FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
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Section five – Corporate governance statement and remuneration report<br />
<strong>FSA</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2006</strong>/<strong>07</strong><br />
65<br />
Table 5.8<br />
Performance Other<br />
Board related emoluments 20<strong>07</strong> <strong>2006</strong><br />
fee Salary bonuses and benefits Total Total<br />
£ £ £ £ £ £<br />
Callum McCarthy (Chairman) – 360,000 – 73,565 433,565 436,142<br />
Executive Directors<br />
Clive Briault – 285,000 65,000 58,029 408,029 379,540<br />
David Kenmir – 285,000 65,000 83,453 433,453 383,121<br />
Hector Sants – 315,000 71,000 96,829 482,829 445,303<br />
John Tiner 1 – 430,000 95,000 127,577 652,577 572,619<br />
Non–executive Directors 2<br />
Dame Deirdre Hutton CBE (Deputy Chairman) 3 60,000 – – – 60,000 60,000<br />
James Crosby 5,6 32,500 – – – 32,500 26,813<br />
Tom de Swaan 4,5 25,720 – – – 25,720 28,250<br />
Peter Fisher 7 – – – – – –<br />
Brian Flanagan 4,905 – – – 4,905 –<br />
Karin Forseke 25,000 – – – 25,000 22,500<br />
Sir John Gieve 7 – – – – – –<br />
Kyra Hazou 4 20,095 – – – 20,095 22,500<br />
Sir Andrew Large 7 – – – – – –<br />
Professor David Miles 25,000 – – – 25,000 22,500<br />
Michael Slack 25,000 – – – 25,000 22,500<br />
Hugh Stevenson 5,8 44,375 – – – 44,375 37,500<br />
Stephen Thieke 9 – – – – – 7,063<br />
Clive Wilkinson 4 20,095 – – – 20,095 22,500<br />
282,690 1,675,000 296,000 439,453 2,693,143 2,488,851<br />
Of which fees for service as Directors 282,690 272,126<br />
Remuneration as executives 2,410,453 2,216,725<br />
2,693,143 2,488,851<br />
1 The total emoluments of the highest paid director during the year, John Tiner, were £652,577 (<strong>2006</strong>: £572,619), including a supplement of £49,468 (<strong>2006</strong>: 42,553),<br />
paid during the year towards the funding of his personal pension.<br />
2 The fee for a non–executive director was set by the independent panel, established with the approval of HMT, at £25,000 per annum with effect from 1 April <strong>2006</strong>.<br />
3 Dame Deirdre Hutton CBE was appointed as Deputy Chairman from 1 April 2004. The fee payable to the Deputy Chairman was set by the independent panel at<br />
£60,000 per annum with effect from 1 April 2005 and is unchanged for <strong>2006</strong>/<strong>07</strong>.<br />
4 Tom de Swaan, Kyra Hazou and Clive Wilkinson all retired as Directors on 18 January 20<strong>07</strong> and their fees for 20<strong>07</strong> were pro–rated.<br />
5 An additional fee of £7,500 per annum is paid to any non-executive director (other than the Deputy Chairman) who has been appointed to chair a committee of the<br />
Board. Two Directors chaired the Risk Committee during the year: Tom de Swaan from 1 April <strong>2006</strong> to 2 January 20<strong>07</strong>, and Hugh Stevenson from 3 January 20<strong>07</strong> to<br />
31 March 20<strong>07</strong>. James Crosby chaired the Audit Committee throughout the year.<br />
6 The fee for James Crosby was paid directly to his previous employer, HBOS, for the three months to 30 June <strong>2006</strong>, and from 1 July <strong>2006</strong> his fee was paid through the<br />
<strong>FSA</strong> payroll.<br />
7 Sir Andrew Large retired as a director on 15 January <strong>2006</strong>, and Sir John Gieve was appointed from 16 January <strong>2006</strong>. Both Directors waived their Board fees in respect<br />
of the years concerned. Peter Fisher was appointed on 19 January 20<strong>07</strong> and waived his fee for the period.<br />
8 Hugh Stevenson also chaired the Board of <strong>FSA</strong> Pension Plan Trustee <strong>Ltd</strong> in the year. The annual fee was set at £17,500 by the independent panel with effect from<br />
1 April <strong>2006</strong>.<br />
9 Stephen Thieke retired as a director on 30 June 2005.