- Governance
Remuneration Report
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The market price of the ordinary shares at 31 December 2007 was 203.25 pence and the range during the year was 182 pence to 518.5 pence.
Directors’ interests in shares of the Company
Directors’ interests in 25 pence ordinary shares held (fully paid):
| at 1.1.07 25p ordinary shares† |
at 31.12.07 25p ordinary shares |
Executive Directors’ share interests at 31 December 07 expressed as a percentage of basic salary |
|
|---|---|---|---|
| Norman Askew | 9,974 | 15,674 | |
| Pete Redfern | 57,526† | 92,705 | 27% |
| Peter Johnson | 94,407* | 322,443* | 149% |
| Ian Sutcliffe | 0† | 5,341 | 3% |
| Mike Davies | 5,000 | 15,000 | |
| Brenda Dean | 8,348† | 8,348 | |
| Andrew Dougal | 5,000 | 5,000 | |
| Katherine Innes Ker | 1,000 | 1,000 | |
| Anthony Reading | 14,107† | 20,000 | |
| David Williams | 8,269† | 8,269 |
† or date of appointment and after applying the Merger ratio of 1.3914 Taylor Wimpey shares for each George Wimpey share.
* Includes 1,250 ordinary shares held by Halifax Corporate Trustees Limited under the Taylor Wimpey 2004 Share Purchase Plan.
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 ‘Retirement Benefit Schemes – Transfer Values (GN11)’ published by the Institute of Actuaries and the Faculty of Actuaries.
Notes
- Pension accrual shown is the amount which would be paid annually on retirement based on service to 31 December 2007.
- Transfer values have been calculated in accordance with version 9.2 of the actuarial guidance note GN11.
- 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.
- 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
Money purchase schemes
Peter Johnson is a member of a money purchase scheme, to which contributions were paid by the Company as follows:
| 2007 £ |
2006 £ |
|
|---|---|---|
| Peter Johnson | 146,395 | 98,833 |
Non-Group Pension Arrangements
Ian Sutcliffe has non-Group pension arrangements, to which contributions were paid by the Company as follows:
| 2007 £ |
2006 £ |
|
|---|---|---|
| Ian Sutcliffe | 104,265 | – |
Approval
This Remuneration Report was approved by the Board of Directors on 5 March 2008 and signed on its behalf by the Remuneration Committee Chairman:
Anthony Reading
5 March 2008
Remuneration Report