For instance the Directors will have used the numbers disclosed on page 23 of the statutory accounts for the year ended June 2016 but there is further disclosure on page 42 which shows the social security costs and share based payment costs that are not included in the total remuneration costs disclosed on page 23.
It is now a requirement that accounts include a one line total remuneration total as in the past the remuneration reports in Company accounts would show salary and fees, pension benefits, and other benefits but would not include the costs to the company of executive share schemes and LTIPs these would be shown on other pages and share holders would have to search through the accounts to find them.
The changes to reporting Directors remuneration are to be commended as it brings transparency as it is possible on one page to see how much the Directors remuneration amounts to.
The numbers for 2008 and 2007 do not include share based payment costs as I could not find them in the accounts so the $44,642 is most probably to low.
The social security costs are not disclosed for 2008 and 2007 so I have assumed that they are 10% of the reported remuneration costs.
Surely shareholders want to know what the total cost is for Directors remuneration and that is $44,642,000.
I have already cast my vote in favour of COC's proposed changes. However I was very interested to read Simon Thompson's analysis of the situation in the latest edition of Investor's Chronicle. I disagree with his view regarding COC's proposals but it piqued my interest to read his opinion that whatever the outcome of the vote, BLVN is very unlikely to remain as a listed company for too much longer.
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