|
Continued
Directors' remuneration table
| |
Salaries/
fees |
Bonuses |
Benefits |
Total emoluments
excluding pensions |
|
2003
£'000 |
2003
£'000 |
2003
£'000 |
2003
£'000 |
2003
£'000 |
 |
Executive |
|
|
|
|
|
|
Geoff Gaywood |
349 |
34 |
21 |
404 |
513 |
|
Brian Taylorson |
209 |
21 |
15 |
245 |
286 |
|
| Philip Brown |
165 |
16 |
11 |
192 |
246 |
|
| George Fairweather |
- |
- |
- |
- |
79 |
|
| Non-executive |
|
|
|
|
|
|
| Jonathan Fry (Chairman) |
150 |
- |
- |
150 |
150 |
|
| Michael Hartnall |
23 |
- |
- |
23 |
23 |
|
| Richard McNeel |
20 |
- |
- |
20 |
20 |
|
| Edward Wilson |
20 |
- |
- |
20 |
20 |
|
|
936 |
71 |
47 |
1,054 |
1,337 |
|
Notes:
Brian Taylorson was appointed as a director on 2 April 2002.
George Fairweather resigned as a director and left employment of the Company on 31 March 2002.
Richard McNeel resigned as a director of the Company on 30 December 2003.
Emoluments for Geoff Gaywood and Brian Taylorson exclude salary supplements paid as compensation for the limitation of their pension rights to the Inland Revenue earnings cap. These are shown in the Directors' retirement benefits table.
Benefits include the provision of cars, life assurance and medical cover.
Service contracts
It is the Company's policy that executive directors should have service contracts with a notice period not exceeding 12 months.
Geoff Gaywood, Brian Taylorson and Philip Brown have service agreements with Elementis plc dated 1 October 2001, 2 April 2002 and 8 September 2000 respectively and the appointments shall continue until terminated by either party on giving not less than 12 months' notice to the other party.
Termination payments are not agreed in advance and are determined in accordance with the directors' contractual rights. It is the Committee's policy to ensure that a director's duty to mitigate his loss is taken into account in the calculation of any termination payments.
The terms of engagement for each of the non-executive directors are:
Name |
Date of original appointment
as director of the Company
|
Date of expiry |
|
Jonathan Fry* |
11 December 1997 |
September 2004 |
|
Michael Hartnell* |
11 December 1997 |
April 2005 |
|
Edward Wilson* |
1 July 1999 |
July 2005 |
|
The terms of engagement of the non-executive directors are set out in letters which provide that their appointment can be terminated by the Company on any grounds without claim for compensation.
* Jonathan Fry was appointed a non-executive director of Elementis Holdings Limited (formerly Harrisons and Crosfield plc) on 2 September 1997 and Michael Hartnall was appointed a non-executive director of Elementis Holdings Limited (formerly Harrison and Crosfield plc) on 2 February 1993. The shares in Elementis Holdings Limited were acquired by the Company by way of a Scheme of Arrangement in 1998.
Directors' remuneration report continues on the next page >
[Page 5 of 7]
|
