Remuneration Report
Directors' emoluments
| Salary £ |
Annual bonus* £ |
Benefits £ |
2006 Total (excluding pensions) £ |
Salary £ |
Annual bonus £ |
Benefits £ |
2005 Total (excluding pensions) £ |
|
|---|---|---|---|---|---|---|---|---|
| Sir John Ritblat | 751,500 | 575,000 | 16,306 | 1,342,806 | 801,500 | 575,000 | 18,305 | 1,394,805 |
| Sir Derek Higgs (non executive) | 46,500 | 46,500 | 41,000 | 41,000 | ||||
| Stephen Hester | 601,500 | 600,000 | 24,416 | 1,225,916 | 230,425 | 172,603 | 2,820 | 405,848 |
| John Weston Smith | 362,700 | 252,840 | 25,251 | 640,791 | 351,500 | 175,000 | 25,325 | 551,825 |
| Nicholas Ritblat | 173,625 | 65,000 | 9,035 | 247,6601 | 386,500 | 192,500 | 21,345 | 600,345 |
| Michael Cassidy (non executive) | 39,500 | 39,500 | 31,000 | 31,000 | ||||
| Robert Bowden | 407,500 | 304,500 | 19,262 | 731,262 | 366,500 | 219,000 | 19,102 | 604,602 |
| Robert Swannell (non executive) | 45,500 | 45,500 | 31,000 | 31,000 | ||||
| Lord Burns (non executive) | 24,500 | 24,5002 | 41,000 | 41,000 | ||||
| Graham Roberts | 331,500 | 231,000 | 27,037 | 589,537 | 301,500 | 180,000 | 24,902 | 506,402 |
| David Michels (non executive) | 49,000 | 49,000 | 33,500 | 33,500 | ||||
| Dr Christopher Gibson-Smith (non executive) | 46,000 | 46,000 | 36,500 | 36,500 | ||||
| Patrick Vaughan | 265,250 | 224,279 | 11,301 | 500,8303 | ||||
| 3,144,575 | 2,252,619 | 132,608 | 5,529,802 | 2,651,925 | 1,514,103 | 111,799 | 4,277,827 |
1 To 31 August 2005, date of cessation of office.
2 To 30 September 2005, date of cessation of office.
3 From 28 July 2005, date of appointment.
Emoluments do not include distributions arising from share plan interests.
Robert Bowden’s basic salary was adjusted to reflect his increased property responsibilities on the transition of the Chairman from an executive role and the Group’s increased property activities.
Graham Roberts’ basic salary was adjusted to bring it in line with the market median and in recognition of the increasing responsibility and requirements within the finance function.
Benefits in kind include company car, car allowance, private medical insurance and permanent health insurance.
* Bonus payments to executive directors for 2005/6 averaged 79% of salary compared to the ‘on target’ and maximum levels described in the Remuneration Report. These bonus levels were individually set reflecting high levels of successful business activity during the year, leading to substantial outperformance for shareholders, very strong (and above trend) financial results, and the related strong performance of individuals against their specific responsibilities. In each case both the Company results and individuals’ contributions were assessed to have beaten the targets agreed by the Remuneration Committee at the start of the year. The measures used for bonus determination are set out on page 59 of the Remuneration Report. The accomplishments relative to these measures are set out fully elsewhere in the Annual Report where the activities of the Company in 2005/6 are described.
Sir John Ritblat is non-executive Chairman of Colliers CRE PLC and retained earnings from that position of £61,471 for the year to 31 December 2005 (2004: £66,398).
Pension related payments to Stephen Hester, Nicholas Ritblat, Graham Roberts and Patrick Vaughan are shown in the Directors’ pension benefits for the year ended 31 March 2006, below.