Tables

Chart 55 – Historical TSR performance

Historical TSR performance Year by Value of hypothetical £100 holding 2005: Land Securities Group PLC = 100, FTSE 350 Real Estate Index = 100, FTSE 100 Index = 100 2006: Land Securities Group PLC = 150, FTSE 350 Real Estate Index = 145, FTSE 100 Index = 125 2007: Land Securities Group PLC = 181, FTSE 350 Real Estate Index = 173, FTSE 100 Index = 136 2008: Land Securities Group PLC = 132, FTSE 350 Real Estate Index = 124, FTSE 100 Index = 130 2009: Land Securities Group PLC = 43, FTSE 350 Real Estate Index = 47, FTSE 100 Index = 89 2010: Land Securities Group PLC = 72, FTSE 350 Real Estate Index = 75, FTSE 100 Index = 136

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Table 56 – Criteria for the Directors’ 2009/10 bonuses

F W Salway Group profit Property investment performance Development lettings Disposal programme
M F Greenslade Group profit Performance of Group support functions IT reorganisation New/extended debt facilities
R J Akers Group profit Property investment performance Development lettings Disposal programme

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Table 57 – Targets for the Directors’ additional bonus opportunities

Executive Directors Performance measures and range Additional bonus
Managing Director
of the Retail Portfolio		 2%–4% outperformance of the relevant Retail business total property return (TPR) Benchmark1 0%–200%
Managing Director
of the London Portfolio		 2%–4% outperformance of the relevant London business total property return (TPR) Benchmark1 0%–200%
Group Finance Director Aggregated performance of London and Retail Businesses relative to the above measure 0%–200%
Chief Executive Aggregated performance of London and Retail Businesses relative to the above measure 0%–200%
  • 1. The relevant sector benchmarks are provided by IPD and relate to ungeared total property return (reflecting the increase in the value of all assets plus income streams arising from those assets in the year). IPD benchmarks are generally acknowledged as the industry standard.

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Table 58 – Annual bonus for each Director

Executive Directors % of year end salary
Total bonus
earned 2009/10		 Total bonus
earned 2008/09
Chief Executive 101 0
Group Finance Director 100 0
Managing Director of the Retail Portfolio 279 0
Managing Director of the London Portfolio 44 N/A

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Table 59 – Directors’ emoluments (£’000) (audited)

Basic salary and fees Benefits1 Bonuses Deferred
bonus shares2*		 Compensation
for loss of office
2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09
Executive:
F W Salway 645 640 23 22 531 – 41 132 – –
I D Ellis3
(resigned 12 January 2009)		 – 334 – 14 – 130 – 647 – –
M R Hussey4
(resigned 30 June 2009)		 109 431 32 127 – – 344 95 505 –
R J Akers 373 369 23 19 593 – 18 51 – –
M F Greenslade 414 411 18 18 332 – 12 – – –
R M Noel (appointed 1 January 2010) 100 – 33 – 175 – – – – –
1,641 2,185 129 200 1,631 130 415 925 505 –
Non-Executive:
D Rough 79 77 – – – – – – – –
S A R Rose 57 55 – – – – – – – –
B A Lerenius 57 55 – – – – – – – –
A J Carnwath
(appointed Chairman on 12 November 2008)		 300 155 – – – – – – – –
P Myners5
(resigned 3 October 2008)		 – 128 – 51 – – – – – –
C Bland6 57 133 – – – – – – – –
R Haythornthwaite
(resigned 5 February 2009)		 – 47 – – – – – – – –
K O’Byrne 75 59 – – – – – – – –
C Bartram (appointed 1 August 2009) 39 – – – – – – – – –
2,305 2,894 129 251 1,631 130 415 925 505 –
Total emoluments
(excluding pensions)		 Pensions LTIP and matching
shares vested**		 Performance shares
vested**
2009/10 2008/09 2009/10 2008/09 2009/10 2008/09 2009/10 2008/09
Executive:
F W Salway 1,240 794 161 160 309 497 – 250
I D Ellis3
(resigned 12 January 2009)		 – 1,125 – 83 – 669 – 206
M R Hussey4
(resigned 30 June 2009)		 990 653 – – 266 294 – 172
R J Akers 1,007 439 118 98 141 246 – 97
M F Greenslade 776 429 104 103 207 500 – –
R M Noel (appointed 1 January 2010) 308 – – – – – – –
4,321 3,440 383 444 923 2,206 – 725
Non-Executive:
D Rough 79 77 – – – – – –
S A R Rose 57 55 – – – – – –
B A Lerenius 57 55 – – – – – –
A J Carnwath
(appointed Chairman on 12 November 2008)		 300 155 – – – – – –
P Myners5
(resigned 3 October 2008)		 – 179 – – – – – –
C Bland6 57 133 – – – – – –
R Haythornthwaite
(resigned 5 February 2009)		 – 47 – – – – – –
K O’Byrne 75 59 – – – – – –
C Bartram (appointed 1 August 2009) 39 – – – – – – –
4,985 4,200 383 444 923 2,206 – 725
  • Notes:
  • 1. Benefits consist of the provision of a Company car or car allowance, pension allowance, private medical insurance and life assurance premiums.
  • 2. Deferred bonus shares represent the value of shares which vested under the Deferred Bonus Plan.
  • 3. I D Ellis received fees of £29,810 in 2008/09 in respect of his non-executive directorship of Rok plc.
  • 4. M R Hussey received holiday pay of £10,868 and compensation for loss of office of £505,339 for the year ended 31 March 2010. A further £141,277 will be paid to him assuming no mitigation. The 2008/09 pension allowance of £107,756 has been reclassified from Pensions to Benefits.
  • 5. From 1 April 2007, the Company agreed to assume, from Marks and Spencer Group plc, the cost of supplying a driver (including all employment costs) and fleet vehicle for Lord Myners. For 2008/09, the cost of this arrangement to the Company was £51,187.
  • 6. C Bland served as Non-executive Chairman of Trillium until its sale on 12 January 2009 and received additional fees of £100,000 per annum in respect of that role.
  • 7. Pensions of £65,118 (2009: £67,902) resulting from unfunded historic benefit obligations were paid to former Directors or their dependants.
  • * Deferred bonus shares are disclosed based on year of vesting. They were previously disclosed based on year of grant.
  • ** LTIP, matching and deferred shares are disclosed based on year of vesting. They were previously disclosed based on the year of grant, excluding deferred shares where the disclosure basis remains unchanged.

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Table 60 – LTIP and Matching Shares awarded and those vested this year* (audited)

Cycle
ending		 Award
date		 Market
price at
award
date (p)†		 Shares
awarded		 Shares
vested		 Market
price at
date of
vesting (p)		 Vesting
date
F W Salway
–LTIP shares 2009 29/06/06 1592† 33,063† 30,583 468 29/06/09
2010 29/06/07 1560† 40,070† – – 29/06/10
2012 30/03/09 1095† 58,914† – – 30/03/12
2012 29/06/09 468† 137,527† – – 29/06/12
–Matching shares 2009 31/07/06 1778† 33,628† 31,105 532 31/07/09
2010 31/07/07 1527† 34,358† – – 31/07/10
2012 30/03/09 1095† 23,434† – – 30/03/12
2012 31/07/09 532† 118,652† – – 31/07/12
M R Hussey
–LTIP shares 2009 29/06/06 1592† 21,722† 20,092 468 29/06/09
2010 29/06/07 1560† 26,926† 8,975 469 30/06/09
2012 30/03/09 1095† 39,705† – – 30/06/09
–Matching shares 2009 31/07/06 1778† 20,136† 18,625 469 30/06/09
2010 31/07/07 1527† 27,146† 9,048 469 30/06/09
2012 30/03/09 1095† 16,208† – – 30/06/09
R J Akers
–LTIP shares 2009 29/06/06 1592† 13,656† 12,631 468 29/06/09
2010 29/06/07 1560† 23,079† – – 29/06/10
2012 30/03/09 1095† 25,525† – – 30/03/12
2012 29/06/09 468† 79,446† – – 29/06/12
–Matching shares 2009 31/07/06 1778† 16,550† 15,308 532 31/07/09
2010 31/07/07 1527† 21,090† – – 31/07/10
2012 30/03/09 1095† 12,330† – – 30/03/12
2012 31/07/09 532† 68,542† – – 31/07/12
M F Greenslade
–LTIP shares 2009 29/06/06 1592† 20,764† 19,206 468 29/06/09
2010 29/06/07 1560† 25,644† – – 29/06/10
2012 30/03/09 1095† 37,815† – – 30/03/12
2012 29/06/09 468† 88,273† – – 29/06/12
–Matching shares 2008 01/06/06 1621† 5,057† 5,057 495 01/06/09
2009 31/07/06 1778† 18,692† 17,290 532 31/07/09
2010 31/07/07 1527† 23,000† – – 31/07/10
2012 30/03/09 1095† 14,654† – – 31/03/12
2012 31/07/09 532† 76,160† – – 31/07/12

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Table 61 – Directors’ interests in shares (audited)

Ordinary shares Deferred shares LTIP performance shares* Matching shares*
2010 2009 2010 2009 2010 2009 2010 2009
F W Salway 249,799 208,568 61,436 66,228 236,511 132,047 179,444 91,420
M R Hussey 101,4872 101,487 – 70,703 – 88,353 – 63,460
R J Akers 87,313 68,715 45,792 46,901 128,050 62,260 101,962 49,970
M F Greenslade 92,329 60,542 38,279 38,680 151,732 84,223 113,814 61,403
R M Noel 32,0001 – – – – – – –
D Rough 18,524 18,524 – – – – – –
S A R Rose 16,250 16,250 – – – – – –
B A Lerenius 29,250 29,250 – – – – – –
A J Carnwath 120,662 116,96 – – – – – –
C Bland 16,251 16,251 – – – – – –
K O'Byrne 1,625 1,625 – – – – – –
C Bartram 3,7531 – – – – – – –

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Table 62 – Defined benefit pension scheme (audited)




Accrued
benefit at
31/03/10
£
Increase in
accrued
benefits
excluding
inflation*
£
Increase in
accrued
benefits
including
inflation*
£		 Transfer value
of increase
in accrued
benefits
excluding
inflation
£

Transfer value
of accrued
benefits at
01/04/09
£

Transfer value
of accrued
benefits at
31/03/10
£
Increase in
transfer
value net
of Directors’
contributions
£
R J Akers 29,831 2,090 2,090 34,219 387,102 488,508 95,301
  • * Inflation, as measured by the change in the Retail Price Index (‘RPI’) between September 2008 and September 2009, was negative over this period. However, since pensions accruing would not decrease in a period of deflation, we have calculated the figures above allowing for 0% inflation over the period.
  • The ‘Increase in transfer value net of Directors’ contributions’ differs from the ‘Transfer value of increase in accrued benefits’ in that it reflects changes in the transfer value assumptions and market conditions over the year less the Directors’ own contributions to the pension scheme.
  • The transfer values have been calculated on the basis of actuarial advice in accordance with the 2008 transfer value regulations. The transfer values of the accrued entitlement in respect of qualifying service represents the value of assets that the pension scheme would need to transfer to another pension provider on transferring the liability in respect of the Directors’ pension benefits that they earned in respect of qualifying service. They do not represent sums payable to individual Directors and, therefore, cannot be added meaningfully to annual remuneration.

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Table 63 – Directors’ options over ordinary shares (audited)

Granted during year Exercised during year
Note
No of
options at
01/04/08†


Number
Grant
price
(pence)


Number
Exercise
price
(pence)		 Market
price on
exercise
(pence)
No of
options at
31/03/09†
Exercise
price
(pence)†

Exercisable
dates
F W Salway (2) 47,793 – – – – – 47,793 1,044 07/2007-
07/2014
M R Hussey (2) 26,332 – – (26,332) – – – 1,044 07/2007-
07/2014
(3) 1,915 – – (1,915) – – – 862 10/2009-
04/2010
R J Akers (1) 11,652 – – – – – 11,652 783 07/2004-
07/2011
(2) 8,600 – – – – – 8,600 710 07/2006-
07/2013
(2) 12,762 – – – – – 12,762 1,044 07/2007-
07/2014
(3) 829 – – (829) – – – 862 10/2011-
04/2012
(3) 715 – – (715) – – – 1,372 09/2011-
03/2012
(3) – 4,033 – – – – 4,033 388 06/2014-
12/2014
M F Greenslade (3) 1,193 – – – – – 1,193 1,372 09/2011-
03/2012
  • Notes:
  • 1. 2000 Executive Share Option Scheme. Vesting of awards is dependent on the Company’s growth in normalised adjusted EPS exceeding the growth in RPI by 2.5% per year.
  • 2. 2002 Executive Share Option Scheme. Vesting of awards is dependent on the Company’s growth in normalised adjusted EPS exceeding the growth in RPI by at least 2.5% per year.
  • 3.2003 Savings Related Share Option Scheme. Not subject to performance conditions because it is available to all staff and HM Revenue & Customs’ rules do not permit performance conditions to be set out for this type of scheme.
  • The total number of options over ordinary shares held by F W Salway, R J Akers and M F Greenslade at 31 March 2010 was 47,793, 37,047 and 1,193 respectively. The total number of options over ordinary shares held by all Directors at 31 March 2010 was 86,033.
  • The range of the closing middle market prices as adjusted for the Rights Issue for Land Securities’ shares during the year was 417p to 727p. The closing middle market price on 31 March 2010 was 678p.
  • †As adjusted for the Rights Issue in March 2009.

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