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Report of the Remuneration Committee

Information subject to audit

Directors’ remuneration

        Performance-related bonuses    
  Basic salary and fees
£’000
Taxable benefits*
£’000
Payments relating to termination of employment
£’000
Cash
£’000
Value of deferred shares
£’000
Total
2009
£’000
Total
2008
£’000
Executive directors              
Willie Walsh 726 17       743 701
Keith Williams 434 12       446 556
Non-executive directors              
Martin Broughton 350 31       381 368
Maarten van den Bergh 50 0       50 50
Baroness Kingsmill 40 1       41 41
Jim Lawrence 40 2       42 41
Chumpol NaLamlieng 40 3       43 41
Dr Martin Read 50 1       51 50
Alison Reed 50 0       50 50
Ken Smart 50 0       50 50
Baroness Symons 40 0       40 41
Aggregate emoluments 1,870 67 1,937 1,989

*Taxable benefits include a company car, fuel, private health insurance and personal travel.

The pension entitlements of the executive directors were:

  Accumulated accrued benefits March 31, 2009
£
Increase in accrued benefits during the year
£
Increase, before inflation, in accrued benefits during the year
£
Transfer value*
of increase before inflation, less directors’ contributions
£
Keith Williams 97,455 12,379 8,125 91,922

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

  March 31, 2009
£
March 31, 2008
£
Director’s contributions during the year
£
Movement, less director’s contributions*
£
Keith Williams 1,498,241 872,178 35,930 590,133

*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 New Airways Pension Scheme (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, Keith 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 £90,678 (2008: £81,046).

Both Willie Walsh and Keith Williams participate in the SmartPension arrangement, the effects of which have not been taken into account when reporting their basic salaries and pension benefits above.

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