| Directors’ emoluments | ||||||||
|---|---|---|---|---|---|---|---|---|
| Salary £ |
Annual bonus* £ |
Benefits £ |
2005 Total (excluding pensions) £ |
Salary £ |
Annual bonus £ |
Benefits £ |
2004 Total (excluding pensions) £ |
|
| John Ritblat | 801,500 | 575,000 | 18,305 | 1,394,805 | 801,500 | 475,000 | 19,842 | 1,296,342 |
| Sir Derek Higgs | 41,000 | 41,000 | 43,000 | 43,000 | ||||
| Stephen Hester | 230,425 | 172,603 | 2,820 | 405,848** | ||||
| John Weston Smith | 351,500 | 175,000 | 25,325 | 551,825 | 351,500 | 100,000 | 25,341 | 476,841 |
| Nicholas Ritblat | 386,500 | 192,500 | 21,345 | 600,345 | 351,500 | 100,000 | 21,491 | 472,991 |
| Michael Cassidy | 31,000 | 31,000 | 31,500 | 31,500 | ||||
| Robert Bowden | 366,500 | 219,000 | 19,102 | 604,602 | 331,500 | 100,000 | 24,225 | 455,725 |
| Robert Swannell | 31,000 | 31,000 | 31,500 | 31,500 | ||||
| Lord Burns | 41,000 | 41,000 | 42,000 | 42,000 | ||||
| Graham Roberts | 301,500 | 180,000 | 24,902 | 506,402 | 266,500 | 100,000 | 23,479 | 389,979 |
| David Michels | 33,500 | 33,500 | 31,000 | 31,000 | ||||
| Dr Christopher Gibson-Smith | 36,500 | 36,500 | 42,000 | 42,000 | ||||
| 2,651,925 | 1,514,103 | 111,799 | 4,277,827 | 2,323,500 | 875,000 | 114,378 | 3,312,878 | |
Benefits in kind include company car, car allowance, private medical insurance and permanent health insurance.
*Bonus payments to Executive Directors for 2004/5 averaged 62% of salary compared to the ‘on target’ maximum levels described on the Directors' Remuneration page. These bonus levels were individually set reflecting high levels of successful business activity during the year, leading to very strong (and above trend) financial results and the related strong performance of individuals against their specific responsibilities. The activity levels and related results are set out fully elsewhere in the Annual Report.
**Stephen Hester joined the Company on 12 November 2004.
Pension related payments to Stephen Hester, Robert Bowden and Graham Roberts are shown in the Directors’ pension benefits for the year ended 31 March 2005, below.