Tesco 2015 Annual Report Download - page 49

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Payments to former Directors
After detailed legal advice and a rigorous review, the Board paid the legally binding contractual
payments to former CEO Philip Clarke and former CFO Laurie McIlwee in February 2015. Details
of their departure arrangements can be found on pages 56 and 57.
Changes to Committee membership
In addition to the change to the Committee outlined above, I would like to take this
opportunity to welcome Mikael Olsson who joined the Committee on 2 December 2014,
and thank Jacqueline Tammenoms Bakker for her services to the Committee until her
retirement from the Board on 28 February 2015. I would also like to thank Stuart Chambers
and Ken Hanna, who will not seek re-election to the Board at this year’s AGM, for their
services to the Committee. John Allan joined the Committee with effect from 20 April 2015.
Further review in 2015/16
As a Committee we have agreed to complete a further review of remuneration in 2015/16
to ensure that future arrangements are fully aligned to our long-term strategy to deliver value
to shareholders and that the performance metrics used in our incentive plans are transparent
and trackable with our business plans. This will be developed over the coming months and,
although we anticipate that no further changes to our Remuneration Policy will be required as
a result of this review, we will consult shareholders again once this review has been completed.
Deanna Oppenheimer
Chair of the Remuneration Committee
47Tesco PLC Annual Report and Financial Statements 2015
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