Executive Director reward Non Executive Director remuneration
Executive Directors’ reward packages are Non Executive Directors receive an annual fee in
consistent with the rest of the business. The respect of their Board appointments together with
actual compensation paid to the four Executive additional compensation for their further duties
Directors in 2012 is outlined in the table below. in relation to Board Committees. The fees paid
Details of their contractual notice periods in 2012 are summarised in the table on page 44.
are contained in the table opposite.
In 2013 Robert Childs will become Chairman of
Hiscox Ltd. His appointment is as Non Executive
RRS Hiscox 44% 56%
Chairman and as such he will be paid a fee of
BE Masojada 21% 39% 40% £275,000 p.a. but will no longer be entitled to
participate in the annual bonus scheme or
RS Childs 33% 67%
receive grants under the Performance Share
SJ Bridges 21% 42% 37% Plan. His outstanding Performance Share Plan
grants from 2011 and 2012 will vest, in line with
Base Annual cash incentive Share incentive scheme
the scheme rules, in 2014 and 2015 respectively.
‘Base’ refers to base salary for the year.
‘Annual cash incentive’ is the annual amount allocated from the profit bonus pool.
‘Share incentive scheme’ is the estimated value at award of the Performance Share
Plan awards made during the year.
Total shareholder return (%)
Hiscox 120
FTSE Non life insurance
FTSE All share 100
80
60
40
20
0
-20
-40
-60
07
08
08
08
08
09
09
09
09
10
10
10
10
11
11
11
11
12
12
12
12
ar
n
p
ec
ar
n
p
ec
ar
n
p
ec
ec
ar
n
p
ec
ar
n
p
ec
Ju
Ju
Se
Se
Ju
Se
Ju
Ju
Se
Se
M
M
M
M
M
D
D
D
D
D
D
Remuneration of Executive Directors
2012 2012 2012 2012 2011 2011 2011 2011
Basic salary Benefits Bonus Total Basic salary Benefits Bonus Total
£000 £000 £000 £000 £000 £000 £000 £000
RRS Hiscox 311 2 400 713 302 1 – 303
BE Masojada 453 35 850 1,338 438 2 – 440
RS Childs 371 2 750 1,123 358 2 – 360
SJ Bridges 344 28 700 1,072 328 2 – 330
Total 1,479 67 2,700 4,246 1,426 7 – 1,433
External Non Executive Directorships
No external appointments may be accepted by an Executive Director where such appointment may give rise to a conflict of interest.
The consent of the Chairman is required in any event. During the year, BE Masojada has been a member of the Board of the Association
of British Insurers and was not remunerated for his services. RRS Hiscox, RS Childs, and SJ Bridges did not hold any Non Executive Director
positions during the year.
Directors’ remuneration report Hiscox Ltd Report and Accounts 2012
Chairman’s statement 43