Annual Report and Accounts 2009

Remuneration Report: Part 2: Audited Information

Part 2: Audited Information
Directors' emoluments

  Basic
salary/fee
£000
Salary
supplement
in lieu of
pension
£000
Benefits-
in-kind
£000*
STIA in
respect of
2009
£000
Other
benefits
£000
2009
total
£000
2008
total
£000
Basic
salary
p.a. with
effect from
01.04.2010**
£000
Executive                
Pete Redfern 700 144 25 788 30 1,687 874 700
Chris Rickard 380 13 428 84 905 83 380
Sheryl Palmer (Appointed 5 August 2009) 158 5 878 3 1,044 389
Peter Johnson (Resigned 16 October 2008) 791
Ian Sutcliffe (Resigned 14 April 2008) 333
 
Non Executive               Fees
p.a.with effect
01.01.2010
Norman Askew 200 200 270 200
Brenda Dean 50 50 50 50
Andrew Dougal 56 56 60 50
Katherine Innes Ker 60 60 60 60
Anthony Reading 60 60 60 60
Rob Rowley (Appointed 1 January 2010) 60
David Williams 65 65 60 60
Mike Davies (Resigned 1 September 2009) 33 33 50
Aggregate emoluments 1,762 144 43 2,094 117 4,160    
2008             2,691  

 Sheryl Palmer was appointed to the Board in August 2009. Her annual salary is US$615,000 which on an average exchange rate of £1:$1.58 equates to £389,000 per annum.

*  Includes non-cash payments.

**  As reported earlier, any change in basic salary is now effective from 1 April. No salary increases are to be awarded to any Executive Director for 2010.



Aggregate emoluments of the Executive Committee (excluding Executive Directors)

  Basic
salary/fee
£000
Salary
supplement
in lieu of
pension
£000
Benefits-
in-kind
£000*
STIA in
respect of
2009 £000
Other
benefits
£000
2009
total
£000
2008
total
£000
Basic
salary
p.a. with
effect from
01.04.2010**
£000
6 members 1,286 81 86 1,213 155 2,821 1,946 1,341

*Includes non-cash payments.

**As reported earlier, any change in basic salary is now effective from 1 April.


During the year the composition of the Executive Committee has been amended. There were two members of the Executive Committee during 2008 other than the Executive Directors. No expense allowances are paid.

In addition, a charge of £234,946 (2008: £65,000) was booked in respect of share-based payments.

Directors' share-based reward and options

Aggregate emoluments disclosed opposite do not include any amounts for the value of options to acquire ordinary shares in the Company and any other share-based reward granted to or held by the Directors. No Director exercised an option or conditional award over ordinary shares during the year (2008: nil).

Details of options and conditional awards over shares held by Directors who served during the year are as follows:

Details: Directors’ share-based reward and options

a. Or date of appointment.

b.Market value per share on date of grant 7 August 2009 was 38 pence.

c.Market value per share on date of grant 2 October 2009 was 40.96 pence.

d.Following the Company‘s Placing and Open Offer on 1 June 2009, all Share Plan entitlements, including numbers of shares under option/award and option price per share, were adjusted by a formula approved by HM Revenue and Customs and agreed with the Company‘s Auditors.


There have been no variations to the terms and conditions or performance criteria for outstanding share options during the financial year.

The performance criteria relating to the Performance Share Plans and Share Option Plans appear earlier in this Directors' Remuneration Report.

Awards made pursuant to the George Wimpey LTIP are conditional and do not vest in whole or part unless predetermined performance conditions are satisfied over a three year period. The performance conditions are explained in detail above. For 2006 and 2007, the relevant share prices for the calculation of awards were 544.1 pence and 575.9 pence. The TSR performance in respect of those shares conditionally awarded under the 2007 George Wimpey LTIP was not met. No vesting has taken place and all awards under this scheme have now lapsed. These shares are however indexed in the 31 December 2009 column above for Pete Redfern.

The market price of the ordinary shares on 31 December 2009 was 38.9 pence and the range during the year was 13.75 pence to 53.2 pence.

Directors' interests in shares of the Company

Directors' interests in 1 pence ordinary shares held (fully paid) (‘ordinary shares‘):

  at 1.1.09
ordinary shares *
at 31.12.09
ordinary shares
Executive Directors' share
interests at 31.12.09 valued
at 31.12.09 share price and
expressed as a percentage
of basic salary at 1.4.10**
Norman Askew 15,674 31,348  
Pete Redfern 92,705 195,410 11%
Chris Rickard 77,402 8%
Sheryl Palmer 200,000* 200,000 20%
Brenda Dean 8,348 26,696  
Andrew Dougal 5,000 15,000  
Katherine Innes Ker 1,000 12,000  
Anthony Reading 20,000 40,000  
Rob Rowley  
David Williams 8,269 16,538  

* Or date of appointment.

** As reported earlier, any change in basic salary is now effective from 1 April.


Directors' pension entitlements


Defined benefit schemes


George Wimpey Staff Pension Scheme

Pete Redfern is a member of the George Wimpey Staff Pension Scheme. The following table sets out the transfer value of his accrued benefits under the Scheme calculated in a manner consistent with ‘The Occupational Pension Schemes (Transfer Values) Regulations 2008‘.

Details: The Occupational Pension Schemes (Transfer Values) Regulations 2008

1. Pension accrual shown is the amount which would be paid annually on retirement based on service to 31 December

2.Transfer values have been calculated in accordance with the occupational Pension Schemes (Transfer Value) Regulations 2008.

3. The increase in the transfer value includes the effect of fluctuations in the transfer value due to factors beyond the control of the Company and Directors, such as stock market movements.

4. The transfer value of accrued pension increase less Director‘s contribution represents the incremental value to the Director of his service during the period, calculated on the assumption service terminated at the year end. It is based on the increase in accrued pension (less inflation) after deducting the Director‘s contribution.


Non-Group pension arrangements

Chris Rickard and Sheryl Palmer have non-Group pension arrangements, to which contributions were paid by the Company as set out below:

  2009
£
2008
£
Chris Rickard 83,600 17,417
Sheryl Palmer 7,077

Approval

This Remuneration Report was approved by the Board of Directors on 2 March 2010 and signed on its behalf by the Remuneration Committee Chairman:

Signature: Remuneration Committee Chairman
Anthony Reading
2 March 2010

Remuneration Report | Part1 |Part2