The following information has been audited.
Directors’ emoluments and compensation
For her non-executive duties as Chairman, Alison Carnwath
received a fee at the rate of £78,000 per annum. Michael
Harper, who assumed the Chair on 1 November 2004, following
the stepping down by Alison Carnwath, is paid a fee at the rate
of £85,000 per annum. From his appointment on 14 June
2004 until his appointment as Chairman he was paid a fee at
the rate of £30,000 per annum. On 1 July 2004, the fee
payable to the other non-executive directors was increased from
£25,000 per annum to £27,500 per annum. The previous
increase, from £20,000 per annum to £25,000 per annum, was
on 1 April 2002. The chairmen of the Remuneration Committee
and of the Audit Committee, David Bell and Nigel Moore
respectively, each receive an additional fee for their services as
chairmen of those Committees. David Bell receives an
additional £2,500 per annum and Nigel Moore receives £5,000
per annum. A one-off fee of £2,000 was paid to Will Wyatt in
view of the additional work in respect of the selection and
appointment process of the two new non-executive directors he
had undertaken during the year as Chairman of the
Nominations Committee. No additional fee is paid to David Bell
for his duties as Senior Independent Director. The non-executive
directors do not receive any other benefits from the Company.
Gareth Rhys Williams, Chief Executive, currently receives an
annual salary of £285,000, increased from £267,800 with effect
from 1 January 2005. Mr Rhys Williams is a member of the
Vitec Group Executive Pension Scheme and contributes 9%
(increased from 7%) of his salary on the amount of the earnings
cap. That pension scheme is a defined benefit scheme, the
accrual rate for which is one fortieth of his pensionable salary
for each year of pensionable service. In accordance with his
service contract, the Company makes contributions of 24% of
his annual salary in excess of the earnings cap to his funded
unapproved retirement benefits scheme.
In addition, a guaranteed pension-related bonus of 16% of his
annual salary in excess of the earnings cap is paid to him. He is
eligible for a performance-related bonus, based on Company
performance and, if or when determined by the Remuneration
Committee, individual performance, of up to 100% of base
salary each year. In respect of 2004, all of his bonus was
calculated upon the Group’s financial performance. Mr Rhys
Williams received a bonus of £120,510 in respect of 2004 and
of £52,000 for 2003.
Alastair Hewgill, Finance Director, currently receives an annual
salary of £190,000, increased from £180,000 with effect from 1
January 2005. Mr Hewgill is a member of the Vitec Group