National Grid 2004 Annual Report Download - page 14

Incorporation
Transco plc is incorporated in England
and Wales with its registered office at
1-3 Strand London WC2N 5EH
(telephone [phone]).
Material interests
At no time during the year has any Director
had any material interest in a contract
within the Group, being a contract of any
significance in relation to the Group’s business.
Substantial shareholders
Transco plc is a wholly owned subsidiary of
Transco Holdings plc. The ultimate parent
company of Transco is National Grid Transco plc.
Employee policy
The Group is committed to ensuring that the
environment within which employees work
fosters development and growth, recognises
and rewards individual efforts, and enables all
employees to reach their full potential.
We have established, through e-mails, intranet,
cascade briefings and in-house magazines,
effective methods for communicating with
employees on matters concerning them.
Regular consultation with employees and
their trade unions takes place using both
formal and informal mechanisms.
We have continued the merger and integration
programmes and restructuring of our
transmission and distribution businesses.
Throughout this process we have consulted with
trade union representatives and our employees
and aim wherever possible to achieve headcount
reductions either through early retirement or
voluntary redundancy.
Our family friendly policies aim to open up wider
opportunities to working parents and create
greater flexibility in the way we operate. Our new
performance management frameworks have
created greater focus on an individual’s
contribution to the overall business goals.
We are committed to a culture that encourages
the inclusion and diversity of all our employees
through respecting and appreciating their
differences and supporting all employees in
reaching their full potential. To reinforce this
commitment, National Grid Transco has set up
an Inclusion and Diversity Steering Group,
chaired by Steve Holliday, and has established
champions across all the businesses to
promote and progress work in this area.
Directors’ remuneration
Details of Directors’ remuneration are shown in
note 5, page 22.
Transco does not have a Remuneration
Committee, Transco’s Directors being
remunerated in line with the policy developed
by The National Grid Transco Remuneration
Committee, details of which may be found in
that company’s Annual Report and Accounts.
Directors’ interests
Roger Urwin, Steve Holliday, Steve Lucas and
Nick Winser are also Directors of National Grid
Transco plc and details of their interests in the
shares of National Grid Transco plc appear in that
company’s annual report and accounts. Interests
of the other directors are set out below.
Directors’ Report and Operating and Financial Review
General Information
Directors’ beneficial interests
At
1 April 2003 At
or on 31 March
appointment 2004 (ii)
Colin Buck 11,972 13,429
Jim O’Sullivan –357
Mark Fairbairn 6,479(i) 9,699
All interests are in shares in National Grid Transco plc, Transco’s ultimate parent undertaking.
(i) As at date of appointment.
(ii) Interests include shares acquired pursuant to the National Grid Transco Share Incentive Plan.
(iii) Interests exclude shares acquired pursuant to the National Grid Share Matching Scheme (see below under Directors’ interests in share options note (ii)).
Performance Share Plan interests
Beneficial holding
at 1 April 2003 Beneficial holding
or on appointment Awarded in year at 31 March 2004 Release date
Colin Buck 0 18,507 18,507 June 2007
Jim O’Sullivan 0 20,333 20,333 June 2007
Mark Fairbairn 0(i) 29,611 29,611 June 2007
(i) As at appointment date.
(ii) All interests held in accordance with the National Grid Transco Performance Share Plan details of which are given in the annual report and accounts
of that company.
12 Transco plc_Annual Report and Accounts 2003/04