Tesco 2000 Annual Report Download - page 15

Download and view the complete annual report

Please find page 15 of the 2000 Tesco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 44

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44

TESCO PLC
13
Pensions
Executive Directors are members of the Tesco PLC Pension Scheme
which provides a pension of up to two-thirds of base salary on
retirement, normally at the age of 60, dependent upon service.The
scheme also provides for dependants’ pensions and lump sums on
death in service.The scheme is a defined benefit pension scheme,
which is approved by the Inland Revenue.
Service agreements
Executive Directors have service contracts with entitlement to
notice of 24 months.This notice period is renewed annually by
the Remuneration Committee and is regarded as an essential part
of the remuneration package, designed to retain key executives
within the company.
Non-executive Directors
Non-executive Directors do not have contracts but each appointment
is subject to review every three years. Non-executive Directors
receive a basic fee plus an additional sum in respect of committee
membership. Mr J A Gardiner and Baroness O’Cathain each have
the benefit of the use of a company car.
TABLE 1 Directors’ emoluments
Incentive scheme
Profit Total Total
Salary sharing Benefits Short-term Long-term 2000 1999
£000 £000 £000 £000 £000 £000 £000
Mr J A Gardiner 300–5––305300
Mr T P Leahy 648 8 41 231 245 1,173 901
Mr D E Reid 557 8 65 195 228 1,053 836
Mr R S Ager 379 8 18 131 162 698 590
Mr C L Allen 35––––353
Mr P A Clarke 249 6 23 95 61 434 85
Dr H Einsmann (a) 24––––24–
Mr J Gildersleeve 504 8 66 174 212 964 782
Mr A T Higginson 378 – 46 134 86 644 553
Mrs L James (b) 303–4––307427
Dr M G Jones (c) ––––––10
Mr T J R Mason 381 8 22 134 135 680 567
Mr J W Melbourn 38––––3837
Baroness O’Cathain 33–7––4044
Mr G F Pimlott 38––––3830
Mr D T Potts 314 8 13 104 66 505 116
Mr J M Wemms 422 8 48 146 177 801 658
4,603 62 358 1,344 1,372 7,739 5,939
a Dr H Einsmann was appointed to the Board on 1 April 1999.
b Mrs L James retired from the Board on 30 April 1999. Included in her salary is a payment of £258,000 upon retirement.
c Former Director.