Annual report and financial statements 2008
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Remuneration report
Part 2: Audited information
2 Directors’ interests in long–term incentive schemes
Directors’ Share Schemes
| Date of award |
Maximum shares receivable at 31 March 2007 or date of appointment |
Shares awarded during the year |
Shares vested during the year |
Maximum shares receivable at 29 March 2008 |
Market value on date of award (p) |
Earliest date of vesting |
|
|---|---|---|---|---|---|---|---|
| Chief Executive | |||||||
| Sir Stuart Rose | |||||||
| Performance Share Plan1 | 25/07/05 | 473,868 | – | – | 473,868 | 358.75 | 25/07/08 |
| 19/07/06 | 663,755 | – | – | 663,755 | 572.5 | 19/07/09 | |
| 05/06/07 | – | 594,395 | – | 594,395 | 706.6 | 05/06/10 | |
| Deferred Share Bonus Plan2 | 05/06/06 | 35,125 | – | – | 35,125 | 550.0 | 05/06/09 |
| 05/06/07 | – | 222,898 | – | 222,898 | 706.6 | 05/06/10 | |
| Total | 1,172,748 | 817,293 | – | 1,990,041 | |||
| Executive directors | |||||||
| Kate Bostock | |||||||
| Performance Share Plan1 | 25/07/05 | 117,073 | – | – | 117,073 | 358.75 | 25/07/08 |
| 19/07/06 | 157,205 | – | – | 157,205 | 572.5 | 19/07/09 | |
| 05/06/07 | 169,827 | – | – | 169,827 | 706.6 | 05/06/10 | |
| Deferred Share Bonus Plan2 | 05/06/06 | 25,404 | – | – | 25,404 | 550.0 | 05/06/09 |
| 05/06/07 | 28,985 | – | – | 28,985 | 706.6 | 05/06/10 | |
| Total | 498,494 | – | – | 498,494 | |||
| Ian Dyson | |||||||
| Performance Share Plan1 | 25/07/05 | 234,146 | – | – | 234,146 | 358.75 | 25/07/08 |
| 19/07/06 | 331,878 | – | – | 331,878 | 572.5 | 19/07/09 | |
| 05/06/07 | – | 297,197 | – | 297,197 | 706.6 | 05/06/10 | |
| Deferred Share Bonus Plan2 | 05/06/06 | 48,579 | – | – | 48,579 | 550.0 | 05/06/09 |
| 05/06/07 | – | 111,449 | – | 111,449 | 706.6 | 05/06/10 | |
| Total | 614,603 | 408,646 | – | 1,023,249 | |||
| Steven Esom | |||||||
| Performance Share Plan1 | 05/06/07 | 141,522 | – | – | 141,522 | 706.6 | 05/06/10 |
| Restricted Share Plan3 | 05/06/07 | 70,761 | – | – | 70,761 | 706.6 | 05/06/10 |
| Total | 212,283 | – | – | 212,283 | |||
| Steven Sharp | |||||||
| Performance Share Plan1 | 25/07/05 | 234,146 | – | – | 234,146 | 358.75 | 25/07/08 |
| 19/07/06 | 331,878 | – | – | 331,878 | 572.5 | 19/07/09 | |
| 05/06/07 | – | 297,197 | – | 297,197 | 706.6 | 05/06/10 | |
| Deferred Share Bonus Plan2 | 05/06/06 | 64,772 | – | – | 64,772 | 550.0 | 05/06/09 |
| 05/06/07 | – | 111,449 | – | 111,449 | 706.6 | 05/06/10 | |
| Restricted Share Plan3 | 24/06/05 | 90,000 | – | 90,000 | – | 352.0 | 24/07/07 |
| Total | 720,796 | 408,646 | 90,000 | 1,039,442 | |||
1 The number of performance shares is the maximum (100%) of the award that could be receivable by the director if the EPS performance conditions are fully met, as outlined in the Remuneration report.
2 Full details of the Deferred Share Bonus Plan are set out in note 12 to the financial statements.
3 Steven Sharp and Steven Esom were awarded these shares before they were appointed executive directors. Steven Sharp’s shares vested on 24 July 2007 at a market price of 642.5p. Full details of the Restricted Share Plan are set out in note 12 to the financial statements.
There have been no lapses for any of the above plans during this financial year.
Directors’ Share Option Schemes
| Date of grant |
Maximum options receivable at 31 March 2007 or date of appointment |
Options granted during the year |
Options exercised/ lapsed during the year |
Maximum options receivable at 29 March 2008 |
Option price (p) |
Option period |
|
|---|---|---|---|---|---|---|---|
| Chief Executive | |||||||
| Sir Stuart Rose | |||||||
| Executive Share Option Scheme1 | 20/07/04 | 979,825 | – | – | 979,825 | 347.0 | 20/07/07 – 19/07/14 |
| SAYE | 25/11/05 | 4,613 | – | – | 4,613 | 349.0 | 01/01/11 – 30/06/11 |
| Total | 984,438 | – | – | 984,438 | |||
| Executive directors | |||||||
| Kate Bostock | |||||||
| Executive Share Option Scheme1 | 24/11/04 | 249,627 | – | – | 249,627 | 336.5 | 24/11/07 – 23/11/14 |
| SAYE | 25/11/05 | 2,679 | – | – | 2,679 | 349.0 | 01/01/09 – 30/06/09 |
| Total | 252,306 | – | – | 252,306 | |||
| Ian Dyson | |||||||
| SAYE | 25/11/05 | 4,613 | – | – | 4,613 | 349.0 | 01/01/11 – 30/06/11 |
| Total | 4,613 | – | – | 4,613 | |||
| Steven Esom | |||||||
| SAYE | 23/11/07 | 1,856 | – | – | 1,856 | 517.0 | 01/01/11 – 30/06/11 |
| Total | 1,856 | – | – | 1,856 | |||
| Steven Sharp | |||||||
| Executive Share Option Scheme1 | 20/07/04 | 302,593 | – | – | 302,593 | 347.0 | 20/07/07 – 19/07/14 |
| 24/11/04 | 104,010 | – | – | 104,010 | 336.5 | 24/11/07 – 23/11/14 |
|
| SAYE | 25/11/05 | 2,679 | – | – | 2,679 | 349.0 | 01/01/09 – 30/06/09 |
| Total | 409,282 | – | – | 409,282 |
1 The Executive Share Options have all been held for three years and can be exercised under the scheme rules; the option price is below the market value on 29 March 2008 for all options; the performance criteria attached to the Executive Share Options Scheme is described in the Remuneration report.
There have been no exercises or lapses for any of the above schemes during this financial year.
The market price of the shares at the end of the financial year was 396.25p; the highest and lowest share prices during the financial year were 749.0p and 356.25p respectively.
For both the Directors’ interests in long–term incentive schemes tables, the explanation of the performance criteria attached to the Performance Share Plan and the Executive Share Option Scheme have been audited.
Approved by the Board
Louise Patten, Chairman of the Remuneration Committee
London
19 May 2008
© 2008 Marks and Spencer plc