Directors remuneration
| Salary / fees £000 |
Performance bonus (1) £000 |
Pension allowance £000 |
Benefits £000 |
Other £000 |
Total 2006 £000 |
Total 2005 £000 |
|
| Chairman | |||||||
| Sir Tom McKillop (appointed Chairman on 28 April 2006) | 471 | — | — | — | — | 471 | 67 |
| Sir George Mathewson (retired 28 April 2006) (2) | 199 | — | — | 1 | — | 200 | 607 |
| Executive directors | |||||||
| Sir Fred Goodwin | 1,190 | 2,760 | — | 46 | — | 3,996 | 2,893 |
| Mr Cameron (appointed 1 March 2006) (3) | 889 | 2,340 | 236 | 31 | — | 3,496 | — |
| Mr Fish (4) | 1,017 | 1,627 | — | 35 | — | 2,679 | 2,509 |
| Mr Fisher (appointed 1 March 2006) (3) | 654 | 1,105 | 122 | 13 | — | 1,894 | — |
| Mr Pell | 790 | 1,309 | — | 21 | — | 2,120 | 1,586 |
| Mr Watt (resigned 31 January 2006) (5) | 57 | 55 | — | 5 | — | 117 | 1,399 |
| Mr Whittaker (appointed 1 February 2006) (6) | 663 | 1,190 | 228 | 2 | 2,392 | 4,475 | — |
Notes:
(1) Includes 10% profit sharing. The performance bonus for Mr Cameron and Mr Fisher reflects their performance for the full year.
(2) From 28 April 2006, Sir George has been employed as an adviser to the Group. Under this employment agreement dated 26 April 2006, which runs until 31 July 2009, Sir George received a fee of £179,000 for his services under this agreement in 2006, comprising £150,000 in respect of certain duties performed in the connection with the handover of his responsibilities to Sir Tom McKillop in the three month period following the Annual General Meeting and thereafter at the rate of £75,000 per annum. Under this arrangement he also received medical insurance, life assurance cover and secretarial and administrative support necessary for the performance of his duties.
(3) The above figures include remuneration paid to Mr Cameron and Mr Fisher prior to their appointment as directors. For this period, Mr Cameron and Mr Fisher received salary and benefits of £141,000 and £105,000 respectively.
(4) Mr Fish is a non-executive director of Textron Inc. and retains the fees paid to him in this respect. For 2006, he received a remuneration package from Textron Inc. equivalent to approximately US$84,974.
(5) Following his resignation as a director on 31 January 2006, Mr Watt remained employed by the Group until 28 February 2006 in order to facilitate a handover of duties to his successor. For this period, Mr Watt received remuneration of £112,000, comprising £57,000 in respect of salary and benefits and £55,000 in respect of performance bonus.
(6) Included in other remuneration for Mr Whittaker is an award of ordinary shares in the company of £1,000,000, a cash payment of £1,195,181 and relocation expenses of £197,211.
| Non-executive directors | Board fees £000 |
Board committee fees £000 |
2006 Total £000 |
2005 Total £000 |
| Mr Buchan | 65 | 55 | 120 | 109 |
| Dr Currie | 65 | 15 | 80 | 68 |
| Mr Friedrich (appointed 1 March 2006) | 54 | 15 | 69 | — |
| Mr Hunter | 65 | 93 | 158 | 113 |
| Mr Koch (1) | 65 | — | 65 | 55 |
| Mrs Kong (appointed 1 January 2006) | 65 | 8 | 73 | — |
| Mr MacHale | 65 | 30 | 95 | 80 |
| Sir Steve Robson | 65 | 30 | 95 | 80 |
| Mr Scott (2) | 155 | 100 | ||
| Mr Sutherland | 65 | 23 | 88 | 60 |
Notes:
(1) In addition to his role as a non-executive director, Mr Koch has an agreement with Citizens Financial Group, Inc. to provide consulting services for a period of three years following the acquisition by Citizens of Charter One Financial, Inc. For these services Mr Koch receives $402,500 per annum.
(2) Mr Scott's senior independent director fee covers all Board and Board Committee work including Chairmanship of the Remuneration Committee.
No director received any expense allowances chargeable to UK income tax or compensation for loss of office/termination payment. The non-executive directors did not receive any bonus payments or benefits.
© 2007