Vodafone Group Plc Annual Report 2025 103
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 in the UK who are measured on comparable business objectives and employed in the same location. Change from 2024 to 2025 (%) 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 Base salary/ fees Taxable benefits
Annual bonus
Executive Directors Margherita Della Valle
1.0 42.5
-17.8
53.6 53.8
47.6
15.1 18.2 24.6
0.0
4.8 11.6
0.0 -4.5
19.3
Luka Mucic
71.6
21.7 41.0
–
–
– – – – – – – – – – –
–
–
–
–
– – – – – – – – – – –
– – – – – – – – – – – –
– – – – – – – – – –
– – – – – – –
– – – – – – – – – – –
Non-Executive Directors Jean-François van Boxmeer Stephen A. Carter CBE Delphine Ernotte Cunci
0.0 -20.5
– – – – – – – – –
0.0 34.5 45.6 50.0
0.0
61.1
– 118.9
0.0 0.0
33.3 0.0
– – – –
– – – –
– – – – – – – – –
– – – – –
45.6 0.0
0.0 -9.1
Michel Demaré Simon Dingemans 1 Hatem Dowidar Deborah Kerr Amparo Moraleda David Nish Christine Ramon Simon Segars
0.0 -50.0 – 400.0 0.0 -41.2 – – 21.0 -10.0 9.5 -15.3 17.8 0.0 0.0
0.0 1,000.0
0.0
0.0 -100.0
– –
– –
0.0 21.4 12.1 10.0
– 1,050.0 1,300.0
2.2 900.0 0.0 90.0
– 19.1
0.0 -100.0
12.1
5.3
0.0 900.0
0.0 -96.8
0.0 6.1
– 161.4 1,400.0 – 73.4 933.3 2
– –
– –
– –
– –
Other Vodafone Group employees employed in the UK
5.3 -8.6 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. Simon Dingemans was appointed on 1 January 2025. 2. Simon Segar’s 2023 to 2024 taxable benefits figure has been restated from what was reported in the Annual Report on Remuneration in 2024 on account of a change in the tax treatment for benefits.
The percentage change in remuneration from 2024 to 2025 for Margherita Della Valle and Luka Mucic in respect of taxable benefits and base salary reflect a full period of service in their current roles compared to the 2024 financial year where Luka worked a part year as Group Chief Financial Officer from 1 September 2024, and Margherita became permanent Group Chief Executive on 27 April 2023. This also explains Luka Mucic’s percentage change in annual bonus. Context on year-on-year percentile changes of prior years outlined in the table above can be found in the Annual Report on Remuneration of the relevant financial year. Assessing pay and performance Ten year historical TSR performance Growth in the value of a hypothetical €100 holding over ten years Mar ’24 Mar ’23 Mar ’22 Mar ’21 Mar ’20 Mar ’19 Mar ’18 Mar ’17 Mar ’16 Mar ’15 Mar ’25
In the table on the right 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 2023 GLTI is based on the TSR performance shown in the chart on page 98 and not this chart.
100 120 140 160 180 200 220
Vodafone Group
187
174
150
STOXX Europe 600 Index
144
132
110
103
103
96
96 56
67
100
60 80
56
54
89
88
49
85
73
72
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