RBS 2007 Annual Report Download - page 114

RBS Group • Annual Report and Accounts 2007
112
Directors’ remuneration report continued
Governance
No options had their terms and conditions varied during
the accounting period to 31 December 2007. No payment
is required on the award of an option.
The performance condition applying to executive share options
granted in 2007 and exercisable in August 2010 is outlined on
page 107.
For executive share options where the first exercisable date is
between March 2002 and March 2009 inclusive, options are
exercisable only if, over a three year period, the growth in the
company’s EPS has exceeded the growth in the Retail Prices
Index (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 2007 was £4.44 and the range during the
year to 31 December 2007 was £3.97 to £7.20.
In the ten year period to 31 December 2007, awards made that
could require new issue shares under the company’s share
plans represented 5.5% of the company’s issued ordinary
share capital, leaving an available dilution headroom of 4.5%.
Medium Term Performance Plan
Scheme interests at 1 January 2007 and the related market price on award in the table below have been restated to reflect the bonus
issue of ordinary shares in May 2007.
Market Share interest End of period
Scheme interests Awards price on Awards Awards (share for qualifying
(share equivalents) at granted award vested in exercised equivalents) at conditions to
1 January 2007 in 2007 £ 2007(1) in 2007 31 December 2007 be fulfilled
Sir Fred Goodwin 279,120 5.45 279,120 vested 31.12.03
101,565 6.20 101,565 vested 31.12.04
286,293 5.76 Nil — lapsed 31.12.07
291,579 6.17 291,579 31.12.08
278,970 6.99 278,970 31.12.09
958,557 951,234
Mr Cameron 167,472 5.45 167,472 vested 31.12.03
66,234 6.20 66,234 vested 31.12.04
138,810 5.76 Nil – lapsed 31.12.07
145,791 6.17 145,791 31.12.08
143,064 6.99 143,064 31.12.09
518,307 522,561
Mr Fish 31,485 5.76 Nil – lapsed 31.12.07
93,351 6.17 93,351 31.12.08
85,905 6.99 85,905 31.12.09
124,836 179,256
Mr Fisher 60,000 5.45 60,000 vested 31.12.03
24,000 6.20 24,000 vested 31.12.04
104,109 5.76 Nil – lapsed 31.12.07
105,294 6.17 105,294 31.12.08
100,146 6.99 100,146 31.12.09
293,403 289,440
Mr Pell 121,458 5.76 Nil – lapsed 31.12.07
124,731 6.17 124,731 31.12.08
115,881 6.99 115,881 31.12.09
246,189 240,612
Mr Whittaker 113,391 6.17 113,391 31.12.08
107,298 6.99 107,298 31.12.09
113,391 220,689
Note:
(1) Awards were granted on 28 April 2005 and these awards have now lapsed.
For any awards that have vested, participants holding option-based awards can exercise their right over the underlying share
equivalents at any time up to ten years from the date of grant.
No variation was made to any of the terms of the plan during the year. The performance measures are detailed on pages 106 and 107.