1
25% of the Chairman’s after tax fee was used to purchase shares in the market. These shares were then transferred to the Chairman.
All dealing charges were paid for by the Chairman.
Component
Purpose
Operation
Annual opportunity
Base fees
To attract and retain high-calibre
individuals by offering market-
competitive fees, commensurate
to the time commitment and
experience that is required.
Fees are reviewed annually (or less frequently where
noted) and can be paid in cash and/or shares.
Benchmarked against companies of a similar size
and complexity.
When setting fees, factors considered include the level
of increase for employees more generally, market data,
business performance, external economic factors,
the skills required, time requirements and cost.
In respect of the Chairman, IMI also consider the
individual’s profile and experience.
As of 1 January 2014, the Chairman’s fee was
fixed at £300,000 and no increase for 2015
is proposed. Roberto Quarta has elected to
receive 25% of his fees in IMI shares
1
although
that is not a Company requirement and may
or may not apply to a new Chairman.
At 31 December 2014 base fees for the
non-executive directors were £60,000, and no
increase for 2015 was awarded in the review
at the end of 2014.
Additional
fees
To reflect the additional time
required when an individual chairs
a committee or is appointed as
senior independent director.
Fees are reviewed annually and can be paid in cash
and/or shares.
The Chairman is not eligible to receive additional fees.
Fees are benchmarked and set in a manner
consistent with base fees (see above).
Fee levels in place at 31 December 2014 and
subject to review in 2015:
Committee Chairman:
£15,000
Senior independent director:
£10,000
Benefits
To reimburse reasonable business
expenses.
Reimbursement in cash on production of receipts or
other proof of payment of business expense.
Expenses incurred by the Chairman and
non-executive directors in undertaking their
role are reimbursed as a business expense
and are not a personal benefit in kind. Typically
these might include business travel, meals and
entertainment.
Future policy table
67
Strategic Review
Performance Review
Corporate Governance
Financial Statements
Introduction
Annual Report and Accounts 2014
