Anglo American Annual Report 2009
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- The Board
- Executive management
- Directors’ report
- Corporate governance
- Remuneration report
- 1. Remuneration Committee
- 2. Remuneration policy on executive director remuneration
- 3. Elements of executive director remuneration
- 3.1 Remuneration mix
- 3.2 Basic salary
- 3.3 Bonus Share Plan (BSP)
- 3.4 Share options and all-employee share schemes
- 3.5 Long Term Incentive Plan (LTIP)
- 3.6 Vesting of share incentives in the event of change of control or termination of employment
- 3.7 Employee Share Ownership Trust and policy on provision of shares for incentive schemes
- 3.8 Pensions
- 3.9 Other benefits
- 4. Executive shareholding targets
- 5. External appointments
- 6. Policy on non-executive director remuneration
- 7. Chairman's fees
- 8. Directors' service contracts
- 9. Historical comparative TSR performance graphs
- 10. Remuneration outcomes during 2009
- 11. Sums paid to third parties in respect of a director's services
- 12. Directors' share interests
- Approval
- Independent remuneration report review
- Statement of directors’ responsibilities
3.8 Pensions
Details of individual pension arrangements are set out in 10.6 Pensions. The Committee has decided that, in the light of the announcement of intended changes in the tax efficiency of registered pension schemes, executive directors (and UK employees more generally) be given the option of all or part of their employer-funded defined-contribution pension contributions being paid as an alternative to an unregistered retirement benefits scheme (an EFRBS).
Since the inception of the new UK pensions regime applicable from 6 April 2006, the Committee has been prepared to consider requests from executive directors (as is the case for London-based employees more generally) that their contracts be altered for future service, so that future pension benefits are reduced or cease to accrue and that a pension allowance be paid having the same cost to the employer as the defined contribution benefits forgone.
Similarly, the Committee is prepared to consider requests from executive directors (as is the case for London-based employees more generally) that their contracts be altered for future service, so that supplementary pension contributions are made into their defined contribution pension arrangements, in return for equivalent-cost reductions in their future basic salaries and/or in the cash element of any future BSP awards.