ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 117
40. Related party transactions continued Compensation of key management personnel excludes the profit entitlement attributable to minority interests, which are separately disclosed within note 40(c)(iii).
Where key management personnel participate in defined benefit pension schemes which have been accounted for as such under IAS 19, the amount included as compensation reflects the current service and/or past service cost for the relevant year. Where key management personnel are members of multi-employer defined benefit arrangements or defined contribution schemes, the benefits shown reflect the contributions payable for each year.
The share-based payments disclosed in the table above reflect the value of any share-based payments vesting during the year. This is quantified as the aggregate of cash payments plus the fair value of shares on the date of vesting (excluding any consideration payable on exercise) of such share-based payment awards.
(b) Transactions with key management personnel of the Group Appropriations of profits paid to key management are as follows:
2011 £m
Ordinary dividends paid Distributions paid to minority interests*
0.1 7.1
2010 £m
0.2 5.9
* An analysis of profit entitlements for 2011 and 2010 and net assets attributable to minority interests at 31 December 2011 and 31 December 2010 are disclosed on pages 119 and 120.
(c) Transactions and balances with Group related parties Transactions with related parties during 2011 and 2010 and outstanding balances with these parties as at 31 December 2011 and 31 December 2010 are given below, by each group of related parties.
(i) Related party transactions with Sherborne Sherborne owns approximately 20% of the Ordinary Share capital of F&C and is represented on the Board by the Executive Chairman, Edward Bramson, who is a partner in Sherborne. Sherborne is entitled to ordinary dividends, and a fee in respect of the Chairman’s services to F&C. The Group’s transactions with Sherborne are disclosed below:
Total expensed Outstanding at Total expensed Outstanding at and accrued 31 December during 2011 £m
2011 £m
Ordinary dividends paid to Sherborne* Director’s fees payable to Sherborne* Other expenses payable to Sherborne*
*With effect from Mr Bramson’s appointment as Chairman on 3 February 2011.
3.0 0.1 0.2
– – –
and accrued 31 December during 2010 £m
n/a n/a n/a
2010 £m
n/a n/a n/a
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