008
F W Salway 208,568 85,310 66,228 26,016 132,047 106,363 91,420 61,262
M R Hussey 101,487 34,957 70,703 28,780 88,353 67,764 63,460 42,606
D Rough 18,524 11,400
S A R Rose 16,250 10,000
B A Lerenius 29,250 18,000
A J Carnwath 116,926 68,620
R J Akers 68,715 23,058 46,901 10,989 62,260 53,159 49,970 33,918
M F Greenslade 60,542 14,045 38,680 6,546 84,223 64,497 61,403 58,793
C Bland 16,250
K O’Byrne 1,625

**Subject to performance conditions (see our renumeration policy and philosophy).

Back to top
 
 
 

Table 59. Defined benefit pension scheme (audited)

 


Accrued
benefit at
31/03/09
£

Increase in
accrued
benefits
excluding
inflation
£

Increase in
accrued
benefits
including
inflation
£
Transfer value
of increase
in accrued
benefits
excluding
inflation
£


Transfer value
of accrued
benefits at
01/04/08
£


Transfer value
of accrued
benefits at
31/03/09
£

Increase in
transfer
value net
of Directors’
contributions
£
R J Akers 27,741 1,578 2,824 22,016 352,679 387,102 28,603

The ‘Increase in transfer value net of Directors’ contributions’ differs from the ‘Transfer value of increase in accrued benefit’ in that it reflects changes in the transfer value assumptions and market conditions over the year less the Directors’ own contributions to the pension scheme.
The transfer values have been calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN11. The transfer values of the accrued entitlement in respect of qualifying service represents the value of assets that the pension scheme would need to transfer to another pension provider on transferring the liability in respect of the Directors’ pension benefits that they earned in respect of qualifying service. They do not represent sums payable to individual Directors and, therefore, cannot be added meaningfully to annual remuneration.

Back to top
 
 
 

Table 60. What options over ordinary shares do Directors have? (audited)

    Granted during year Exercised during year  
  Note
No of
options at
01/04/08†



Number

Grant
price
(pence)



Number

Exercise
price
(pence)
Market
price on
exercise
(pence)

No of
options at
31/03/09†

Exercise
price
(pence)†


Exercisable
dates
F W Salway (2) 47,793 47,793 1,044 07/2007-07/2014
M R Hussey (2) 26,332 26,332 1,044 07/2007-07/2014
  (3) 1,915 1,915 862 10/2009-04/2010
R J Akers (1) 11,652 11,652 783 07/2004-07/2011
  (2) 8,600 8,600 710 07/2006-07/2013
  (2) 12,762 12,762 1,044 07/2007-07/2014
  (3) 829 829 862 10/2011-04/2012
    715 715 1,372 09/2011-03/2012
M F Greenslade (3) 1,193 1,193 1,372 09/2011-03/2012

Notes:

  1. 2000 Executive Share Option Scheme. Vesting of awards is dependent on the Company’s growth in normalised adjusted EPS exceeding the growth in RPI by 2.5% per year.
  2. 2002 Executive Share Option Scheme. Vesting of awards is dependent on the Company’s growth in normalised adjusted EPS exceeding the growth in RPI by at least 2.5% per year.
  3. 2003 Savings Related Share Option Scheme. Not subject to performance conditions because it is available to all staff and HM Revenue & Customs’ rules do not permit performance conditions to be set out for this type of scheme.

The total number of options over ordinary shares held by F W Salway, M R Hussey, R J Akers and M F Greenslade at 31 March 2009 was 47,793, 28,247, 34,558 and 1,193 respectively. The total number of options over ordinary shares held by all Directors at 31 March 2009 was 111,791.
The range of the closing middle market prices as adjusted for the Rights Issue for Land Securities’ shares during the year was 341p to 1447p. The closing middle market price on 31 March 2009 was 437p.
†As adjusted for the Rights Issue in March 2009.

Back to top