RBS 2003 Annual Report Download - page 132

130
Directors’ remuneration report continued
Directors’ remuneration report
No options had their terms and conditions varied during the
accounting period to 31 December 2003. No payment is
required on the award of an option.
The executive share options which are exercisable from March
2002 onwards are subject to the satisfaction of an EPS growth
target such that no option is exercisable unless the growth in
the company’s EPS over three years has exceeded the growth
in the RPI plus 9%. In respect of executive share options
exercisable before March 2002 the performance condition is
that the growth in the company’s EPS over three years has
exceeded the growth in the RPI plus 6%.
The market price of the company’s ordinary shares at 31
December 2003 was £16.46 and the range during the year to
31 December 2003 was £12.37 to £17.80.
In the ten year period to 31 December 2003, awards made
using new issue shares under the company’s share plans
represented 4.2% of the company’s issued ordinary share
capital, leaving an available dilution headroom of 5.8%.
Medium Term Performance Plan
Awards granted in 2003 Awards vested in 2003
Scheme interests Scheme interests End of the period for No of
(share equivalents) at (share equivalents) Market price qualifying conditions interests Market price Value of Interests at
1 January 2003 awarded on award to be fulfilled vested* on vesting interests vested 31 December 2003
£££
Fred Goodwin 68,807 16.35 31.12.03 93,040 16.46 1,531,438 93,040
44,378 18.59 31.12.04 44,378
78,398 17.22 31.12.05 78,398
113,185 215,816
Norman McLuskie 36,697 16.35 31.12.03 49,621 16.46 816,762 49,621
23,399 18.59 31.12.04 23,399
28,456 17.22 31.12.05 28,456
60,096 101,476
Gordon Pell 45,871 16.35 31.12.03 62,026 16.46 1,020,948 62,026
29,585 18.59 31.12.04 29,585
35,715 17.22 31.12.05 35,715
75,456 127,326
Iain Robertson 57,339 16.35 31.12.03 77,533 16.46 1,276,193 77,533
Fred Watt 36,697 16.35 31.12.03 49,621 16.46 816,762 49,621
24,744 18.59 31.12.04 24,744
30,488 17.22 31.12.05 30,488
61,441 104,853
*Awards were granted on 17 June 2001 and vested at 135.22% at the end of the performance period on 31 December 2003.
No variation was made to any of the terms of the plan during the year. The performance measures are detailed on page 123.
Phantom 2000 Plan Awards granted during year
End of the period for
Phantom 2000 units at Units awarded Market price qualifying conditions Benefits received Phantom 2000 units at
1 January 2003 during year on award to be fulfilled during the year 31 December 2003
Lawrence Fish 1,000,000 01.01.04 1,000,000
1,000,000 01.01.05 1,000,000
2,000,000 2,000,000
No variation was made to any of the terms of the plan during the year. The performance measures are detailed on page 124.
Citizens Long Term Incentive Plan
Benefits received
Interests at 1 January 2003 Awards granted during year during the year Interests at 31 December 2003
Lawrence Fish LTIP* awards for the LTIP award for the LTIP award for the LTIP* awards for the
3 year periods: 3 year period: 3 year period: 3 year periods:
01.01.00 – 31.12.02 01.01.03 – 31.12.05 01.01.00 – 31.12.02 01.01.01 – 31.12.03
01.01.01 – 31.12.03 was $970,885 01.01.02 – 31.12.04
01.01.02 – 31.12.04 01.01.03 – 31.12.05
* Under the cash LTIP, target payment is 60% of average salary over the three year period, maximum payment is 105% of average
salary. No variation was made to any of the terms of the plan during the year. The performance measures are detailed on page 124.