Man Group plc - Annual Report 2007

Directors’ remuneration
The remuneration of the directors listed by individual director is as follows:
	Salary/ fees £’000	Benefits (f) £’000	Annual bonus £’000	Termination payments £’000	2007 Total £’000	2006 Total £’000
Executive directors
Peter Clarke	385	22	4,752	–	5,159	3,978
Kevin Davis (a)	338	63	4,752	–	5,153	4,711
Stanley Fink (b)	442	44	7,127	–	7,613	5,997
Non-executive directors
Harvey McGrath	362	–	–	–	362	362
Jon Aisbitt	75	–	–	–	75	75
Alison Carnwath	95	–	–	–	95	95
Dugald Eadie	85	–	–	–	85	85
Glen Moreno	95	–	–	–	95	95
Former directors
Chris Chambers – executive (c)	161		–	–	161	1,875
Jonathan Nicholls – non-executive (d)	25	–	–	–	25	75
Stephen Nesbitt – non-executive (e)	–	–	–	–	–	21
31 March 2007	2,063	129	16,631	–	18,823
31 March 2006	2,055	294	13,300	1,720		17,369
US dollar equivalent (see Note 5(e) to the financial statements)					$35.7m	$31.0m
Notes: (a) Kevin Davis’ salary and annual bonus are paid in US dollars. The equivalent sterling figures in the above table are derived by applying the average USD:GBP exchange rate for the year of 1.8941. (b) Stanley Fink became a non-executive director on 30 March 2007. (c) Chris Chambers resigned on 31 August 2005. Under the terms of his termination agreement he continued to receive a monthly salary and benefits in kind up to 30 September 2006 (the ‘termination date’). He was entitled to retain share options and awards subject to complying with his service and termination agreements and with an additional restrictive covenant, which states that he will not be employed or engaged in any capacity in a business which is in competition with the business of the Man Group. Details of his outstanding share options and awards are given in the relevant tables below. (d) Retired from the Board 20 July 2006. (e) Retired from the Board 12 July 2005. (f) The benefits of Peter Clarke, Kevin Davis and Stanley Fink almost entirely relate to a taxable benefit in kind assessment in connection with the Assisted Purchase Scheme (details of which are given in Remuneration Report).

Retirement benefits accruing to Peter Clarke under a defined benefit pension scheme and contributions to money purchase schemes relating to other directors were as follows:

Defined benefit scheme
	Age	Accrued pension at 31 March 2007 (a) £’000 per annum	Increase in accrued pension during the year £’000 per annum	Increase in accrued pension during the year (net of inflation) £’000 per annum	Transfer value at 31 March 2007 of increase in accrued pension during the year(net of inflation) (b) £’000	Transfer value of accrued pension at 31 March 2007 (b) £’000	Transfer value of accrued pension at 31 March 2006 (b) £’000	Increase in transfer value over the year £’000
Peter Clarke	47	47	23	21	300	655	320	335
Notes: (a) The accrued pension is the amount which would be paid if the director left service at 31 March 2007. (b) The transfer values have been calculated in accordance with the guidance note ‘GN11’ published by the Institute of Actuaries and Faculty of Actuaries.

	Money purchase schemes
	2007 £’000	2006 £’000
Executive directors
Kevin Davis	28	15
Stanley Fink	42	42
Former executive director
Chris Chambers*	22	15
* Chris Chambers resigned as a director on 31 August 2005.

Shares under option under the Man Group Executive Share Option Scheme 2001 (a)
		Number of options
	Date of grant	1 April 2006	Granted during year	Exercised during year (b)	31 March 2007	Option Price	Earliest exercise date	Latest exercise date
Executive directors
Peter Clarke	June 2002	313,806	–	–	313,806	159.33p	June 2005	June 2012
	June 2003	253,716	–	–	253,716	212.83p	June 2006	June 2013
	June 2004	217,836	–	–	217,836	261.67p	June 2007	June 2014
	June 2005	254,238	–	–	254,238	236.00p	June 2008	June 2015
	June 2006	–	187,578	–	187,578	399.83p	June 2009	June 2016
Kevin Davis	June 2003	253,716	–	27,900	225,816	212.83p	June 2006	June 2013
	June 2004	217,836	–	–	217,836	261.67p	June 2007	June 2014
	June 2005	254,238	–	–	254,238	236.00p	June 2008	June 2015
	June 2006	–	187,578	–	187,578	399.83p	June 2009	June 2016
Stanley Fink	July 2001	454,296	–	–	454,296	154.08p	July 2004	July 2011
	June 2002	439,332	–	–	439,332	159.33p	June 2005	June 2012
	June 2003	347,688	–	–	347,688	212.83p	June 2006	June 2013
	June 2004	294,270	–	–	294,270	261.67p	June 2007	June 2014
	June 2005	338,982	–	–	338,982	236.00p	June 2008	June 2015
	June 2006	–	216,588	–	216,588	399.83p	June 2009	June 2016
Former executive director
Chris Chambers (c)	June 2003	133,908	–	133,908	–	212.83p	June 2006	Sep  2007
	June 2004	217,836	–	–	217,836	261.67p	June 2007	Dec 2007
	June 2005	254,238	–	–	254,238	236.00p	June 2008	Dec 2008
Notes: (a) For all grants prior to June 2006, 50% of each option will vest if the Company’s underlying earnings per share growth matches or exceeds the growth in RPI plus 3% per annum, with the entire option vesting at RPI plus 6% per annum. For all grants from June 2006 and onwards 50% of each option will vest if the Company’s underlying earnings per share growth in the single three-year performance period matches or exceeds the growth in RPI plus 5% per annum, with the entire option vesting at RPI plus 10% per annum. The options granted in 2001, 2002, 2003 and 2004 have fully met the performance criteria. (b) Kevin Davis exercised part of his 2003 options on 21 June 2006 when the share price was 396.83 pence, giving a gain of £51,335. Chris Chambers exercised his 2003 options on 21 June 2006 when the share price was 396.83 pence, giving a gain of £246,391.
Shares under option under the Man Group Sharesave Scheme
		Number of options
	Date of grant	1 April 2006	Granted during year	Exercised during year (a)	31 March 2007	Option Price	Earliest exercise date	Latest exercise date
Stanley Fink	Oct 2001	13,608	–	13,608	–	124p	Nov 2006	April 2007
Notes: (a) Stanley Fink exercised his options granted in October 2001 on 22 November 2006 when the closing share price was 490.75 pence, giving a gain of £49,907.