Individual emoluments of executive directors
| |
Salary
£ |
Benefits
£ |
Bonus
£ |
Total 2008
£ |
Total 2007
£ |
| Gerard van de Aast |
585,996 |
17,792 |
344,273 |
948,061 |
1,164,923 |
| Mark Armour |
613,440 |
21,381 |
558,230 |
1,193,051 |
1,275,903 |
| Sir Crispin Davis |
1,181,100 |
29,246 |
1,074,801 |
2,285,147 |
2,431,236 |
| Erik Engstrom |
629,026* |
22,949 |
667,643 |
1,319,618 |
1,188,691 |
| Andrew Prozes |
656,854 |
18,278 |
513,988 |
1,189,120 |
1,133,202 |
Patrick Tierney
(until 30 January 2008) |
52,706 |
5,372 |
2,387,649** |
2,445,727 |
972,643 |
| Total |
3,719,122 |
115,018 |
5,546,584 |
9,380,724 |
8,166,598 |
*This reflects the prorating of his sterling salary to the end of November 2008 and one month of his US dollar denominated salary for December 2008.
** As disclosed in the 2007 Remuneration Report, in connection with Patrick Tierney’s agreement to defer his planned retirement in early 2007 in order to manage and oversee the sale of Harcourt Education and the successful completion of the Harcourt Education sale in January 2008, the Committee awarded Patrick Tierney a sale bonus of US$2,917,150 calculated by reference to the excess of the sale proceeds over a predetermined target figure and a payment of US$1,500,000 under the terms of his retention bonus in recognition of his outstanding management contribution to the Harcourt Education performance in meeting financial targets during the extended sale period.
Benefits principally comprise the provision of a company car or car allowance, health and disability insurance.
Patrick Tierney was the highest paid director in 2008. In respect of 2008, up to the date of his retirement, he had made no notional pre-tax gains on the vesting of share-based incentives and did not exercise any options (2007: £3,085,160).