Preliminary results year ended 31 December 2008
05 March 2009
8. Corporate centre
| 2008 £m |
2007 £m |
|
|---|---|---|
| Project spend | (34) | (26) |
| Share awards and other incentive schemes | (10) | (17) |
| Central spend | (97) | (114) |
| Total | (141) | (157) |
The corporate centre costs for the period reduced to £141 million (2007: £157 million) due to lower central spend and staff incentive costs. Within this total, project spend was £34 million (2007: £26 million), driven by the corporate centre’s share of the ongoing implementation of the global finance strategy. This project has allowed us to deliver our results on an MCEV basis and will allow us to deliver Solvency II and comply with Sarbanes-Oxley (which would support a potential US listing). Further expenditure to deliver this project is also included in each region’s operating profit.
