EasyJet 2014 Annual Report Download - page 88

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86 easyJet plc Annual report and accounts 2014
What are the Directors’ current shareholdings and interests in shares?
The following table provides details on the Directors’ shareholdings and interests in shares as at 30 September 2014
(Audited):
Unconditionally
owned
shares(2)
Shareholding
guidelines
achieved(3)
Interests in shares
DABP(4) SAYE LTIP(5) SIP(6) Total
John Barton 24,000 100% – – – – –
Charles Gurassa 18,198 100% – – – – –
Carolyn McCall OBE 231,131 100% 25,522 947 1,185,676 1,631 1,213,776
Chris Kennedy 110,364 100% 11,801 947 596,981 1,631 611,360
Adèle Anderson 5,114 86% – – – – –
David Bennett 9,166 100% – – – – –
Dr. Andreas Bierwirth(1) 3,771 98% – – – – –
John Browett 5,412 100% – – – – –
Professor Rigas Doganis 12,467 100% – – – – –
Keith Hamill OBE 4,560 100% – – – – –
Andy Martin 7,000 100% – – – – –
François Rubichon(1) nil 0% – – – – –
(1) Appointed to the Board on 22 July 2014.
(2) Includes SIP Partnership Shares, vested SIP Performance (Free) Shares, vested SIP Matching Shares, LTIP Investment Shares, and any shares
owned by connected persons.
(3) Unconditionally owned shares and share interests under the Deferred Annual Bonus Plan count towards achievement of the shareholding guidelines.
(4) The principal terms of the Deferred Annual Bonus Plan are described on page 75.
(5) LTIP shares are granted in the form of nil cost options subject to performance.
(6) Consists of unvested SIP Performance (Free) Shares and unvested SIP Matching Shares.
Note: The unconditionally owned shares of Carolyn McCall and Chris Kennedy have increased by 86 shares each since
30 September 2014 to 231,217 shares and 110,450 shares respectively, due to:
• the purchase in October and November 2014 of 21 SIP Partnership Shares; and
• the vesting of 65 SIP Matching Shares awarded in October and November 2011.
The interests in SIP shares of Carolyn McCall and Chris Kennedy have decreased by 48 shares each since 30 September
2014 to 1,583 shares each, due to:
• the vesting of 65 SIP Matching Shares awarded in October and November 2011; and
• the award of 17 SIP Matching Shares in October and November 2014.
Any changes subsequent to the date of this report may be found on our corporate website, http//corporate.easyjet.com
Executive Directors are deemed to be interested in the
unvested shares held by the easyJet Share Incentive
Plan and the easyJet plc Employee Benefit Trust. At 30
September 2014, ordinary shares held in the Trusts were
as follows:
Number
easyJet Share Incentive Plan Trust 2,514,157
easyJet plc Employee Benefit Trust 254,240
Total 2,768,397
Position against dilution limits
easyJet complies with the IMA Principles of Remuneration.
These principles require that commitments under all of the
Company’s share ownership schemes must not exceed
10% of the issued share capital in any rolling ten-year
period. The requirement for shares under all current share
incentive schemes (LTIP, Deferred Annual Bonus Plan, Save
As you Earn and Share Incentive Plan) will be satisfied with
share purchases on the market. The remaining 0.4 million
options under the Discretionary Share Option Schemes,
when or if exercised, will continue to be settled by the issue
of new shares. The Company’s current position against its
dilution limit is therefore under the maximum 10% limit.
The Company continuously reviews its position against the
IMA dilution guidelines and, should there be insufficient
headroom within which to grant new awards which could
be satisfied by issuing new shares, it is the intention of the
Company to continue its current practice of satisfying such
awards with shares purchased on the market. This would
include, in relation to the IMA’s guideline, 5% in 10 year
dilution limit which relates to discretionary share plans.
Employee share plan participation
easyJet encourages share ownership throughout the Group
by the use of Performance (Free) Shares and Matching
Shares within a Share Incentive Plan and a Save As You
Earn scheme. All staff subject to minimum service were
granted shares during the year. Executive Directors may
also participate in these plans on the same terms as other
eligible staff. They are summarised in the Corporate
Responsibility report on page 41.
Directors’ remuneration report continued