Annual Report 2012 - Development Securities PLC

Remuneration Report continued
k) Directors’ contracts
Executive Directors Date of contract
M H Marx 24th June 1994 • The contracts do not specify an expiry date. All contracts may be
terminated upon 12 months’ notice by either party.
C J Barwick 12th May 1998
• Severance payments are based upon the service contract terms,
whilst bearing in mind a duty to mitigate, where appropriate.
M S Weiner 17th March 2004
• In the event of early termination, the contractual entitlement includes
salary, pension, benefits in kind and any awards outstanding under
the sections described above, subject to the rules of the individual
G Prothero 11th June 2008
schemes and plans.
Non-executive Directors
Notice period in
letter of appointment,
terminable by either
party (months)
D S Jenkins (Chairman) 12
V M Mitchell 6
M S Soames 6
S C Bates 6
N H Thomlinson 6
With the exception of M S Soames and V M Mitchell, who will be resigning
from the Board, and N H Thomlinson who will be seeking election, all of
the Directors will stand for annual re-election at the forthcoming Annual
General Meeting.
The fees of the Non-executive Directors are determined by the Board
within the aggregate limit set by the Articles of Association. No Director
participates in any discussion about their own remuneration. The fees of
the Non-executive Directors were reviewed by the Board with effect from
1st October 2010 based on advice received from the Company’s
remuneration consultants, Deloitte LLP. There has been no change in the
fees of the Non-executive Directors. Non-executive Directors do not
participate in the Company’s share option schemes, Performance Share
Plan or pension scheme.
Non-executive Directors’ fees per annum
62 Development Securities PLC / Annual Report 2012
29th February
2012
£’000
31st December
2010
£’000
Chairman 90.0 90.0
Basic Non-executive fee 40.0 40.0
Chairmanship of either Audit or
Remuneration Committee 7.5 7.5
Membership of either Audit or Remuneration
Committee 2.5 2.5
Senior Independent Director fee 5.0 5.0
Executive Directors may accept appointment to an external non-executive
directorship to gain experience, provided this does not create any conflict
of interest and for which they may retain any attributable fees. The only
Executive Directors to have received any external non-executive directorship
fees during the year were M H Marx, who received £35,000 per annum from
Nationwide Accident Repair Services PLC and C J Barwick, who received
£45,000 per annum from London & Continental Railways Limited.