Information subject to audit

Directors’ remuneration

	Basic salary and fees £000	Taxable benefits* £000	Cash £000	Value of deferred shares £000	Total 2007/08 £000	Total 2006/07 £000
			Performance-related bonuses**
Executive directors
Willie Walsh	679	22	0	0	701	625
Keith Williams	407	15	67	67	556	396
Non-executive directors
Martin Broughton	338	30			368	330
Maarten van den Bergh	50				50	46
Baroness Kingsmill	40	1			41	39
Jim Lawrence	40	1			41	17***
Chumpol NaLamlieng	40	1			41	39
Dr Martin Read	50				50	46
Alison Reed	50				50	46
Ken Smart	50				50	46
Baroness Symons	40	1			41	39
Aggregate emoluments	1,784	71	67	67	1,989	1,669

* Taxable benefits include a company car, fuel, private health insurance and personal travel.
** Given his overall responsibility for the Company’s affairs, Willie Walsh and the Remuneration Committee mutually agreed that it would be inappropriate for him to receive any annual bonus for 2007/08.
*** Figures shown from date of appointment.

Martin George, a former director: Martin George’s defence costs in relation to the competition law investigations are covered by the Company’s Directors’ and Officers’ Liability Policy. However, the policy is subject to an excess which is payable by the Company. In the year to March 31, 2008, the Company paid £273,000 in relation to his defence costs, and further amounts are likely to be payable. He also received £213,000 in relation to his termination of employment in accordance with the payment in lieu of notice clause in his contract, as he had been unable to find alternative employment.

The base salaries for the executive directors are currently £700,000 for Willie Walsh and £415,000 for Keith Williams.

The pension entitlements of the executive directors were:

	Accumulated accrued benefits March 31, 2008 £	Increase in accrued benefits during the year £	Increase, before inflation, in accrued benefits during the year £	Transfer value* of increase before inflation, less director’s contributions £
Keith Williams	85,076	11,390	8,516	55,700

The transfer value* of each director’s accrued benefits at the end of the financial year is as follows:

	March 31, 2008 £	March 31, 2007 £	Director’s contributions during the year £	Movement, less director’s* contributions £
Keith Williams	872,178	857,064	33,810	(18,696)

* Transfer value represents a liability of the Company, not a sum paid or due to the individual. It is calculated in accordance with ‘Retirement Benefit Schemes – Transfer Value (GN11)’.

Keith Williams is a member of both the NAPS and an unfunded unapproved retirement scheme, which, under the terms of his service contract, will provide a total retirement benefit at age 60 equivalent to 1/56th of pensionable pay for each year of service up to March 31, 2007. For service after April 1, 2007, he is entitled to 1/60th of pensionable pay for each year of service, payable at age 65. In line with other NAPS members, Mr Williams is entitled to buy-back to 1/56th payable at age 60 should he so elect.

Willie Walsh is a member of BARP, a defined contribution scheme and the Company paid contributions during the year of £81,046 (2007: £73,296).

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