6) SHAREHOLDING REQUIREMENTS.


The tables shown below show the shareholdings for the executive directors and the non-executive directors at the end of 2011.

Directors’ share interests

The holdings of directors in office at the end of the year in the shares of the Company, including unvested shares awarded under the Employee Share Plan, Share Bonus Plan and the Nigel Wilson Recruitment Award are shown below. These exclude unvested awards made by the Company under the Performance Share Plan.

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Name

31 December 2011

1 January 2011

Includes Employee Share Plan, Share Bonus Plan, Nigel Wilson Recruitment Award, Corporate Sponsored Nominee, Ordinary Share Holdings and Spouse Holdings.

Tim Breedon

2,497,216

2,206,988

Nigel Wilson

1,783,303

1,593,014

Mark Gregory

758,045

631,878

John Pollock

830,912

698,171

John Stewart

161,133

88,827

Henry Staunton

309,574

264,267

Rudy Markham

172,228

147,284

Nick Prettejohn

23,164

1,625

Dame Clara Furse

52,012

35,028

Mike Fairey

11,181

Stuart Popham

8,699

Julia Wilson

Sir David Walker

489,059

James Strachan

181,715

New NED Shareholding requirement

In addition to the review of fees, it was also felt appropriate to introduce a minimum shareholding requirement for NEDs. NEDs are now required to hold the equivalent of one year’s base fee in Legal & General shares to be retained until the end of office. NEDs will continue to have a proportion of their fees (normally 50%) paid in Legal & General shares until this level is reached. Once the level is reached, they may take all their fee in cash. The following table shows the current level of holdings:

NED’s Shareholdings as at 31 December 2011
(including shares purchased with December fees on 3 January)

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Share price (30/12/11)

102.8

Total
Fee with
effect from
1 July 2011

 

 

 

Director

Holding

Value of holding

Base fee

Holding as % of base fee

Met criteria of 1 x base fee

John Stewart

167,618

£172,311

£340,000

£340,000

50.7

No

Henry Staunton

314,069

£322,863

£125,000

£65,000

496.7

Yes

Rudy Markham

174,153

£179,029

£95,000

£65,000

275.4

Yes

Nicholas Prettejohn

25,574

£26,290

£105,000

£65,000

40.4

No

Michael Fairey

12,899

£13,260

£75,000

£65,000

20.4

No

Dame Clara Furse

53,499

£54,997

£65,000

£65,000

84.6

No

Stuart Popham

10,417

£10,709

£75,000

£65,000

16.5

No

Julia Wilson

2,579

£2,651

£65,000

£65,000

4.08

No

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