Directors' Report: Governance - British American Tobacco

REMUNERATION REPORT
CONTINUED
Table 4: Analysis of remuneration of Executive Directors – audited continued
Nicandro Durante
2009 2008
£ £
Salary 622,500 Salary 473,496
Benefits: cash 43,157 Benefits: cash 9,725
Benefits: non-cash 407,601 Benefits: non-cash 279,144
Annual cash bonus 383,985 Annual cash bonus 460,500
Value of deferred share bonus 383,985 Value of deferred share bonus 460,500
Cash dividend equivalent (DSBS) 13,690 Cash dividend equivalent (DSBS) 11,364
Cash dividend equivalent (LTIP) 64,580 Cash dividend equivalent (LTIP) 32,225
Share Reward Scheme: value of shares received during year 2,700 Share Reward Scheme: value of shares received during year 1,345
Total – see Table 3 1,922,198 Total – see Table 3 1,728,299
Notes:
1 Nicandro Durante’s salary for the year ended 2008 was £600,000. Salary overpayments totalling £126,504 made in 2006 and 2007 (at the time of Nicandro Durante’s
relocation from Brazil) were repaid in 2008 and were reflected in his salary disclosed for that year.
2 Cash benefits comprise: (1) a car allowance (£13,560); (2) an accommodation allowance (£25,424) and related allowances in respect of his relocation from Brazil (£3,234);
and the buy-out of a UK employee entitlement in May 2009.
3 Non-cash benefits comprise: (1) life and health insurance (£17,428); (2) tax advice (£28,824); (3) the use of a company driver; (4) travel and related costs in respect of his
relocation from Brazil (£146,298); (5) welfare tax payments, introduced in July 2009, payable by Souza Cruz in respect of Nicandro Durante’s subsisting employment rights
in Brazil (£153,829); and (6) other expenses incurred in connection with accompanied attendance at business functions and/or corporate hospitality events.
4 Cash dividend equivalent payments: (1) DSBS – these are cash sums equivalent to the dividend on the after-tax position on all unvested ordinary shares comprised in the
share awards held by participants in the DSBS at each dividend record date; and (2) LTIP – this is a cash sum equivalent to the dividends that an LTIP participant would
have received as a shareholder on the actual number of shares vesting under an LTIP award.
Ben Stevens
2009 2008
£ £
Salary 582,500 Salary 446,667
Benefits: cash 14,500 Benefits: cash 9,105
Benefits: non-cash 80,157 Benefits: non-cash 96,565
Annual cash bonus 359,605 Annual cash bonus 356,992
Value of deferred share bonus 359,605 Value of deferred share bonus 356,992
Cash dividend equivalent (DSBS) 17,896 Cash dividend equivalent (DSBS) 15,337
Cash dividend equivalent (LTIP) 68,169 Cash dividend equivalent (LTIP) 71,342
Share Reward Scheme: value of shares received during year 2,700 Share Reward Scheme: value of shares received during year 1,787
Total – see Table 3 1,485,132 Total – see Table 3 1,354,787
Notes:
1 The 2008 figures have been apportioned to reflect the amounts received from his appointment on 3 March 2008.
2 Cash benefits comprise: (1) a car allowance (£13,560); and (2) the buy-out of a UK employee entitlement in May 2009.
3 Non-cash benefits comprise: (1) life and health insurance (£5,856); (2) the use of a company driver; and (3) other expenses incurred in connection with accompanied
attendance at business functions and/or corporate hospitality events.
4 Cash dividend equivalent payments: (1) DSBS – these are cash sums equivalent to the dividend on the after-tax position on all unvested ordinary shares comprised in the
share awards held by participants in the DSBS at each dividend record date; and (2) LTIP – this is a cash sum equivalent to the dividends that an LTIP participant would
have received as a shareholder on the actual number of shares vesting under an LTIP award.
92 British American Tobacco Annual Report 2009 Directors’ report: Governance