Annual report and accounts 2009 (PDF) - Coventry Building Society

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NOTES TO THE ACCOUNTS(continued)10. STAFF NUMBERSGroup and SocietyGroup and Society2009 2008Full-time Part-time Full-time Part-timeThe average number of persons employedduring the year (including executive directors) was:Head office and administrative centres 641 239 632 221Branches 324 203 346 210965 442 978 43111. DIRECTORS’ EMOLUMENTS2009 2008£000 £000Directors’ emolumentsFor services as directors 285 245For executive services 890 606Increase in accrued pension - 21,175 853The emoluments of the Society’s directors are listed below.Non-executive directors:David Harding (Chairman) 75 68Bridget Blow (appointed Deputy Chairman 19.05.2009) 48 36Roger Burnell (appointed 01.09.2008) 38 11Ian Geden (appointed 01.09.2008) 38 11 1Andrew Pearce (former Deputy Chairman, retired 31.12.2008) - 39Ian Pickering (Chair of the Audit Committee) 48 38Fiona Smith 38 33Roger Wiglesworth (retired 14.04.2008) - 9285 2451. For 2008 the emoluments for Ian Geden’s services as a non-executive director were paid to his employer, NFU Mutual.No pension contributions were made for non-executive directors.44
11. DIRECTORS’ EMOLUMENTS (continued)IncreasePerformance Pension in accrued TaxableSalary bonus contributions pension benefits TotalExecutive directors: £000 £000 £000 £000 £000 £0002009David Stewart 294 24 2 76 - 15 409Colin Franklin(appointed 07.07.2009) 66 11 1 14 - 8 99Rob Green 199 17 1 19 - 21 256Phil Vaughan(appointed 07.07.2009) 95 15 1 9 - 7 126654 67 118 - 51 8902008David Stewart 290 - 72 2 19 383Rob Green 186 - 18 - 21 225476 - 90 2 40 6081. All eligible Coventry Building Society staff participate in an annual performance related bonus scheme. Eligibility is dependent upon satisfactoryindividual performance. The executive directors are eligible to receive an annual performance related payment which, in 2009, was calculated byreference to the Society’s financial performance. The performance of the Society during 2009 gave rise to a calculated bonus for all 1,350 eligiblemembers of staff equivalent to 8% of basic salary. The bonus percentage payable to each of the executive directors of 8% of basic salary was identical tothat of all other eligible staff. The annual performance bonus for Colin Franklin and Phil Vaughan represents the amount payable for the full year.2. In view of the continuing difficult economic environment and its impact on members, David Stewart elected to waive all bonus payments for 2009 of£24,000 which were previously awarded and approved by the Remuneration Committee. Total remuneration paid was therefore £385,000 (2008 -£383,000).DEFINED BENEFIT SCHEME 3Pension benefits earned by directors Accrued Transfer value Transfer value Differencepension per of accrued of accrued in transferDirector's annum benefits benefits value lesscontribution at 31.12.2009 31.12.2008 31.12.2009 contributions£000 £000 £000 £000 £000David Stewart - 38 510 567 57Colin Franklin 5 4 40 - 4 814 - 43. The Chief Executive, the Finance Director and the Chief Operating Officer are all active members of the Society’s funded defined contribution pensionscheme.The Chief Executive is also a deferred member of the Society’s contributory final salary pension scheme. In light of concerns over the cost of providingsuch final salary benefits, David Stewart voluntarily left the final salary pension scheme in July 2006 on being appointed Chief Executive.4. Colin Franklin was appointed to the board on 7 July 2009. The pension disclosures are therefore in respect of his service as a director only.Details of the executive directors’ service contracts are contained in section 3 of the Annual Business Statement.45
Page 1 and 2: ANNUAL REPORT & ACCOUNTS 2009
Page 3: ChairmanDavid HardingDeputy Chairma
Page 11 and 12: DIRECTORS’ REPORTBUSINESS OBJECTI
Page 13 and 14: Financial performanceThe Society ac
Page 15 and 16: ASSETSThe assets of the Group incre
Page 17 and 18: KEY PERFORMANCE INDICATORSNET MORTG
Page 19 and 20: Remuneration CommitteeConsisting of
Page 21 and 22: RISK MANAGEMENT REPORTPRINCIPAL RIS
Page 23 and 24: CORPORATE GOVERNANCEThe board is ac
Page 25 and 26: APPOINTMENTS TO THE BOARDThe appoin
Page 27 and 28: DIRECTORS’ REMUNERATION REPORTINT
Page 29 and 30: STATEMENT OF DIRECTORS’RESPONSIBI
Page 31 and 32: OPINIONIn our opinion:the Annual Ac
Page 33 and 34: BALANCE SHEETSas at 31 December 200
Page 35 and 36: CASH FLOW STATEMENTSfor the year en
Page 37 and 38: Improvements to IFRSThe improvement
Page 39 and 40: FINANCIAL LIABILITIESFinancial liab
Page 41 and 42: PENSION COSTSThe Society operates b
Page 43 and 44: Loan impairment and other provision
Page 45: 7. OTHER OPERATING INCOMEGroup Soci
Page 49 and 50: 12. PENSION SCHEME (continued)2009
Page 51 and 52: 13. IMPAIRMENT PROVISIONS ON LOANS
Page 53 and 54: 14. PROVISION FOR FSCS LEVIESAll de
Page 55 and 56: 20. DEBT SECURITIESGroup Society Gr
Page 57 and 58: 21. DERIVATIVES AND OTHER FINANCIAL
Page 59 and 60: 24. INTANGIBLE FIXED ASSETSGroup So
Page 61 and 62: 26. DEFERRED TAXDeferred tax assets
Page 63 and 64: 32. OTHER LIABILITIESGroup Society
Page 65 and 66: 38. FINANCIAL COMMITMENTSGroup Soci
Page 67 and 68: 40. FINANCIAL INSTRUMENTS (continue
Page 75 and 76: 41. RELATED PARTY TRANSACTIONSULTIM
Page 77 and 78: 42. NOTES TO THE CASH FLOW STATEMEN
Page 79 and 80: 2. OTHER PERCENTAGES2009 2008% %As
Page 81 and 82: 3. INFORMATION RELATING TO DIRECTOR
Page 84: www.thecoventry.co.ukCoventry Build

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