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10. Remuneration outcomes during 2007

The information set out in this section and section 11 has been subject to audit.

10.1 Directors’ emoluments

Executive directors

Figure 10 sets out an analysis of the pre-tax remuneration during the years ended 31 December 2007 and 2006, including bonuses but excluding pensions, for executive directors who held office in the Company during the year ended 31 December 2007.

Figure 10: EXECUTIVE DIRECTORS' EMOLUMENTS(1)
	Basic salary as paid		Plus: Basic salary sacrificed into Pension Scheme (2)		Total basic salary		Annual performance bonus – cash element (2)(3)		Benefits in kind (4)		Other		Total
	2007 £000	2006 £000	2007 £000	2006 £000	2007 £000	2006 £000	2007 £000	2006 £000	2007 £000	2006 £000	2007 £000	2006 £000	2007 £000	2006 £000
Cynthia Carroll(5)	900	–	–	–	900	–	641	–	426	–	700	–	2,667	–
Tony Trahar(6)*	333	786	200	239	533	1,025	857	830	51	56	1,300	56	2,741	1,967
David Hathorn*	290	520	–	–	290	520	435	277	14	24	61	26	800	847
René Médori	565	485	45	75	610	560	407	370	28	25	–	–	1,045	955
Simon Thompson(7)*	238	495	4	25	242	520	224	316	12	25	530	9	1,008	870
* Up to the date of leaving service.

⁽¹⁾ Subsequent to his retirement from the Board in 2004, Bill Nairn has provided consultancy services to Anglo American, receiving £38,000 (2006: £120,000) for the provision of these services during the year. He also held non-executive directorships with certain listed subsidiaries of the Group and received fees of £15,000 for the provision of these services during the year.

⁽²⁾ Their employing companies contractually agreed with the executive directors (other than Cynthia Carroll and David Hathorn) that supplementary pension contributions be made into their pension arrangements in return for equivalent-cost reductions in their basic salaries and/or in the cash elements payable under the BSP.

⁽³⁾ The annual bonus amounts in respect of Tony Trahar, David Hathorn and Simon Thompson include the release of the share element of the BSP paid in cash as well as the cash element, in view of the executives’ departure from the Company.

⁽⁴⁾ Each executive director receives a car allowance and a limited amount of personal taxation/financial advice. Executive directors also receive death and disability benefits as well as medical insurance. Tony Trahar and Simon Thompson also received club membership.

⁽⁵⁾ Cynthia Carroll was, in accordance with her terms upon joining, entitled to be reimbursed by the Company certain expenses incurred as a result of her recruitment and relocation to the United Kingdom. Accordingly, the Company has incurred expenses in 2007 amounting in the aggregate to £402,000, which are included in the above table. This includes the cost of temporary accommodation, physical removal costs and the provision of specialist relocation services. The Company has agreed to reimburse Cynthia Carroll for the additional income tax payable in due course on such expenses. Cynthia Carroll’s other emoluments include a relocation allowance and compensation made in respect of incentives forgone at her previous employer (as reported in the 2006 Annual Report).

⁽⁶⁾ Tony Trahar’s other emoluments include the pro-rated value of the 2006 BSP and 2007 LTIP which was paid out in cash upon his retirement from the Company. Subsequent to his retirement from the Board in 2007, the Committee agreed that Tony Trahar could purchase a residential property from the Group, on the basis that the property be valued by three independent specialist valuers and that the selling price would be the average of the two highest valuations. The property was subsequently valued on this basis and was sold to Tony Trahar for £6,930,000, which was paid on completion. The Committee also agreed that certain contents of the property could be sold to Tony Trahar at their market value as assessed by an independent valuer and such contents were subsequently sold to Tony Trahar for £61,800.

⁽⁷⁾ Subsequent to his leaving service, Simon Thompson received £899,000, comprising payments in lieu of notice for salary and benefits, including a pro-rated bonus (all included in the above table) and pension contributions amounting to £152,000 as reported separately in pensions.

Non-executive directors

The fees and other emoluments paid to non-executive directors during the year ended 31 December 2007 amounted to £1,237,000 (2006: £1,807,000) and are shown in Figure 11.

Figure 11: NON-EXECUTIVE DIRECTORS' EMOLUMENTS(1)(2)
	Fees		Other emoluments		Total
	2007 £000	2006 £000	2007 £000	2006 £000	2007 £000	2006 £000
Sir Mark Moody-Stuart(3)	450	360	–	–	450	360
Ralph Alexander (resigned 26 October 2007)	54	65	–	–	54	65
David Challen	80	80	–	–	80	80
Chris Fay	80	80	–	–	80	80
Bobby Godsell(4)(5)	71	70	–	698	71	768
Sir Rob Margetts	93	93	–	–	93	93
Nicky Oppenheimer(4)	71	70	–	–	71	70
Fred Phaswana(4)	143	95	–	–	143	95
Mamphela Ramphele	65	45	–	–	65	45
Karel Van Miert	65	65	–	–	65	65
Peter Woicke	65	65	–	–	65	65

⁽¹⁾ Each non-executive director, with the exception of Sir Mark Moody-Stuart, is paid a fee of £65,000 (2006: £65,000) per annum, and those non-executive directors who act as chairmen of the Audit, Safety & Sustainable Development and Remuneration Committees are paid an additional sum of £15,000 (2006: £15,000) per annum. The chairman of the Nomination Committee is paid an additional sum of £7,500 (2006: £7,500) per annum. Sir Rob Margetts received additional fees of £13,000 (2006: £13,000) in his capacity as senior independent director.

⁽²⁾ In addition to the fees reported above for 2006, Maria Silvia Bastos Marques, who resigned on 20 April 2006, received fees of £21,000.

⁽³⁾ Sir Mark Moody-Stuart’s fees were reviewed in January 2007, having been last reviewed as at January 2005. His fees for 2007 were adjusted after taking into account the median fees paid to chairmen of FTSE-20 companies.

⁽⁴⁾ Bobby Godsell and Nicky Oppenheimer received fees for their services as non-executive directors of Anglo American South Africa Limited amounting to £6,000 (2006: £5,000) and £6,000 (2006: £5,000) respectively, which are included in the above table. Fred Phaswana is the non-executive chairman of Anglo American South Africa Limited and of Anglo Platinum and received fees for these services amounting to £71,000 (2006: £22,000), which are included in the above table.

⁽⁵⁾ Bobby Godsell’s fees for 2006 include fees and emoluments under his service contract with AngloGold Ashanti, which was a subsidiary of the Company until 20 April 2006. As AngloGold Ashanti is no longer a subsidiary, no such emoluments have been reported for 2007.