Total single figure table
Notes accompanying the total single figure table
- Other benefits consist of company car (or allowance), family level private medical insurance and salary supplement. Life assurance cover and sick pay are also provided.
- These figures relate to BIP awards made in 2011 with performance periods ending on 31 December 2013. The shares vested in March 2014 at a share price of 761.5p.
- These figures relate to CIP awards made in 2010 with performance periods ending 30 April 2013. The shares vested in May 2013 at a share price of 554.5p.
- J. Vogelsang retired at the AGM on 24 April 2013.
- E. Lindqvist was appointed on 1 June 2012.
The interests of directors and their connected persons in ordinary shares as at 31 December 2013, including any interests awarded under the CIP or BIP are presented below.
As at 27 February 2014, the interests of the Directors were unchanged from those at 31 December 2013.
- Figures relate to unvested awards under the BIP and CIP.
As described in Section A, the Board operates a shareholding retention policy under which Executive Directors and other senior executives are expected, within five years of appointment to build up a shareholding in the Company. In respect of Executive Directors the expectation is to hold at least 100% of basic salary. For the purposes of this requirement, only beneficially-owned shares will be counted. As at 31 December 2013, the Committee is satisfied that Executive Directors have fulfilled this requirement.
Comparison of overall performance and pay
The chart below shows the value over the last five financial years of £100 invested in Bodycote plc compared with that of £100 invested in the FTSE All Share Industrial Index. The points plotted are the values at financial year ends. The table also shows how total remuneration for the Chief Executive developed during the same period.
CEO total remuneration table
|Single figure of remuneration (£000)||954||906||3,252||3,840||3,089|
|Annual variable element award (as a % of maximum) opportunity||5%||98%||95%||73%||46%|
|Long-term incentive vesting (as a % of maximum)||0%||0%||100%||100%||99%|
The total value of salary, non-pension benefits and bonus decreased 15.9% for the Chief Executive in 2013 compared to the previous financial year (2012: £910,124; 2013: £765,657). The equivalent average percentage change for the senior management population as a whole was 5.5% lower than 2012. The salary increase for the Chief Executive in 2013 compared to the previous financial year was 2.7% (2012: £457,800; 2013: £470,200). Non-pension benefits decreased by 0.3% for the Chief Executive in 2013 compared to 2012 (2012: £17,414; 2013: £17,364). Bonus payable decreased by 36.1% for the Chief Executive in 2013 compared to 2012 (2012: £434,910; 2013: £278,093).
Relative importance of pay spend
The table below shows the total spend on pay, the levels of distributions to shareholders and the Company's corporation tax paid in 2012 and 2013.
|Staff and employee costs||242.3||228.8|
|Distribution to shareholders||24.0||21.3|
CIP and BIP awards granted and vesting during the year
Awards or grants were made under the CIP and BIP Schemes as follows:
BIP: Awards consisting of shares were granted to both Executive Directors equivalent to the value of 175% of their base salary on 24 April 2013 which will vest after three years. Details of the awards are set out below. Awards are subject to continued employment and the achievement of the performance conditions specified in the Board report on remuneration.
CIP: Awards consisting of shares were granted to both Executive Directors equivalent in value to 2% of S.C. Harris' salary and equivalent to 6% of D.F. Landless' salary on 21 May 2013 which will vest after three years. Details of the awards are set out below. Maximum take up is 40% of their base salary and awards are subject to continued employment and the achievement of the performance conditions specified in the Board report on remuneration.
Directors' interests under the Bodycote Incentive Plan
|Interests as at|
|At 31 Dec|
at award date
at date of
|S.C. Harris||819,765||–||391,345||–||£1.79||£5.45||4 Mar 2013|
|D.F. Landless||542,878||–||262,004||–||£1.79||£5.45||4 Mar 2013|
- Mid-market closing price of a share the day before grant was £4.82. The face value of the award to Stephen Harris was £799,634. The face value of the award to David Landless was £510,760.
- Subject to satisfaction of the relevant performance conditions (details of which are set out in the Board report on remuneration). The awards vesting during the year vested at a level of 98.4%.
Directors' interests under the Bodycote Co-Investment Plan
|Interests as at|
1 Jan 2013
|At 31 Dec|
at award date
at date of
|S.C. Harris||93,550||–||82,942||–||£1.93||£5.55||21 May 2013|
|D.F. Landless||18,980||–||8,010||–||£1.93||£5.55||21 May 2013|
- Mid-market closing price of a share the day before grant was £5.51. The face value of the award to Stephen Harris was £18,887. The face value of the award to David Landless was £32,062.
- Subject to satisfaction of the relevant performance conditions (details of which are set out in the Board report on remuneration). The awards vesting during the year vested in full.
E. LindqvistChairman of the Remuneration Committee
27 February 2014