DIRECTORS' EMOLUMENTS
Directors’ Emoluments
| Salary/fees £000 |
Performance related bonus £000 |
Benefits1 £000 |
Benefits in lieu of pension £000 |
Total 20062 £000 |
Total 20052 £000 |
|
|---|---|---|---|---|---|---|
| Executive Directors | ||||||
| Richard Bowker (appointed 12 September 2006) | 154 | 154 | 13 | 38 | 359 | – |
| Ray O’Toole | 360 | 360 | 25 | 119 | 864 | 528 |
| Adam Walker | 320 | 320 | 23 | – | 663 | 489 |
| Non Executive Directors | ||||||
| David Ross (Chairman) | 1603 | – | – | – | 160 | 150 |
| Jorge Cosmen | 40 | – | – | – | 40 | 3 |
| Sir Andrew Foster | 40 | – | – | – | 40 | 35 |
| Barry Gibson | 50 | – | – | – | 50 | 41 |
| Sue Lyons | 45 | – | – | – | 45 | 40 |
| Tim Score | 45 | – | – | – | 45 | 34 |
| Former Executive Director | ||||||
| Phil White (resigned 11 September 2006) | 349 | 3494 | 30 | 51 | 778 | 1,010 |
1 Benefits in kind include a company car, fuel and health insurance.
2 Total remuneration excludes Company pension contributions which are shown below.
3 David Ross has elected to take his Chairman’s fees as National Express Group shares.
4 This represents Phil White’s total 2006 bonus of £500,000 pro rated for his period as a Director.
Former Director
Phil White stepped down as Chief Executive of the Company on 11 September 2006. He will remain in full time employment with the Group on 31 March 2007. He will continue to receive his usual salary and benefits in accordance with the terms of his contract until this date. This includes a payment of £151,000 being the remainder of his bonus for the year ended 31 December 2006. On 31 March 2007 Phil White will receive, in accordance with his contractual entitlements, the title to his car (value £74,000) and any accrued but unused holiday entitlement. From 1 April 2007 to 30 September 2007 Phil White will act as a consultant for the Group for which he will receive a monthly fee of £25,000. During this period he will, in particular, be assisting the Company in connection with a piece of ongoing litigation in New South Wales, Australia. On retirement Phil White is entitled to exercise share options granted to him under the 2002 Executive Share Option Plan subject to the fulfilment of the applicable performance conditions. In addition unvested awards held by Phil White under the Long Term Incentive Plan (the Plan) shall vest subject to the fulfilment of the applicable performance conditions in accordance with the rules of the Plan.
Pensions
Pension benefits earned by Directors in the year to 31 December 2006 from both the approved and unapproved plans were:
| Age | NRA+ | Accrued benefit at 1 Jan 2006 £000 |
Increase in period (net of index- ation) £000 |
Transfer value of increase in period £000 |
Accrued benefit at 31 Dec 2006 £000 |
Transfer value at 1 Jan 2006 £000 |
Transfer value at 31 Dec 2006 £000 |
Movement in transfer value during period less Director’s contri- butions £000 |
Employer contri- bution to defined contri- bution plan £000 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Ray O’Toole* | 51 | 60 | 28.5 | 4.5 | 61.6 | 33.8 | 351.8 | 461.5 | 105.6 | – |
| Adam Walker | 39 | 60 | 24.8 | 8.2 | 65.3 | 33.7 | 179.3 | 266.8 | 69.3 | – |
| Former Executive Director Phil White (resigned 11 September 2006) | 57 | 62 | – | – | – | – | – | – | – | 123.4** |
+Normal Retirement Age.
*Ray O’Toole ceased to accrue pension benefits on 7 April 2006.
**Employer contribution shown is for the period 1 January 2006 to 11 September 2006 when Phil White resigned as a Director.
