116 Vodafone Group Plc Annual Report 2024
Strategic report
Governance
Financials
Other information
Annual Report on Remuneration (continued)
Change in remuneration for Directors and all employees In line with regulatory requirements, the table below calculates the percentage change in Directors’ remuneration (salary, taxable benefits and annual bonus payment) compared to the average remuneration for other Vodafone Group employees who are measured on comparable business objectives and who have been employed in the UK since 2020 (2020 to 2021), 2021 (2021 to 2022), 2022 (2022 to 2023), and 2023 (2023 to 2024) (per capita). Vodafone has employees based all around the world and some of these individuals work in countries with very high salary inflation; therefore Vodafone’s UK-based Group employees are deemed the most appropriate employee group for this comparison. Change from 2023 to 2024 (%) Change from 2022 to 2023 (%) Change from 2021 to 2022 (%) Change from 2020 to 2021 (%) Base salary/fees Taxable benefits Annual bonus Base salary/ fees Taxable benefits Annual bonus Base salary/fees Taxable benefits Annual bonus Base salary/fees Taxable benefits Annual bonus
Executive Directors Margherita Della Valle Luka Mucic 1 Non-Executive Directors Jean-François van Boxmeer Valerie Gooding 2 Stephen A. Carter CBE Delphine Ernotte Cunci Sir Crispin Davis 2 Michel Demaré
53.6 53.847.6
15.1 18.2 24.6
0.0 4.8 11.6
0.0 -4.5 19.3
–
–
– – – – – – – – – – – – –
–
–
–
–
– – – – – – – – – – – –
– – – – – – – – – – – – – –
– – – – – –
– – – – – –
– – – – – – – – – – – – –
0.0 34.5 -68.5 -30.0 45.6 50.0 -68.7 -33.3 0.0 -9.1 -68.7 -44.4 45.6 0.0 – – 0.0 21.4 12.1 10.0 161.4 1,400.0 12.1 5.3 73.4 33.3
0.0 61.1 0.0 11.1
– 118.9
– – – – – – – – – – –
0.0
0.0 -100.0
– –
– –
– –
0.0 33.3 0.0 1,000.0 0.0 200.0 – – 2.2 900.0 0.0 90.0
0.0 800.0
0.0 -95.7 0.0 -100.0 0.0 -100.0
0.0 0.0 – –
Hatem Dowidar 3 Dame Clara Furse 2 Deborah Kerr Amparo Moraleda David Nish Christine Ramon Simon Segars
– 1,050.0 1,300.0
– 19.1
– 0.0 -100.0
0.0 900.0
0.0 -96.8
– –
– –
– –
– –
– –
Other Vodafone Group employees employed in the UK
10.2 2.7 45.7
5.8
5.2 -9.6
2.5 0.3 80.0
3.8 0.2 30.2
Notes: 1. Luka Mucic was appointed as Group Chief Financial Officer on 1 September 2023. 2. Valerie Gooding, Sir Crispin Davis, and Dame Clara Furse stepped down on 25 July 2023. 3. Hatem Dowidar was appointed on 19 February 2024.
As set out in last year’s report, the year-on-year increase in Margherita Della Valle’s pay between 2022 and 2023 reflects Margherita’s change in role during the period. The percentage increase in the table above does not reflect the actual increase during the year under review in respect of the salary payable for the role of Chief Executive which was increased by 3% effective 1 July 2022. Further details can be found in the 2023 Directors’ Remuneration Report. The significant year-on-year increase in fees and taxable benefits for Christine Ramon between 2023 and 2024, Deborah Kerr between 2022 and 2023, and Jean-François van Boxmeer between 2021 and 2022 reflect how the values in the previous year were not based on a full 12 months of service due to their respective appointments at various points in the year. Therefore the year-on-year increase does not indicate an actual increase in the fees payable to the Chairman and Non-Executive Directors during those periods. Whilst some of the percentages within the ‘Taxable benefits’ column look significant, these actually reflect relatively small increases in value when viewed on an absolute basis. The significant change in taxable benefits for the period between 2021 and 2022 reflect how certain travel and accommodation expenses in relation to attending Board meetings were lower than normal in 2021 due to the impact of COVID-19 on the ability to attend meetings in-person. Assessing pay and performance In the table on the next page we summarise the Chief Executive’s single figure remuneration over the past 10 years and how our variable pay plans have paid out in relation to the maximum opportunity. This can be compared with the historic TSR performance over the same period. The chart below shows the performance of the Company relative to the STOXX Europe 600 Index over a 10-year period. The STOXX Europe 600 Index was selected as this is a broad-based index that includes markets in which we operate. It should be noted that the TSR element of the 2022 GLTI is based on the TSR performance shown in the chart on page 109 and not this chart. 10-year historical TSR performance Growth in the value of a hypothetical €100 holding over 10 years 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
210
181
175
160
Vodafone Group
133
126
125
122 121
116
116
STOXX Europe 600 Index
100
107
107
103
89
66
87
82
59
68
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