Wales & West Utilities Limited - Directors' report ... - Our Home Page

Notes to the financial statements3. Directors and employees(a) Directors’ emoluments and interestsDirectors’ emoluments:2011 2010£000 £000Fees 100.1 144.9Salary payments (including benefits in kind) 317.9 317.6Performance related bonus (see below) 294.0 436.7Pension contributions 24.0 24.0Contributions in lieu of pension 51.0 51.0787.0 974.2One director is a member of the defined contribution section of the Group pension scheme. All otherdirectors make their own pension arrangements.Performance related bonuses in respect of service by the directors and senior employees for the year willbe payable. Bonuses are payable subject to the achievement of certain targets. These include safety,standards of service, customer satisfaction and financial.The amount disclosed in respect of 2011 represents the bonus approved by the Remuneration Committeein respect of services for the year to 31 March 2011.The performance bonus is normally payable in instalments, with two thirds payable in the July of the yearfollowing the year end once approved and the balance being payable in two equal annual instalmentsconditional on the director remaining in office on the payment date.No director had any interest over shares in the Company.Highest paid director:2011 2010£000 £000Salary payments (including benefits in kind) 317.9 317.6Performance related bonus (see above) 294.0 436.7Pension contributions 24.0 24.0Contributions in lieu of pension 51.0 51.0686.9 829.3Accrued company pension 236.5 190.9Wales & West Utilities Limited24Registered number: 05046791