Summary of the Remuneration Policy
Dechra's policy on Directors' remuneration is to provide remuneration packages that:
- attract, retain and incentivise Executives of the calibre required to ensure that the Group is managed successfully to the benefit of Shareholders;
- provide appropriate alignment between Dechra's strategic goals, Shareholder returns and executive reward; and
- have a competitive mix of base salary and short and long term incentives with a significant proportion of the package determined by stretching targets linked to Dechra's performance.
In defining Dechra's remuneration policy, the Committee takes into account best practice guidelines set by institutional investor bodies such as the Association of British Insurers. The Chairman of the Company also ensures the Company, through the Committee and its Chairman, maintains contact with major Shareholders about remuneration matters.
Key Elements of Remuneration
The key elements of the Directors' remuneration package are illustrated in the following table. The policy details below apply from 1 July 2013.
|Element||Purpose and link to strategy||Operation||Opportunity||Performance measures|
|Base Salary||Core element of fixed remuneration reflecting the individual's role and experience.|
When considering base salary levels the Committee ensures that it provides the basis for a market competitive package to recruit and retain talent amongst the Executive Directors.
|The Committee reviews base salaries annually and in doing so recognises the value of the individual, their skills and experience and performance.|
The Committee also takes into consideration:
(i) pay increases within the Group more generally; and
(ii) Group organisation, profitability and prevailing market conditions.
|Salary increases will normally be in line with the wider Group and the Committee considers any increase out of line with this very carefully. Higher increases may be awarded in exceptional circumstances, taking into account all relevant commercial factors. These could include: increase in scope and responsibility, falling considerably below market positioning or promotional increase.||None, although performance of the individual is one of the considerations in setting salary levels.|
|Pension||Help retain and recruit employees.|
Ensure adequate income in retirement.
|The Company operates a Group Stakeholder personal pension scheme which has been effective since 1 July 2005. All Executive Directors excluding Tony Griffin are members of this scheme.|
Tony Griffin participates in a defined benefit pension plan which has been established in the Netherlands. This is a funded career average pay arrangement, where pensionable salary is subject to a €50,000 cap. Salary over this cap is paid into a defined contribution pension plan.
|The Company contributes 14% of salary to the Group stakeholder personal pension scheme on behalf of the Executive Directors, excluding Tony Griffin.|
A salary supplement is paid in lieu of amounts above the annual allowance of £50,000 per annum with respect to Ian Page.
The Company contributed 12.4% of Tony Griffin's base salary. into the defined benefit pension plan up to the value of €50,000 of his salary and over this cap into the defined contribution pension plan.
|Taxable Benefits||Provided on a market competitive basis||The Company provides benefits in line with market practice and includes the use of a fully expensed car, medical cover and life assurance scheme.|
Other benefits may be provided based on individual circumstances.
|Set at a level which the Committee considers appropriate and provides sufficient level of benefit based on individual circumstances.||Not applicable.|
|Annual Bonus||The executive bonus scheme rewards Executive Directors for achieving operating efficiencies and profitable growth in the relevant year by reference to operational targets and individual objectives.||Targets are reviewed annually and any pay-out is determined by the Committee after the year end based on targets set for the financial period.||Maximum bonus opportunity for Executive Directors is 100% of base salary.||Challenging but achievable operational targets and individual objectives are determined at the beginning of the financial year.|
The personal objectives for the Chief Executive Officer, Ian Page, are set by the Chairman. The personal objectives for Anne-Francoise Nesmes, Tony Griffin and Ed Torr are set by Ian Page.
|Long Term Incentive Plan||The LTIP provides a clear link between the remuneration of the Executive Directors and the creation of value for Shareholders by rewarding the Executive Directors for the achievement of longer term objectives aligned closely to Shareholders' interests.||The Committee intends to make long term incentive awards under the existing LTIP.|
Under the LTIP, the Committee may grant awards as conditional shares, as nil cost options or as forfeitable shares.
The Company also has in place a Company Share Option Plan ("CSOP"). Awards under the CSOP take the form of options to acquire shares, with a per share exercise price equal to the market value of a share at the date of grant.
The Committee may at its discretion structure awards as Approved Performance Share Plan ("APSP") awards comprising both an HMRC approved option granted under the CSOP and a LTIP award, with the vesting of the LTIP award scaled back to take account of any gain made on exercise of the approved option. Other than to enable the grant of APSP awards, the Company does not intend to grant awards under both the LTIP and CSOP in the same grant period.
|Current scheme rules permit grants up to 150% of salary (200% of salary in exceptional circumstances).|
Shareholder approval is being sought at the forthcoming Annual General Meeting to increase the award opportunity to 200%.
|Vesting of the awards will normally occur provided that:|
(a) the participant is still employed by the Group at the end of the vesting period; and
(b) to the extent that the pre-set performance targets have been satisfied over the three year performance period.
- 50% on the Company's EPS growth;
- 50% on the Company's total shareholder return ("TSR") performance relative to an appropriate comparator group; and
- an 'underpin' condition based on the Company's underlying financial performance.
|SAYE||Provision of the SAYE to Executive Directors creates staff alignment with the Group and provides a sense of ownership.||HMRC approved monthly savings scheme facilitating the purchase of shares at a discount.||Contribution limit of £250 per month.||Not subject to performance conditions in line with the HMRC approved operation of such plans.|
|Shareholding Guideline||Provides alignment of Executive Directors' interests with Shareholders and promotes share ownership.||In line with best practice, there are formal share ownership guidelines for Executive Directors. By the third anniversary of their appointment to the Board they are required to have acquired and retained a holding of Dechra shares equivalent to the value of at least 100% of their base salary.||Not applicable.||Not applicable.|
|Element||Purpose and link to strategy||Operation||Opportunity|
|Non-Executive Director Fees||The Board aims to recruit and retain Non-Executive Directors of a high calibre with the requisite experience required to achieve success for the Company and its Shareholders.||The fees of the Chairman are determined by the Committee and the fees of the Non-Executive Directors are determined by the Board following a recommendation from both the Chief Executive Officer and the Chairman.|
Non-Executive Directors are not eligible to participate in any of the Company's share schemes, incentive schemes or pension schemes.
|Non-Executive Directors are paid a basic fee with additional fees paid for the chairing of Committees.|
By the third anniversary of their appointment to the Board, Non-Executive Directors are required to have acquired and retained a holding of Dechra shares equivalent to the value of 50% of their base fee.
Policy on External Appointments
The Company recognises that Executive Directors may be invited to become Non-Executive Directors of other companies and that this can help broaden the skills and experience of a Director. Executive Directors are only permitted to accept external appointments with the approval of the Board.
The only Executive Director to hold an external appointment is Ian Page. He is Non-Executive Chairman of Sanford DeLand Asset Management Limited, a position which he has held since 7 October 2010. During the year, Ian Page received no remuneration for this appointment.
Balance of Remuneration
The following charts illustrate the proportions of the Executive Directors remuneration packages comprising fixed (i.e. base salary and employer pension contributions) and variable elements of pay, assuming maximum annual bonus and long term incentives are achieved.
Ed Torr and Tony Griffin
Recruitment Remuneration Policy
When hiring a new Executive Director, the Committee will typically seek to use the Policy detailed above to determine the Executive Director's ongoing remuneration package.
To facilitate the hiring of candidates of the appropriate calibre required to implement the Group's strategy, the Committee retains the discretion to make remuneration decisions which are outside the Policy. In determining appropriate remuneration, the Committee will take into consideration all relevant factors (including the quantum and nature of remuneration) to ensure the arrangements are in the best interests of Dechra and its Shareholders.
The Committee may make an award in respect of hiring an employee to "buyout" incentive arrangements forfeited on leaving a previous employer. In doing so the Committee will take account of relevant factors including any performance conditions attached to these awards and the time over which they would have vested. The Committee would seek to incorporate buyout and recruitment awards to be in line with the Company's remuneration framework so far as is practical. The Committee may consider other components including cash or shares awards, restricted stock awards and share options where there is a strong commercial rationale for doing so.
Reasonable costs and support will be covered if the recruitment requires relocation of the individual. Expat allowances may also be paid in these circumstances.
The Company recruited a new Chief Financial Officer, Anne-Francoise Nesmes, during the financial year, following the departure of Simon Evans. The Committee positioned the overall package for the new Chief Financial Officer at a level that was sufficient to recruit and retain a Chief Financial Officer of the required calibre and quality. View further details of Recruitment Awards for Anne-Francoise Nesmes
Service Contracts and Policy on Payment for Loss of Office
Details of the Executive Directors' service contracts/Non-Executive Directors' letters of appointment are set out below.
|Mike Redmond||25 April 2001||3 months||3 months|
|Ian Page||1 September 2008||6 months||12 months|
|Tony Griffin||1 November 2012||6 months||12 months|
|Anne-Francoise Nesmes||22 April 2013||6 months||12 months|
|Ed Torr||6 February 2009||6 months||12 months|
|Julian Heslop||1 January 2013||3 months||3 months|
|Ishbel Macpherson||1 February 2013||3 months||3 months|
|Dr Chris Richards||1 December 2010||3 months||3 months|
|Neil Warner||2 May 2003||3 months||3 months|
There are no expiry dates applicable to either Executive or Non-Executive Directors' service contracts. The Company may, in its absolute discretion at any time after written notice has been given by either party, lawfully terminate the service contract by paying to the Director an amount equal to his basic salary entitlement for the unexpired period of notice (subject to a deduction at source of income tax and National Insurance contributions). In the event that the service contract is terminated before the end of any financial year, the Director shall not be entitled to any bonus in respect of that financial year. In December 2012 the Non-Executive Directors agreed to an amendment to their respective service contracts reducing the notice period after the initial 12 month period from 12 months to three months' termination by either party. The Non-Executive Directors are entitled to compensation on termination of their appointment confined to three months' remuneration.
Individual Directors' eligibility for the various elements of compensation is set out below:
|Provision||Treatment upon loss of office|
|Base Salary/Fees||Base salary/fees and benefits based on the duration of the notice period receivable from the Company.|
|Annual Bonus||This will be reviewed on an individual basis and the decision whether or not to award a bonus in full or in part will be dependent upon a number of factors including the circumstances of their departure and their contribution to the business during the bonus period in question.|
|Long Term Incentives||Determined in line with the provisions of the relevant plan rules.|
|Pension||This would be taken into account as part of the payment referred to in the base salary section.|
Where applicable, payment of this compensation would be in full and final settlement of all claims other than in respect of share options or awards and pension arrangements. In an appropriate case the Directors would have regard to the departing Director's duty to mitigate loss, except in the event of dismissal following a change of control of the Company. Other than as described above, there are no express provisions within the Directors' service contracts for the payment of compensation or liquidated damages on termination of employment.
Annual Report on Remuneration
|Salary effective from||1 January|
* Anne-Francoise Nesmes' base salary on the date of appointment
In the last five years, salary increases for the Executive Directors have been in line with average salary increases for the wider employee population (approximately 2% to 3%).
During the 2012/2013 financial year, a comprehensive review of Ian Page's remuneration was undertaken, which highlighted that his base salary had fallen behind that of his peers. Our policy on base salary continues to be to provide a fixed remuneration component which reflects the experience and capabilities of the individual in the role, the demonstrated performance of the individual in the role, and which is competitive in the market we operate. Following the comprehensive review of Ian Page's remuneration package, and after consultation and support from the major Shareholders, the Committee unanimously concluded that a significant step up in salary was appropriate. This reflects a number of factors:
- his achievements since being appointed to Chief Executive Officer in 2001, in particular his energetic leadership of the business and the contribution he has made to the Group's significant strategic and financial progress;
- his delivery of significant and sustained increases in Shareholder value in what has been a very difficult environment for most businesses. In a period where many companies have had to settle for navigating through a crisis, our business has grown in size, both in terms of its complexity and geography;
- his successful integration of a number of significant strategic acquisitions, most recently the acquisition of Eurovet; and
- the market positioning of the salary against companies of a similar size and complexity.
The increase in base salary in January to £440,000 represented an increase of 15%. This positions his salary around the median levels compared to companies of a similar size and complexity.
All the Executive Directors have agreed to waive an increase in salary for the 2013/2014 financial year.
Non-Executive Director Fees
Since 2008 the Chairman and the Non-Executive Directors have been awarded inflationary increases only in respect of their fees. Furthermore, they waived any increase in 2009 and 2010. During the year a review of the Chairman's remuneration during the year identified that his fee was substantially lower than that of other Chairmen of companies of comparable size and complexity. After due consideration, the Committee decided to increase his fee to a level more commensurate with his experience, performance and overall contribution to the business. The remaining Non-Executive Directors have agreed to waive an increase in their fees for the 2013/2014 financial year.
|Remuneration Committee Chairmanship additional fee||3||3|
|Audit Committee Chairmanship additional fee||3||3|
The Company operates an annual cash incentive scheme for the Executive Directors. Annual bonuses were awarded by the Committee in respect of 2012/2013 having regard to the performance of the Group and personal performance objectives for the year. Details of the annual bonus scheme can be found in the Policy table.
The amount achieved for the year ended 30 June 2013 against targets for 2012/2013 is as follows:
|2012/13 Targets||Amount Achieved for the Year Ended 30 June 2013|
|Underlying profit before tax performance: 10% of salary payable upon the achievement of 95% of Group profit target rising to 90% of salary payable upon the achievement of 110% of Group profit target||The underlying profit before tax target was £47.0 million on a constant currency basis. Actual underlying profit before tax was £45.5 million reflecting 97% of the profit target resulting in a payment worth 26% of salary|
|Personal objectives: up to an additional 10% of salary was payable to Executive Directors upon the achievement of personal objectives||Actual performance resulted in payment worth 10% of salary. The objectives are based on key aspects of delivering the Group's strategy|
|Total Annual Bonus Earned for the Year Ended 30 June 2013||36% of salary|
Long Term Incentive Arrangements and Share Schemes
Long Term Incentive Plan ("LTIP")
LTIP Awards Vesting During the Year Ended 30 June 2013
With respect to the awards granted on 22 December 2010, the performance targets are:
- an 'underpin' condition based on Group underlying diluted earnings per share performance: no awards will vest if the Group's underlying diluted earnings per share has not grown by at least RPI +3% per annum over the performance period;
- the Company's TSR performance: assuming that the underpin is achieved, vesting of the awards will be determined by the Company's TSR performance compared to the constituents of the FTSE Small Cap Index at the start of the performance period. The TSR will be calculated by comparing average performance over three months prior to the start and end of the performance period. Vesting will be on the following basis:
|TSR Performance||Vesting Percentage|
|Between median and upper quartile||Pro-rata vesting based on the Company's ranking in the comparator group|
As set out within the Long Term Incentive Plan section for the three year period to 30 June 2013 the Company's TSR performance was over 98% compared with an 84% TSR for live companies in the top quartile of the comparator group. In addition the Group's underlying diluted EPS increased by 44.09% over the performance period as a result the LTIPs awarded in December 2010 will vest fully.
LTIP Awards Made During the Year Ended 30 June 2013
Awards were granted to the Executive Directors on 5 March 2013, on the following basis:
- 150% of salary for Ian Page; and
- 100% of salary for the other Executive Directors.
In various consultations with our major Shareholders, we have received strong support for the introduction of another performance measure alongside relative TSR under the LTIP to allow for a more balanced assessment of success and to reward the delivery of long term Shareholder value. Following consultation, the Committee resolved that 50% of the LTIP award will continue to be based on the Company's relative TSR performance (relative to the FTSE 250) and 50% will be based on stretching EPS targets. Furthermore, to ensure the quality of earnings and delivery of other key financial performance indicators the vesting of awards under the LTIP will be subject to an additional Return on Capital Employed ("ROCE") underpin.
Following the disposal of the Services Segment, and in line with the LTIP scheme rules, the Committee are in the process of reviewing the performance targets attaching to the LTIP awards granted in March 2013 and intends to consult with major Shareholders by the end of the calendar year in respect of the same.
Recruitment Award for Anne-Francoise Nesmes
On appointment the Committee agreed to award Anne-Francoise Nesmes two LTIP awards to the value of 100% of her base salary:
- 100% to be subject to a performance period ending 30 June 2014 with a further one year's continued employment subject to claw back; and
- 100% to be subject to a performance period ending 30 June 2015. This tranche will be subject to the same performance conditions as those attaching to the LTIP awards granted to the Executive Directors on 5 March 2013.
In the event of a change of control of the Company prior to the vesting dates stated above, the Remuneration Committee has confirmed that it will exercise its discretion to allow the two LTIP awards to vest in full and that the performance conditions would be waived.
The rationale behind the additional LTIP grants was as an offer of partial compensation for the loss of Performance Share Plan and Share Value Plan awards which Anne-Francoise Nesmes had been granted by her previous employer and which lapsed on the cessation of her employment with them. When Anne-Francoise Nesmes commenced her appointment with Dechra the Company was deemed to be in a close period by reason of the disposal of the Services Segment and therefore unable to grant the recruitment award. It is therefore proposed that both awards will be granted as a nil-cost option in early September (once the Company has announced its year end results). The grant will be made outside of the LTIP scheme rules and will be satisfied using market purchase shares.
LTIP Awards for the Year Ending 30 June 2014
To align and focus Ian Page's total remuneration package to reward longer term, sustainable performance the Committee granted a LTIP award to Ian Page of 150% of his salary in March 2013 and has proposed, after due consultation with major Shareholders, to award 200% of salary in respect of future financial years. Shareholder approval will be sought at the Annual General Meeting for the increase in long term incentive opportunity to 200% of salary. However, for the avoidance of doubt this level of award will not be a guaranteed entitlement. Whilst the Committee intends to make awards up to 200% of salary to Ian Page in the future, in line with best practice the Committee will review the level of award to be made each year and this level of award will be dependent on the Committee's assessment of the continued growth and financial success of the Group and Ian Page's personal performance.
The Committee intends to make awards of 150% of base salary to Anne-Francoise Nesmes on an annual basis.
LTIP awards for the other Executive Directors will remain at 100% of base salary.
Payments to Past Directors
There were no payments made to past Directors during the period.
Payments for Loss of Office
A compensation payment was made to Simon Evans during the financial year and equated to 12 months of his salary and benefits plus the use of a company car until the expiry of the lease (31 March 2015). A compensation payment was also made to Bryan Morton during the financial year which equated to two months of his salary. No other compensation payments were made to Executive or Non-Executive Directors during the year.
Statement of Directors' Shareholdings and Interests:
|Tony Griffin (appointed 1 November 2012)||20,077||138||61.9%|
|Anne-Francoise Nesmes (appointed 22 April 2013)||—||—||—|
* Calculated using the share price as at 28 June 2013.
|Julian Heslop (appointed 1 January 2013)||5,000||35||88%|
|Ishbel Macpherson (appointed 1 February 2013)||2,987||21||52%|
|Dr Chris Richards||7,400||51||131%|
* Calculated using the share price as at 28 June 2013.
Total Shareholder Return Graph
The graph below shows the TSR performance of the Company over the past five financial years compared with the TSR over the same period for the FTSE 250 Total Return Index. Throughout the 2012/2013 financial year the Company has been a constituent member of the FTSE 250; for this reason it is considered that the TSR performance of the FTSE 250 Index be represented in this report.
Statement of Voting at Last Annual General Meeting
The Company remains committed to ongoing Shareholder dialogue and takes an active interest in voting outcomes. The following table sets out actual voting in respect of the resolution to approve the Directors' Remuneration Report at the Company's Annual General Meeting on 19 October 2012:
|Resolution||Votes for||% of vote||Votes against||% of vote||Votes withheld|
|Approve Remuneration Report||68,162,190||99.09||623,458||0.91||20,759|
The beneficial interests of the Directors and their families in the share capital of Dechra Pharmaceuticals PLC as at 30 June 2013 were as follows:
|Tony Griffin (appointed 1 November 2012)||20,077||12,077|
|Anne-Francoise Nesmes (appointed 22 April 2013)||—||—|
|Julian Heslop (appointed 1 January 2013)||5,000||—|
|Ishbel Macpherson (appointed 1 February 2013)||2,987||—|
|Dr Chris Richards||7,400||7,400|
There have been no changes in the holdings of the Directors between 30 June and 3 September 2013.
The Auditor is required to report on the information contained in the remainder of this report.
Summary of Remuneration
|Simon Evans (resigned 18 October 2012)||317†||—||21||338||403|
|Tony Griffin (appointed 1 November 2012)||223||83||7||313||—|
|Anne-Francoise Nesmes (appointed 22 April 2013)||94||21||10||125||—|
|Bryan Morton (resigned 9 July 2012)||7†||—||—||7||41|
|Julian Heslop (appointed 1 January 2013)||19||—||—||19||—|
|Ishbel Macpherson (appointed 1 February 2013)||16||—||—||16||—|
|Dr Chris Richards||42||—||—||42||38|
* This includes a salary supplement of £7,580 paid in lieu of employers' pension contribution in excess of £50,000. Therefore the base salary is £411,283.
† This includes compensation for loss of office. In relation to Bryan Morton's fees the entire amount stated above related to compensation for loss of office. In relation to Simon Evans's salary a total of £241,000 related to compensation for loss of office.
The performance conditions attaching to the annual bonus for 2012/2013 are explained in the section titled Annual Bonus.
Long Term Incentive Plan
Awards made under the Long Term Incentive Plan are as follows
|Award date||Number of|
at date of
|Ian Page||24 September 2009||94,575||—||(94,575)||—||—||2009-2012||404.10|
|22 December 2010||78,656||—||—||—||78,656||2010-2013||514.00|
|7 September 2011||92,811||—||—||—||92,811||2011-2014||455.50|
|5 March 2013||—||94,420||—||—||94,420||2012-2015||715.00|
18 October 2012)
|24 September 2009||59,447||—||(59,447)||—||—||2009-2012||404.10|
|22 December 2010||49,441||—||(49,441)||—||—||2010-2013||514.00|
|7 September 2011||58,338||—||(58,338)||—||—||2011-2014||455.50|
1 November 2012)
|5 March 2013||—||34,401||—||—||34,401||2012-2015||715.50|
|Ed Torr||24 September 2009||56,745||—||(56,745)||—||—||2009-2012||404.10|
|22 December 2010||47,193||—||—||—||47,193||2010-2013||514.00|
|7 September 2011||55,687||—||—||—||55,687||2011-2014||455.50|
|5 March 2013||—||32,838||—||—||32,838||2012-2015||715.50|
The performance conditions attaching to the Long Term Incentive Plan are explained in the section titled Long Term Incentive Arrangements and Share Schemes.
Independent verification has recently been sought from Deloitte in respect of the satisfaction of the performance targets for awards which will vest in December 2013. The 'underpin' condition (the Group's adjusted earnings per share has grown by at least RPI plus 3% per annum over the performance period) has been met; and the Group's TSR performance for the three year period to 30 June 2013 was in the top quartile of the FTSE Small Cap Total Return Index. The 'underpin' condition was tested by the Group and was not verified by Deloitte. Therefore the awards will vest in full.
The aggregate gain made by the Executive Directors on share options exercised during 2013 was £5,187 (2012: £727,997).
Directors' entitlements under the SAYE Scheme are as follows:
|Award date||Market price|
at date of
|Ian Page||13 October 2008||387||315.02*||Dec 2013||5,316||—||—||—||5,316|
|Simon Evans (resigned 18 October 2012)||13 October 2008||387||315.02*||Dec 2013||5,316||—||—||(5,316)||—|
|Ed Torr||12 October 2009||445||304.92*||Dec 2012||1,785||(1,785)||—||—||—|
|17 October 2011||478||365.59*||Dec 2014||984||—||—||—||984|
|16 October 2012||471.00||Dec 2015||—||—||1,146||—||1,146|
* Outstanding awards were subject to an adjustment following the Rights Issue to reflect the bonus element of the transaction.
The middle market price for the Company's shares on 30 June 2013 was 690p and the range of prices during the year was 473p to 780p.
All Executive Directors (excluding Tony Griffin) were members of the Dechra Pharmaceuticals PLC Group Stakeholder personal pension scheme throughout the year. Tony Griffin is a member of the defined pension plan in the Netherlands. Contributions made by Dechra Pharmaceuticals PLC on behalf of the Executive Directors during the year are based on a percentage of pensionable salary and were paid as follows:
|Age||Contributions 2013 |
From 6 April 2011, the annual allowance for tax relief on pension savings for individuals reduced to £50,000. Since this became effective Ian Page has elected to receive a salary supplement in lieu of the employer contribution over and above the £50,000 limit.
Tony Griffin is a member of the Basispensioen, a defined benefit scheme established in the Netherlands. The table below sets out the arrangements for Tony Griffin for the period from 1 November 2012 to 30 June 2013.
|Accrued benefit at 1 November 2012||€8,260|
|Increase in accrued benefit excluding inflation allowance||€494|
|Increase in accrued benefit including inflation allowance||€601|
|Transfer value of benefit accrued during the period less member contributions||(€8,000)|
|Transfer value at 1 November 2012||€134,000|
|Transfer value at 30 June 2013||€127,000|
|Increase in transfer value over the period after member contribution||(€7,000)|
By order of the Board
Dr Christopher Richards
Remuneration Committee Chairman
3 September 2013