NATS-Annual-Report-2015

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Annual Report and Accounts 2015 | NATS Holdings Limited Governance 66 Reports from Board Committees (continued) Audited information Directors’ remuneration Emoluments (excluding pension arrangements which are reported in the tables below) of the Chairman and directors were as follows: Salary or fees(*) Benefits(*) Performance related payments(*) Long term incentive plan(*) Total 2015(*) Total 2014(*) Notes £000 £000 £000 £000 £000 £000 Chairman Dr Paul Golby CBE 1,5 93 8 - - 101 - Executive directors Martin Rolfe 2 217 16 98 85 416 404 Nigel Fotherby 2 277 11 119 105 512 546 Non-executive directors Baroness Dean of Thornton-le-Fylde 5 36 2 - - 38 36 Richard Keys 36 - - - 36 21 Iain McNicoll CB CBE 5 36 2 - - 38 21 Andy Lord 3 - - - - - - Gavin Merchant 3 - - - - - - Peter Read 3 - - - - - - Tony Tyler 3 - - - - - - Dr Harry Bush CB 3 - - - - - - Will Facey 3 - - - - - - Roger Cato 5 36 2 - - 38 36 Former directors John Devaney 4 67 - - - 67 160 Richard Deakin 2,6 445 34 207 257 943 1,049 Paul Reid - - - - - 180 Sigurd Reinton - - - - - 15 Andrew White - - - - - 14 Chris Bennett 3 - - - - - - Warwick Brady 3 - - - - - - Mike Powell 3 - - - - - - 1,243 75 424 447 2,189 2,482 * For year, or from date of appointment or up to date of resignation. Former directors Giovanni Bisignani, Barry Humphreys and Nigel Turner resigned in the 2014 financial year and received no emoluments for their service in that year. 1 Dr Paul Golby CBE was appointed to the Board on 1 September 2014. 2 These directors participated in a pension salary sacrifice arrangement. Therefore contributions paid to the pension scheme via salary sacrifice have been deducted from salary figures. The contributions paid via salary sacrifice are included within the pension figures reported in the analysis of pensions below. 3 These directors are appointed by The Airline Group (AG) who charged NATS a total of £45,000 per quarter (2014: £45,000 per quarter) for the services of the directors. Dr Harry Bush CB was appointed on 29 May 2014 and Will Facey was appointed on 27 November 2014. Mike Powell resigned on 29 May 2014, Warwick Brady resigned on 10 September 2014 and Chris Bennett resigned on 4 March 2015. 4 John Devaney resigned from the Board on 31 August 2014. 5 Benefits paid to the Chairman and non-executive directors represent the reimbursement of travel costs. 6 As noted in the Remuneration Committee’s report, Richard Deakin resigned as a director on 18 May 2015 and leaves the company on 30 June 2015. His emoluments for the year ended 31 March 2015, including performance related payments and entitlements under the Long Term Incentive Plan, (cycle 2) reflect his contractual entitlement to that date. In addition to his contractual pay from 1 April to 30 June 2015 and six month’s pay in lieu of notice, the company agreed to pay costs on Mr Deakin’s behalf, which relate mainly to legal fees and outplacement services. Governance
Annual Report and Accounts 2015 | NATS Holdings Limited Governance 67 Reports from Board Committees (continued) Audited information Directors’ remuneration (continued) Interests of the directors in the Long Term Incentive Plan (LTIP): From April 2011, the company introduced a rolling three year executive LTIP, entitling the executive directors to performance related pay contingent on achieving financial and strategic targets. Cycle 2 commenced in April 2012 and vested on 31 March 2015. The maximum entitlement of each of the executive directors for each cycle as a percentage of average annual salary is shown below: Cycle 2 Cycles 3 & 4 Richard Deakin 90.0% n/a Martin Rolfe 62.5% 75.0% Nigel Fotherby 62.5% 75.0% The outcome of the LTIP is not known until the end of each cycle. Accordingly, the emoluments table will reflect amounts when qualifying conditions in relation to each cycle are met. Nigel Fotherby is a member of the CAA Pension Scheme, a defined benefit pension scheme. The value of his accrued pension benefit in the year was as follows: 2015 2014 £000 £000 Nigel Fotherby 88 88 The pension value represents the additional benefit accrued in the year (excluding inflation as measured by the Consumer Prices Index (CPI)) multiplied by a factor of 20. The value is inclusive of contributions paid by the employer on behalf of Nigel Fotherby via a salary sacrifice arrangement. The principal terms of the company’s defined contribution scheme are explained in note 28 to the financial statements. Martin Rolfe is a member of the scheme. Richard Deakin was a member during the financial year (and until his departure from NATS on 30 June 2015). The company paid contributions in the year for Martin Rolfe of £41,708 and for Richard Deakin of £87,946. Under the company’s pension salary sacrifice arrangement, Martin and Richard sacrificed £20,854 and £43,973 of their salary in lieu of pension contributions respectively to the defined contribution pension scheme in the year. Aggregate emoluments disclosed above do not include any amounts for the value of shares awarded under the company’s All-Employee Share Ownership Plan. There were no shares sold during the year. Governance
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NATS-Annual-Report-2015

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