Remuneration Details
The detailed information about the Directors’ remuneration,
set out on pages 19 to 22, has been audited by the Company’s
independent auditors, Deloitte & Touche LLP.
Directors' remuneration earned in 2007
Notes:
Directors' remuneration earned in 2007
| Name of Director | Basic salary £ |
Fees £ |
Pension supplement £ |
Benefits in kind £ |
Annual cash bonus £ |
Total remuneration 2007 £ |
Total remuneration 2006 £ |
|---|---|---|---|---|---|---|---|
| J L Cohen | 42,731 | – | 5,000 | 2,477 | – | 50,208 | 587,023 |
| M J Donovan | – | 42,000 | – | – | – | 42,000 | 22,500 |
| S L Howard | – | 42,000 | – | – | – | 42,000 | 21,000 |
| Sir David John | – | 190,000 | – | – | – | 190,000 | 181,500 |
| S Marshall | – | 49,000 | – | – | – | 49,000 | 44,000 |
| A L P Rabin | 367,500 | – | 64,129 | 19,655 | 202,667 | 653,951 | 561,928 |
| G H Sage | – | 42,000 | – | – | – | 42,000 | 37,500 |
| I P Tyler | 548,500 | – | 65,217 | 26,378 | 309,333 | 949,428 | 793,287 |
| Dr H C von Rohr | – | 62,548 | – | – | – | 62,548 | 58,048 |
| R J W Walvis | – | 49,000 | – | – | – | 49,000 | 44,000 |
| P J L Zinkin | 367,500 | – | – | 17,123 | 202,667 | 587,290 | 521,301 |
| Former Directors | – | – | – | – | – | – | 23,500 |
| Total | 1,326,231 | 476,548 | 134,346 | 65,633 | 714,667 | 2,717,425 | 2,895,587 |
Notes:
- Basic salary and fees were those paid in respect of the period of the year during which individuals were Directors. Jim Cohen retired from the Company on 18 February 2007.
- Jim Cohen, Anthony Rabin and Ian Tyler received taxable cash supplements in lieu of pension provision on their salary above the Balfour Beatty Pension Fund specific earnings cap.
- The performance target for annual bonus was profit before tax and exceptional items (“profit”). The profit for the year ended 31 December 2007 resulted in a bonus of 80% of basic salary for each executive Director. Two-thirds of this bonus is payable in cash and these are the amounts shown in the table above. The remaining one-third will be deferred in the form of ordinary shares in the Company which will be released to the Director on 31 March 2011, providing he is still employed by the Company at that time. The number of shares comprising the deferred element will be determined based on the share price at the award date of 31 March 2008.
- Christoph von Rohr received a fee of u30,000 for his chairmanship of the supervisory board of Balfour Beatty Rail GmbH.
- Benefits in kind are calculated in terms of UK taxable values. For the executive Directors they comprise: a fully expensed car, a fuel card and private medical insurance for the Director and his immediate family.
- No Director receives any expense allowance.
- Awards made under the Performance Share Plan in 2004 to Jim Cohen, Anthony Rabin, Ian Tyler and Peter Zinkin vested during the year. At the date of vesting the closing market price was 476p and the value of the shares which vested was £280,516, £275,594, £324,813 and £305,126 respectively.
- Jim Cohen, Anthony Rabin and Peter Zinkin exercised savings-related share options during the year. The closing market prices on the dates of exercise ranged between 438.5p and 462.75p and the values realisable on exercise were £2,525, £1,603 and £2,888 respectively.
