BT 1998 Annual Report Download - page 40

R E P O R T O N D I R E C T O R S ’ R E M U N E R AT I O N
Unrealised gains on the above share options at 31 March 1998, based on the market price of the shares at that date, excluding
the employee compensation for the special dividend which is discretionary in respect of directors’ share options, were as follows:
Options exercisable Options not exercisable
)))))))!!00005!!!00005
Unrealised gains Unrealised gains
))))))))%!!!0051111)%!!!!0051111
Number 1998 1997(a) Number 1998 1997(a)
of shares £000 £000 of shares £000 £000
))))))%!!!!!!!0111!!!0051111!!!0111!!!0051111
Sir Iain Vallance 82,487 240 325 – – 3
Sir Peter Bonfield – – –6,460 25 12
R P Brace 252,130 831 303 6,141 22 26
A W Rudge 15,564 39 252 – – 10
00000051111!!!0111!!!0051111!!!0111!!!0051111
(a) Based on options outstanding at 31 March 1997 and the market price of the shares at that date.
The market price of the shares at 31 March 1998 was 650p (1997 – 445.5p) and the range during the year ended 31 March 1998
was 379.5p to 685p.
Details of the company’s ordinary shares provisionally awarded to directors, as participants under the Long Term Remuneration
Plan (note 28 to the financial statements), were as follows:
Total number of award shares(a) Range of value of award(b)
)))))))!!0000001!!!0011115
Dividends 31 March Minimum Maximum
1 April 1997 Awarded reinvested 1998 £000 £000
))))))%!!!!!!!0111!!!0111!!!0111!!!0111!!!0051111
Sir Peter Bonfield 125,137 98,100 17,183 240,420 314 1,563
R P Brace 169,161 65,400 22,348 256,909 301 1,670
A W Rudge 110,045 – 13,983 124,028 161 806
00000051111!!!0111!!!0111!!!0111!!!0111!!!0051111
(a) Excluding shares purchased by each director under the plan (see page 38).
(b) Based on the market value of the company’s shares at 31 March 1998. The minimum figure represents those shares held at
31 March 1998 which will transfer to each director at the end of year five of the plan (1999 to 2002). The maximum figure
represents all shares held at 31 March 1998 which will transfer to each director at the end of year five of the plan (1999 to 2002)
provided the corporate performance measure has been fully met. Normally shares will transfer only if the individual is still
employed by the group. However, the plan gives discretion to preserve awards of shares after retirement. Under this discretion,
Dr Rudge’s awards have been preserved until the end of year five of the plan.
At 31 March 1998, Sir Iain Vallance, Sir Peter Bonfield and Robert Brace each had a non-beneficial interest in 21,919 shares
(1997 – 62,891) purchased by BT Employee Shares Trustees Limited for allocation to employees under the BT Employee Share
Ownership Scheme, and 10,467,987 shares (1997 – 6,206,481) 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.
On appointment to the Board on 1 April 1998, Bill Cockburn had a beneficial interest of 4,181 shares in the company. During
the year ended 31 March 1998, he was awarded 32,520 shares under the Performance Share Plan (note 28 to the financial
statements). He will only be entitled to these shares in full at the end of a period ending on 31 July 1998 (which may be extended
for a further two years), if the company has met a pre-determined corporate performance measure and he is still employed by the
BT group.
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 1998 and 26 May 1998.
Sir Colin Marshall
Deputy Chairman and Chairman of Remuneration Committee
26 MAY 1998