NATS-Annual-Report-2015

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