BT 1997 Annual Report Download - page 33

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REPORT OF THE BOARD COMMITTEE ON EXECUTIVE REMUNERATION
33
Unrealised gains on the above share options at 31 March 1997, based on the market price of the shares at that date, were
as follows:
Options exercisable Options not exercisable
Unrealised gains Unrealised gains
Number 1997 1996(a) Number 1997 1996(a)
of shares £000 £000 of shares £000 £000
Sir Iain Vallance 234,123 325 159 3,760 3 4
Sir Peter Bonfield –––6,460 12 –
AWRudge 171,096 252 128 7,459 10 4
R P Brace 228,660 303 166 29,611 26 7
633,879 880 453 47,290 51 15
(a) Based on options outstanding at 31 March 1996 and the market price of the shares at that date.
The market price of the shares at 31 March 1997 was 445.5p (1996 – 369p) and the range during the year ended 31 March 1997
was 326.5p to 461.5p.
Details of the company’s ordinary shares provisionally awarded to each director, as a participant under the Long Term
Remuneration Plan (note 26 to the financial statements), were as follows:
Total number of award shares(a) Range of value of award(b)
Dividends 31 March Minimum Maximum
1 April 1996 Awarded reinvested 1997 £000 £000
Sir Peter Bonfield – 122,934 2,203 125,137 93 557
A W Rudge 105,006 – 5,039 110,045 98 490
R P Brace 88,448 75,125 5,588 169,161 135 754
(a) Excluding shares purchased by each director under the plan (see page 31).
(b) Based on the market value of the company’s shares at 31 March 1997. The minimum figure represents those shares held at
31 March 1997 which will transfer to each director at the end of year five of the plan (1999 to 2001) provided the individual is
still employed by the group. The maximum figure represents all shares held at 31 March 1997 which will transfer to each
director at the end of year five (1999 to 2001) provided the individual is still employed by the group and that the corporate
performance measure has been fully met.
At 31 March 1997, Sir Iain Vallance, Sir Peter Bonfield, Dr Rudge and Mr Brace each had a non-beneficial interest in 62,891
shares (1996 – 95,841) purchased by BT Employee Shares Trustees Limited for allocation to employees under the BT Employee
Share Ownership Scheme, and 6,206,481 shares (1996 – 3,292,627) held in trust by Ilford Trustees (Jersey) Limited for
allocation to participating employees under the Long Term Remuneration Plan and the Performance Share Plan.
No director had any interest in the debentures of the company or in the share capital or debentures of its subsidiaries.
Subsequent to 31 March 1997, the company has been notified of an acquisition of a beneficial holding of 16 ordinary shares
by Mr Brace under a personal equity plan. There have been no other changes in the directors’ interests in the share capital or
in the debentures of the company and its subsidiaries between 31 March 1997 and 20 May 1997.
By order of the Board
Sir Colin Marshall
Chairman of the Board Committee on Executive Remuneration
20 MAY 1997