Tate & Lyle Annual Report 2011 - Total remuneration package

The following tables show the remuneration package of the executive directors for the year ended 31 March 2011.

Javed Ahmed (Chief Executive)

Element	Below threshold performance £000	At threshold performance £000	At target performance¹ £000	At stretch performance £000	Actual earned/ vested² £000
Base salary	675	675	675	675	675
Annual bonus	None	68	506	1 013	1 013
		(10% of base salary)	(75% of base salary)	(150% of base salary)
LTI – face value of 2010 grant	None	506	1 266	2 025	–
(vesting deferred until 2013)		(25% vesting)	(62.5% vesting)	(100% vesting)
LTI vesting for performance to 31 March 2011³	–	–	–	–	1 267
Pension allowance	236	236	236	236	236
Other benefits	19	19	19	19	19
Total value	930	1 504	2 702	3 968	3 210

Element

Below threshold
performance
£000

At threshold
performance
£000

At target
performance¹
£000

At stretch
performance
£000

Actual earned/
vested²
£000

1	In the case of the LTI, ‘target’ is taken to be midway between threshold and stretch.
2	Actual annual bonus earned in respect of 2011 and LTI vesting of 81% following year-end 31 March 2011, which are valued using the closing share price on 31 March 2011. In the case of Tim Lodge, his PSP award, which will convert into a deferred right to acquire the appropriate number of Tate & Lyle PLC shares at the end of a one year retention period subject to service conditions, represents £150,658 and the DBSP £34,350, representing the matching component of shares awarded in 2008.
3	Relates to special incentive arrangements upon recruitment to compensate for LTI awards foregone as a result of leaving his former employer.
4	The portion of bonus that exceeds 100% of base salary is deferred into Tate & Lyle PLC shares for two years.
5	Estimated value of defined benefit pension accrual has been calculated taking account of the accrual rate, salary increase effective 1 April 2010, pensionable service and the HMRC valuation factor.
6	As of 6 April 2011, the Group Pension Scheme closed to future accrual. Tim Lodge, who was a member of the Scheme, now receives 25% of base salary as a cash allowance and no longer accrues a defined benefit pension.

Base salary

383

Annual bonus⁴

None

191

669

(0% of base salary)

(50% of base salary)

(175% of base salary)

LTI – face value of 2010 grant

None

143

550

956

–

(vesting deferred until 2013)

(15% vesting)

(57.5% vesting)

(100% vesting)

LTI vesting for performance to 31 March 20113

–

185

Cash value of pension accrual^5,6

216

Other benefits

Total value

613

756

1 354

2 238

1 467