RBS 2006 Annual Report Download - page 122
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121
RBS Group • Annual Report and Accounts 2006
Governance
No options had their terms and conditions varied during
the accounting period to 31 December 2006. 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 which provides that options are exercisable only if, over
a three year period, the growth in the company’s EPS 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 2006 was £19.93 and the range during the
year to 31 December 2006 was £16.69 to £19.99.
In the ten year period to 31 December 2006, awards made that
could require new issue shares under the company’s share
plans represented 4.8% of the company’s issued ordinary
share capital, leaving an available dilution headroom of 5.2%.
Options exercised in 2006
Options held at Options Market price at
1 January granted in date of exercise Option price Options held at 31 December 2006
2006 2006 Number £ £ Number Exercise period
Mr Pell 51,216 7.81 51,216 29.03.03 – 28.03.10
29,100 17.18 29,100 14.08.04 – 13.08.11
27,600 18.18 27,600 14.03.05 – 13.03.12
49,800 12.37 49,800 13.03.06 – 12.03.13
47,217 17.34 47,217 11.03.07 – 10.03.14
50,607 17.29 50,607 10.03.08 – 09.03.15
62,365 18.52 62,365 09.03.09 – 08.03.16
255,540 62,365 317,905
Mr Watt(4) 70,148 12.83 70,148 04.09.03 – 03.09.10
23,300 17.18 23,300 14.08.04 – 13.08.11
22,100 18.18 22,100 14.03.05 – 13.03.12
42,500 12.37 42,500 13.03.06 – 12.03.13
43,253 17.34 43,253 11.03.07 – 10.03.14
57,259 17.29 57,259 10.03.08 – 09.03.15
258,560 258,560
Mr Whittaker(5) 56,695 18.52 56,695 09.03.09 – 08.03.16
1,235 13.84 1,235 01.10.13 – 31.03.14(1)
57,930 57,930
Notes:
(1) Options held under the sharesave and option 2000 schemes, which are not subject to performance conditions.
(2) Sir George Mathewson retired from the Board on 28 April 2006. The figures quoted above are as at cessation. Subsequently, Sir George exercised his option over 150 shares on
8 June 2006.
(3) Options held at 1 January 2006 by Mr Cameron and Mr Fisher were granted prior to their appointment to the Board on 1 March 2006.
(4) Mr Watt resigned from the Board on 31 January 2006. The figures quoted above are as at cessation. Subsequently, Mr Watt exercised all of his options on 10 October 2006.
(5) Mr Whittaker was appointed to the Board on 1 February 2006.
The performance conditions for options granted in 2006 are detailed on page 116.