Governance Remuneration Report continued
Annual Report on Remuneration Total remuneration for the year The table below sets out the total remuneration receivable by each of the Directors who held office during the year to 31 March 2021, with a comparison to the previous financial year:
Pension salary supplement £000
Long-term incentive plan £000
Total fixed £000 290 290 198 198
Total variable £000
Annual bonus £000
Deferred bonus £000
Total £000
Salary/fees £000
Benefits £000
Executive Michael Morris
556 846 479 769 359 557 320 518
2021 2020 2021 2020
250 250 170 170
2 2 2 2
38 38 26 26
174 174 208 153 152 174 119 118 122 109 109 102
Andrew Dewhirst
Non-Executive Lena Wilson
21
– – – – – – – – – – – – – –
21
2021 2020
21
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
– – – – – – – – – – – – – –
–
–
–
82 98 22 45 48 48 45 49 26
82 98 22 45 48 48 45 49 26
Nicholas Thompson 2021
82 98 22 45 48 48 45 49 26
2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020
Roger Lewis
Mark Batten
Maria Bentley
Richard Jones
–
–
–
6
6
Nicholas Wiles
6
10
10
10
Total (audited)
738 738
915 1,653 799 1,537
670 670
4 4
64 64
293 292 330 262 261 276
Benefits comprise private medical insurance and life assurance. Executive Directors receive a salary supplement of 15% of base salary in lieu of company pension contributions. The value of LTIP awards is based on the number of shares to be awarded to the Executive Directors and the average share price over the quarter ended 31 March 2021 of 84.71 pence, and the estimated value of dividend equivalents. The above 2020 LTIP figures for the Executive Directors have been restated to reflect the actual share price at vesting (67.83 pence) rather than the average for the quarter ended 31 March 2020 (92.64 pence). This restatement represents a reduction in the value of the 2020 LTIP awards by £55,000 for Michael Morris and by £33,000 for Andrew Dewhirst. Lena Wilson joined the Board on 1 January 2021 and was appointed as Chair from 1 February 2021. Richard Jones joined the Board on 1 September 2020. Nicholas Thompson retired from the Board on 31 January 2021. Nicholas Wiles joined the Board on 1 January 2020 and resigned on 20 May 2020. Annual bonus for 2020/21 The annual bonus for the year ended 31 March 2021 for the Executive Directors was based on a combination of financial metrics (60%) and corporate objectives (40%). The targets set for the year ended 31 March 2021 and the assessment of actual performance achieved are set out in the table opposite. The financial metrics comprised three equally weighted components: total return relative to a comparator group of similar companies, set out later in this Report; total property return compared to the MSCI UK Quarterly Property Index; and growth in EPRA earnings per share over the financial year. At the date of this Report not all of the companies in the total return comparator group had announced their results to 31 March 2021 and the Committee has estimated, based on the results to date, that this condition will be met at the upper level, resulting in an award of 100%. The Committee will determine the actual outcome of this condition once all companies have reported, and any adjustment required between the estimate and actual will be made in next year’s Remuneration Report. There will be no payout of the bonus until a finalised result can be confirmed.
90
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