Directors' remuneration report
Historic award
An historic award held during the year by a Director under the management Equity Investment Plan lapsed based on a performance condition relating to the period to 31 March 2007. The award would have entitled the Director to acquire shares at nil cost subject to the performance condition described in the note below .
| Year of grant |
Held at 1 April 2006 |
Exercised during the year |
Lapsed during the year |
Held at 31 March 2007 |
|||||
|---|---|---|---|---|---|---|---|---|---|
| M J Queen | 2000 | 25,776 | – | (25,776) | – | ||||
| Note Under the performance condition no shares were to vest unless the Company' s total shareholder return over a three-year performance period (averaged over the six months before the beginning and end of the period) equalled or exceeded the compound annual increases in the RPI over the period +6% per annum. As the minimum performance condition was not achieved over the three-year period to 31 March 2003, the performance period was extended annually to the maximum length of seven years from the base year. This performance period expired on 31 March 2007. The Group' s Human Resources department calculated whether the performance condition had been satisfied and this calculation was audited by Ernst & Young LLP. Based on this calculation, the Committee determined in May 2007 that the performance condition had not been met and that the award had lapsed as at 31 March 2007. |
|||||||||