Directors' remuneration report
Directors' emoluments for 2008
| Salaries/ £000 |
Other benefits |
Performance- £0003 |
2008 £000 |
2007 £000 |
||||
|---|---|---|---|---|---|---|---|---|
| Cash £0001 |
Non-cash £0002 |
|||||||
Current directors who served during 2008 |
||||||||
| Executive directors | ||||||||
| J E Daniels |
1,035 |
108 |
8 |
– |
1,151 |
2,884 |
||
| A G Kane |
590 |
22 |
23 |
– |
635 |
1,377 |
||
| G T Tate |
640 |
25 |
24 |
– |
689 |
1,386 |
||
| T J W Tookey (from 30.10.08) |
104 |
4 |
– |
– |
108 |
|||
| H A Weir |
625 |
95 |
22 |
– |
742 |
1,586 |
||
Non-executive directors |
||||||||
| Sir Victor Blank |
640 |
12 |
17 |
– |
669 |
661 |
||
| W C G Berndt |
100 |
100 |
90 |
|||||
| Ewan Brown |
122 |
122 |
151 |
|||||
| J P du Plessis |
119 |
119 |
80 |
|||||
| P N Green |
100 |
100 |
56 |
|||||
| Sir Julian Horn-Smith |
100 |
100 |
95 |
|||||
| Lord Leitch |
165 |
165 |
130 |
|||||
| Sir David Manning (from 01.05.08) |
67 |
67 |
||||||
| C J McCall (from 01.10.08) |
16 |
16 |
||||||
| M A Scicluna (from 01.09.08) |
33 |
33 |
||||||
Former directors who served during 2008 |
||||||||
| M E Fairey (until 30.6.08) |
315 |
18 |
4 |
– |
337 |
1,440 |
||
| T A Dial (until 18.4.08) |
340 |
128 |
2 |
– | 470 |
1,995 |
||
Others |
124 |
|||||||
5,111 |
412 |
100 |
– |
5,623 |
12,055 |
|||
Notes:
1The cash column under 'other benefits' includes flexible benefits payments (4 per cent of basic salary), the tax planning and education allowances for Mr Daniels, the housing allowance and pension scheme allowance for Ms Dial (paid until 30.6.08), payments to certain directors who elect to take cash rather than a company car under the car scheme and the cash balance of a pension allowance for Mrs Weir. Sir Victor Blank has elected to take cash rather than a company car.
2The non cash column includes amounts relating to the use of a company car, use of a company driver and private medical insurance. It also includes the value of any matching shares which are received under the terms of Shareplan, through which employees have the opportunity to purchase shares up to a maximum of £125 per month and receive matching shares on a one for one basis up to a maximum value of £30 per month, rounded down to the nearest whole share.
3The executive directors waived their entitlement to any bonus in respect of the 2008 performance. There will be no free shares award under Shareplan in respect of 2008.
Waived fees
For the period 1 January – 30 June 2008, Mr Fairey waived fees payable to him as a director of Lloyds TSB Group Pension Trust (No.1) Limited and Lloyds TSB Group Pension Trust (No.2) Limited, which totalled £5,000 (2007: £10,750 waived). For the period 1 July – 31 December 2008, Mr Fairey received fees payable to him as a director and chairman of the Lloyds TSB Group Pension Trust (No.1) Limited and Lloyds TSB Group Pension Trust (No.2) Limited which totalled £35,000.
Mr Brown waived fees payable to him as a director and chairman of Lloyds TSB Group Pension Trust (No.1) Limited and Lloyds TSB Group Pension Trust (No.2) Limited for the period 1 January – 30 June 2008, which totalled £7,000 in 2008 (2007: £15,500 waived).