Experian 2013 Annual Report Download - page 76
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Remuneration in summary
This section provides a summary of key remuneration arrangements for our executive directors. More detail of how these were
operated during the year ended 31 March 2013, and are intended to be operated in future, is provided later in this Report.
Summary of proposed remuneration arrangements for the year ending 31 March 2014
The Remuneration Committee reviews remuneration arrangements annually to ensure they remain suitable in the light of both
internal and external factors. This year, the Committee concluded that the key elements of the existing arrangements remained
aligned with the core principles of Experian’s remuneration policy and Experian’s long-term business strategy, and therefore no
changes to the overall structure of the remuneration package were required. The Committee agreed the following key changes
for the year ending 31 March 2014:
•salaries have been increased in line with salary increases for the wider employee population;
•performance targets have been reviewed by the Committee and, as a result, the cash flow target, which applies to the
Co-investment Plans, has been increased. The Committee considers that the other long-term targets remain appropriate;
•in order to ensure a strong alignment of the interests of the executive directors with those of shareholders, the Committee
has increased the shareholding guideline from 200% of salary for the CEO and 100% of salary for other executive directors to
300% and 200% respectively; and
•mindful of shareholders' desire for Remuneration Committees to have the ability to adjust payouts from incentive plans to
ensure rewards are aligned with the success of the business, additional powers are being introduced into the long-term
incentive plans, for awards being made in 2013 onwards, to give the Committee the discretion to vary the level of vesting
determined by applying the performance conditions if they consider that this level of vesting is inconsistent with the actual
underlying financial and operational performance of the Group.
Summary of annual remuneration earned in the year ended 31 March 2013
Salary
‘000s
Annual bonus(1)
‘000s
Benefits
‘000s
Total 2013
‘000s
Don Robert US$1,550 US$2,325 US$465 US$4,340
Chris Callero US$990 US$1,485 US$62 US$2,537
Brian Cassin(2) £413 £675 £67 £1,155
1. The executive directors have deferred their entire annual bonus shown above and will be awarded invested shares under the Co-investment Plans in respect of
this deferral. They will have an opportunity to earn matching shares (maximum 2:1) on this deferral, subject to the achievement of performance conditions.
2. Brian Cassin’s annual salary was £450,000 for the year ended 31 March 2013. The figures provided in the above table show remuneration from the date he joined
Experian (30 April 2012) to 31 March 2013.
Summary of long-term remuneration awarded in the year ended 31 March 2013
Shares awarded under Shares awarded under Co-investment Plans
Performance Share Plan(1) Invested shares(2) Matching shares(1)
Don Robert 219,063 211,997 423,994
Chris Callero 139,918 135,678 271,356
Brian Cassin(3) 101,275 – –
1. Awards under the Performance Share Plan and matching shares awarded under the Co-investment Plans will only vest to the extent that stretching performance
targets are met. These targets are described later in this Report.
2. The directors deferred their entire annual bonus for 2012 and the invested shares shown above were awarded in respect of this deferral.
3. Upon appointment Brian Cassin was also granted a one-off recruitment award of 158,261 shares. Further details are provided in the section entitled ‘Recruitment
and Retention awards’.
Report on directors’ remuneration
continued
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74 Experian Annual Report 2013 Governance