Directors’ remuneration report

Table 5

Directors’ pensions and pension benefits (audited)

The accrued defined benefit pensions and corresponding transfer values for the executive directors are set out below:

	Accrued pension at 31.3.2008 £000	Accrued pension at 31.3.2009 £000	Increase in accrued pension £000	Increase in accrued pension net of inflation £000	Transfer value of net increase in accrued pension less directors’ contributions £000	Transfer value of accrued pension at 1.4.2008 £000	Transfer value of accrued pension at 31.3.2009 £000	Total change in transfer value less directors’ contributions £000
John Cuthbert	141.7	163.4	21.7	22.3	327.9	2,503.1	3,119.0	615.9
Chris Green	88.0	99.3	11.3	11.6	189.3	1,492.1	1,838.4	346.3

Notes:

1. Accrued pensions shown are the amounts that would be paid annually at the normal retirement age based on service to the end of the year.
2. Voluntary contributions paid by the directors and resulting benefits are not shown.
3. The change in transfer value reflects fluctuations in the transfer value due to factors beyond the control of the Company and directors, such as changes in stock market conditions.
4. The transfer values have been calculated in line with the relevant legislation and using actuarial assumptions agreed by the Trustee.
5. The directors participate in a salary sacrifice arrangement and, therefore, paid no contributions to the scheme during the year.

Table 6

Directors’ interests in shares (audited)

The directors had the following beneficial or family interests in the ordinary 10 pence shares of the Company as at 31 March 2009:

	Number of shares held at the star of the year	Number of shares held as at 31.3.2009	Number of shares held as at 2.6.2009
Sir Patrick Brown	43,000	43,000	43,000
John Cuthbert	163,8921	232,4362	232,436
Chris Green	107,8653	152,8944	152,894
Claude Lamoureux	–	25,000	25,000
Martin Nègre	70,000	70,000	70,000
Alex Scott-Barrett	10,000	10,000	10,000
Sir Derek Wanless	30,000	30,000	30,000
Jenny Williams	6,000	6,000	6,000

Notes:

1. At 1 April 2008, 46,892 of these shares were beneficially owned by Mrs Lynn Cuthbert, 8,000 were beneficially owned by Mr I M Cuthbert and 9,000 were beneficially owned by Miss S L Cuthbert.
2. At 31 March 2009, 69,436 of these shares were beneficially owned by Mrs Lynn Cuthbert, 4,000 were beneficially owned by Mr I M Cuthbert and 9,000 were beneficially owned by Miss S L Cuthbert.
3. At 1 April 2008, these shares were beneficially owned by Mrs Geraldine Green.
4. At 31 March 2009, 137,894 of these shares were beneficially owned by Mrs Geraldine Green, and 5,000 were beneficially owned by each of Miss P J Green, Mr M F Green and Mr J M Green.

Table 7

Directors’ interests in shares under the SIP (audited)

The directors who held office as at 31 March 2009 had the following interests in the ordinary 10 pence shares of the Company, purchased and held in accordance with the terms of the SIP:

	Number of SIP shares held at the  start of the year1	Number of  SIP shares  held as at 31.3.20091	Number of SIP shares  held as at  2.6.20091
John Cuthbert	4,176	4,785	5,652
Chris Green	4,176	4,785	5,652

Notes:

1. These figures include the shares paid for by the participant and the free shares granted by the Company.
2. A summary of the SIP can be found in the directors’ report and business review.