Statement of directors’ shareholding and share interests.

Statement of directors’ shareholding and share interests.

SHAREHOLDING GUIDELINES

In line with our remuneration policy which will be effective from shareholder approval, the Group chief executive will be expected to build a shareholding of 300% of base salary and the other executive directors 200% of base salary. The table below shows shareholding levels as at 31 December 2013.

(XLS:) Shareholding levels – Executive directors

 

Actual share ownership as % of base salary: vested shares

New Guidelines on share ownership as a % of base salary

Guideline met

Salary at 1 March 2014

Share price at 31 December 2013 £

This table has been audited by PwC.

Note 1: Mark Zinkula joined the Board on 1 September 2012

Nigel Wilson

747%

300%

Yes

£820,000

2.227

John Pollock

668%

200%

Yes

£560,000

2.227

Mark Gregory

573%

200%

Yes

£560,000

2.227

Mark Zinkula – Note 1

40%

200%

No

£560,000

2.227

Shares used for the above calculation exclude those with performance conditions, i.e. those awarded under the PSP which are still within their performance period, any unexercised options, those shares subject to a holding period or period of deferral and any shares held in a private Trust where the executive director is not a Trustee. They include vested shares where the executive director has beneficial ownership, shares independently acquired in the market and those held by a spouse or civil partner or dependent child under the age of 18 years. The executive directors’ shareholdings are shown below. The share price used is that at 31 December 2013.

Although share ownership guidelines are not contractually binding, executive directors are normally expected to retain any after tax vested share awards until the guideline is met. The Committee retains the discretion to withhold future grants under the PSP if executives are not making satisfactory progress against the guidelines. Once shareholding requirements have been met, executive directors may sell surplus shares if they wish. The Committee has discretion to allow executive directors to sell shares prior to the shareholding requirements being met if there are extenuating circumstances (for example, changes to personal circumstances such as divorce). Executive directors are not expected to purchase more shares if the share price was to fall substantially but they would then be expected to retain further post tax vested awards to regain their position against the guideline.

Total shareholding of executive directors

(XLS:) Total shareholding of executive directors

 

Type

Owned outright/ vested shares

Value of owned outright/ vested shares £

Subject to deferral/ holding period

Value of shares subject to deferral/ holding period
£

Total vested and unvested shares (excludes any shares with performance conditions)

Value of total vested and unvested shares (excludes any shares with performance conditions) £

This table has been audited by PwC.

ESP – Employee share plan

Nigel Wilson

Shares

2,745,636

6,114,531

498,067

1,109,195

3,243,703

7,223,727

 

ESP

6,019

13,404

2,944

6,556

8,963

19,961

 

Options

0

0

0

0

0

0

 

 

2,751,655

6,127,936

501,011

1,115,751

3,252,666

7,243,687

John Pollock

Shares

1,655,998

3,687,908

383,373

853,772

2,039,371

4,541,679

 

ESP

24,768

55,158

5,660

12,605

30,428

67,763

 

Options

0

0

11,029

24,562

11,029

24,562

 

 

1,680,766

3,743,066

400,062

890,938

2,080,828

4,634,004

Mark Gregory

Shares

1,418,446

3,158,879

320,701

714,201

1,739,147

3,873,080

 

ESP

23,610

52,579

5,580

12,427

29,190

65,006

 

Options

0

0

27,767

61,837

27,767

61,837

 

 

1,442,056

3,211,459

354,048

788,465

1,796,104

3,999,924

Mark Zinkula

Shares

100,155

223,045

400,318

891,508

500,473

1,114,553

 

ESP

0

0

0

0

0

0

 

Options

0

0

0

0

0

0

 

 

100,155

223,045

400,318

891,508

500,473

1,114,553

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