annual report 2007 - the Admiral Group plc

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32 REMUNERATION REPORTIn addition to benefits such as private medical cover, permanent health insurance, death inservice cover and eligibility to the Group’s Personal Pension Plan, there are two main elements tothe Finance Director’s remuneration package:· Basic annual salary· Awards under the DFSS.It is the Committee’s general strategy to pay salaries at or slightly below median levels togetherwith awards under the DFSS bringing the total remuneration to competitive levels for superiorperformance. With effect from 1 October 2007 Kevin Chidwick’s base salary was increasedto £240,000, an increase of 20%. Kevin Chidwick received an award of 23,000 free shares on18 April 2007 with a value at the date of the award of £241,500. The awards are the maximumnumber of shares that could vest after a three-year period and are subject to performancecriteria as described above.Directors’ service contractsThe following table summarises the notice periods relating to the service contracts of theExecutive Directors serving at 31 December 2007.Notice – Director(months)Notice – Company(months)Kevin Chidwick 12 12Henry Engelhardt 12 12David Stevens 12 12There is no provision in the Executive Directors’ contracts for compensation to be payable onearly termination of their contract over and above the notice period element.The Company has entered into letters of appointment with its Non-executive Directors.Summary details of terms and notice periods are included below.Term and noticeAlastair LyonsManfred AldagMartin JacksonKeith JamesMargaret JohnsonLucy KellawayJohn Sussens3 years commencing 1 July 2007, terminable by either partygiving three months’ written notice.Indefinite (terminable on one months’ notice fromeither party) – automatically terminates should he ceaseemployment with Munich Re.3 years commencing 1 December 2006, terminable by eitherparty giving one months’ written notice.3 years commencing 1 December 2006, terminable by eitherparty giving one months’ written notice.3 years commencing 4 September 2006, terminable by eitherparty giving one months’ written notice.3 years commencing 4 September 2006, terminable by eitherparty giving one months’ written notice.3 years commencing 1 December 2006, terminable by eitherparty giving one months’ written notice.Given the short notice periods applicable, mitigation issues are unlikely to arise.Non-executive Directors’ remunerationThe remuneration of the Chairman is decided by the Remuneration Committee and that of theNon-executive Directors by the full Board. The Non-executive Directors do not participate inmeetings when Non-executive Director fees are discussed.
ADMIRAL GROUP plc 33The following tables set out Non-executive fees and expected time commitments.Expected time commitment (in days) for the Board and Committees:Audit Remuneration NominationsSeniorIndependentDirectorBoardMember 3 1 1 18Chairman 4-5 2-3 2-4 As requiredOther 1-3Fees payable (£’000) with respect to Board and Committee membership are as follows:Audit Remuneration NominationsSeniorIndependentDirectorBoardMember 3 1 1 30Chairman 5 3 3 120Other 5Remuneration report 30 - 35Total Shareholder Return (TSR)The following graph sets out a comparison of Total Shareholder Return for Admiral Groupplc shares with that of the FTSE 350 Index, of which the Company is a constituent. The graphmeasures the period from the commencement of conditional trading on 23 September 2004up to 31 December 2007. TSR is defined as the percentage change over the period, assumingreinvestment of income.The Directors consider this to be the most appropriate index against which the Company shouldbe compared.4404 4 04004 0 03603 6 03203 2 02802 8 02402 4 02002 0 01601 6 01201 2 0808 0Sep-04S e p - 0 4 Dec-04D e c - Mar-05 0 5 Jun-05 J u n - Sep-05e p 5 Dec-05D e c - 0 5 Mar-06 r 6 Jun-06 J u 0 6 Sep-06 S e p - 0 6 Dec-06 D e c - Mar-07M a 0 7 Jun-07 J u n 7 Sep-07 S e p 7 Dec-07D e c - 0 7Source: DatastreamAAdmiral d a l GGroup u p PL plcC FTSE 350
Page 1: annual report 2007
Page 8: 8 CHIEF EXECUTIVE’S STATEMENTChie
Page 11 and 12: ADMIRAL GROUP plc 1167%. Advertisin
Page 13 and 14: ADMIRAL GROUP plc 13Last point of n
Page 15 and 16: ADMIRAL GROUP plc 15UKGROUP£000EUR
Page 17 and 18: ADMIRAL GROUP plc 17Profit commissi
Page 19 and 20: ADMIRAL GROUP plc 19Investments and
Page 21 and 22: ADMIRAL GROUP plc 21Reconciliation
Page 23 and 24: ADMIRAL GROUP plc 23John Sussens ga
Page 25 and 26: ADMIRAL GROUP plc 25This is supplem
Page 27 and 28: ADMIRAL GROUP plc 27During 2007, th
Page 29 and 30: ADMIRAL GROUP plc 29The Committee h
Page 31: ADMIRAL GROUP plc 31· Approved Fre
Page 35 and 36: ADMIRAL GROUP plc 35Awards made und
Page 37 and 38: ADMIRAL GROUP plc 37Corporate respo
Page 39 and 40: ADMIRAL GROUP plc 39Impact Area Usa
Page 41: ADMIRAL GROUP plc 41Manfred Aldag (
Page 44 and 45: 44 FINANCIAL STATEMENTSDirectors’
Page 46 and 47: 46 FINANCIAL STATEMENTSAppointments
Page 48 and 49: 48 FINANCIAL STATEMENTSIndependent
Page 50 and 51: 50 FINANCIAL STATEMENTSConsolidated
Page 52 and 53: 52 FINANCIAL STATEMENTSConsolidated
Page 54 and 55: 54 FINANCIAL STATEMENTSNotes to the
Page 56 and 57: 56 FINANCIAL STATEMENTSInvestment i
Page 58 and 59: 58 FINANCIAL STATEMENTSand expected
Page 60 and 61: 60 FINANCIAL STATEMENTS4. Segment r
Page 62 and 63: 62 FINANCIAL STATEMENTS5. Net insur
Page 64 and 65: 64 FINANCIAL STATEMENTSAnalysis of
Page 66 and 67: 66 FINANCIAL STATEMENTS10. Staff co
Page 68 and 69: 68 FINANCIAL STATEMENTSFactors affe
Page 70 and 71: 70 FINANCIAL STATEMENTS16. Property
Page 72 and 73: 72 FINANCIAL STATEMENTS18. Financia
Page 74 and 75: 74 FINANCIAL STATEMENTSLiquidity ri
Page 76 and 77: 76 FINANCIAL STATEMENTSiii) Effecti
Page 78 and 79: 78 FINANCIAL STATEMENTSD) Analysis
Page 80 and 81: 80 FINANCIAL STATEMENTSF) Reconcili
Page 82 and 83:
82 FINANCIAL STATEMENTS23. Obligati
Page 84 and 85:
84 FINANCIAL STATEMENTSStaff share
Page 86 and 87:
86 FINANCIAL STATEMENTS26. Analysis
Page 88 and 89:
88 FINANCIAL STATEMENTS29. Related
Page 90 and 91:
90 FINANCIAL STATEMENTSParent Compa
Page 92 and 93:
92 FINANCIAL STATEMENTSNotes to the
Page 94 and 95:
94 FINANCIAL STATEMENTS8. Reconcili
Page 96 and 97:
NotesADMIRAL GROUP plc
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