Report on directors' remuneration
Notes contentsTable 1: Remuneration of the directors
Excluding contributions to pension funds and related benefits set out in table 2, directors' remuneration was as follows:
2009 | 2008 | |||||
---|---|---|---|---|---|---|
All figures in £000s | Salaries/fees | Annual incentive | Allowances | Benefits | Total | Total |
Chairman | ||||||
Glen Moreno | 450 | – | – | – | 450 | 450 |
Executive directors | ||||||
Marjorie Scardino | 950 | 1,301 | 56 | 21 | 2,328 | 2,057 |
David Bell (stepped down 1 May 2009) | 154 | 207 | – | 6 | 367 | 983 |
Will Ethridge | 639 | 874 | – | – | 1,513 | 1,171 |
Rona Fairhead | 506 | 570 | – | 28 | 1,104 | 1,036 |
Robin Freestone | 450 | 639 | – | 13 | 1,102 | 957 |
John Makinson | 525 | 655 | 216 | 29 | 1,425 | 1,240 |
Non-executive directors | ||||||
David Arculus | 85 | – | – | – | 85 | 85 |
Terry Burns | 83 | – | – | – | 83 | 83 |
Patrick Cescau | 70 | – | – | – | 70 | 70 |
Susan Fuhrman | 70 | – | – | – | 70 | 70 |
Ken Hydon | 85 | – | – | – | 85 | 81 |
CK Prahalad | 60 | – | – | – | 60 | 40 |
Total | 4,127 | 4,246 | 272 | 97 | 8,742 | 8,323 |
Note 1 Allowances for Marjorie Scardino include £44,870 in respect of housing costs and a US payroll supplement of £10,961. John Makinson is entitled to a location and market premium in relation to the management of the business of the Penguin Group in the US and received £215,594 for 2009.
Note 2 Benefits include company car, car allowance and UK health care premiums. US health and welfare benefits for Marjorie Scardino and Will Ethridge are self-insured and the company cost, after employee contributions, is tax free to employees. For Marjorie Scardino, benefits include £5,317 for pension planning and financial advice. Marjorie Scardino, Rona Fairhead, David Bell and John Makinson have the use of a chauffeur.
Note 3 There were no increases in base salary for the executive directors for 2009.
Note 4 No amounts as compensation for loss of office and no expense allowances chargeable to UK income tax were paid during the year.
Note 5 David Bell stepped down from the board on 1 May 2009. He continued to be entitled to the same base salary and other benefits in accordance with his service agreement with the company until his retirement from the company on 31 December 2009.