Annual Report 2012 - Development Securities PLC

l) Retirement benefits
Qualifying members of staff are invited to join the Development Securities
Retirement Benefits Scheme, which is a contracted-in money purchase
scheme, including appropriate life assurance. Since the Company’s policy is
to render pension payments on a defined contribution basis, this avoids the
uncertainty of pension liabilities to the Company, which would be the case
had a defined benefit scheme been adopted. M H Marx and G Prothero have
separate personal pension arrangements, whilst C J Barwick and M S Weiner
are members of the Company scheme. The maximum contributions by the
Company towards the approved Company scheme and any alternative
arrangements may not exceed a total of 17.5 per cent of salary.
m) Executive Directors’ shareholding requirement
Executive Directors are subject to a shareholding requirement of one half of
basic salary within two years of appointment, rising to an amount equivalent
to one times basic salary after four years. M H Marx, C J Barwick and M S
Weiner have all met the amount equivalent to basic salary, with G Prothero
yet to reach this level.
From 1st March 2012, the Company will operate an additional shareholding
requirement, which will operate where significant success is achieved and
rewarded via the Company’s focused profit plans. Where payments under the
Development Profit Plan, Joint Venture Profit Plan, Investment Growth Plan
and Strategic Profit Plan, in aggregate, exceed £1.0 million in one financial
year, two thirds of the payment above £1.0 million will be made in shares.
This will apply if the Director’s shareholdings are less than two times salary.
The amount paid in shares will be subject to a two year retention period.
Remuneration Report
The interests of the Directors, all of which were beneficial, in the share capital
of the Company, were:
Ordinary shares
29th February
2012
Number
31st December
2010
Number
D S Jenkins 34,325 34,325
M H Marx 529,525 529,525
C J Barwick 272,399 272,399
M S Weiner 145,473 138,937
G Prothero 86,734 61,396
V M Mitchell 3,544 3,544
M S Soames 84,900 58,900
S C Bates 30,000 —
N H Thomlinson — —
1,186,900 1,099,026
Remuneration in detail – Directors’ emoluments (audited)
The total Directors’ remuneration was as follows:
29th February
2012
£’000
(14 months)
31st December
2010
£’000
(12 months)
Emoluments 2,601 2,609
Company contributions to money
purchase pension schemes 268 233
2,869 2,842
The remuneration of the individual Directors who held office for the 14-month period to 29th February 2012 is set out below:
Salaries
and fees
£’000
Total
bonus
£’000
Benefits
in kind*
£’000
Total**
29th February
2012
£’000
Total
31st December
2010
£’000
Pension
contributions***
29th February
2012
£’000
Pension
contributions
31st December
2010
£’000
Chairman
D S Jenkins 105 — — 105 67 — —
Executive Directors
M H Marx 466 150 28 644 800 70 65
C J Barwick 379 111 19 509 521 66 56
M S Weiner (highest paid Director) 381 310 19 710 586 66 56
G Prothero 379 60 20 459 512 66 56
Non-executive Directors
V M Mitchell 58 — — 58 39 — —
M S Soames 55 — — 55 40 — —
S C Bates 55 — — 55 44 — —
N H Thomlinson (from 3rd January 2012) 6 — — 6 — — —
1,884 631 86 2,601 2,609 268 233
* Benefits in kind received during the year comprise motor vehicles, cash in lieu of a motor vehicle, fuel and medical insurance.
** As a result of the change in the Company's year end, amounts shown for 29th February 2012 are in respect of 14-months whereas amounts for 31st December 2010 are in respect of 12 months.
*** Pension contributions received during the period include contributions to Company's approved scheme or cash supplements.
Development Securities PLC / Annual Report 2012 63