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32 National Grid Electricity Transmission Annual Report and Accounts 2006/07
Other information
Principal activities and business review
The principal activities of the company and its subsidiaries
during the year were the transmission of electricity and the
provision of related services.
The Directors consider that the requirement to produce a
business review is fulfilled by the inclusion in this Annual Report
and Accounts of an Operating and Financial Review (on pages
1 to 27).
Substantial shareholders
National Grid Electricity Transmission plc is a wholly owned
subsidiary undertaking of National Grid Holdings Ltd. The
ultimate parent company of National Grid Electricity
Transmission is National Grid plc.
Directors’ remuneration
Details of Directors’ remuneration are shown in note 7 to the
accounts.
National Grid Electricity Transmission plc does not have a
Remuneration Committee, National Grid Electricity
Transmission’s Directors being remunerated in line with the
policy developed by the National Grid plc Remuneration
Committee, details of which may be found in that company’s
annual report and accounts.
Directors’ interests
None of the Directors (nor any person connected with them)
has a beneficial interest or non-beneficial interest in the share
capital of the Company. None of the Directors (nor any person
connected with them) holds any interest in any other securities,
including options over the Company’s shares, of the Company.
Steve Holliday, Steve Lucas and Nick Winser are also Directors
of the ultimate parent company, National Grid plc, and details of
their interests in the shares of National Grid plc appear in that
company’s annual report and accounts. The interests of Andy
Chapman in the shares of National Grid plc are set out below.
Directors’ beneficial interests
All interests are in shares in National Grid plc, the Company’s ultimate parent undertaking. Interests include shares acquired pursuant
to the National Grid Share Incentive Plan and shares acquired pursuant to the National Grid Share Matching Scheme.
At
1 April
2006
At
31 March
2007
Andy Chapman 23,829 25,608
On 1 August 2005 NG ordinary shares were subject to a 43 for 49 capital consolidation in conjunction with alternative elections involving its 65p per share return of capital. Options to ordinary
shareholders also included a ‘B share election’, the rights of which are set out in the Circular to shareholders dated 6 June 2005. Following this, Andy Chapman holds Nil B shares.
Performance Share Plan (PSP) and Deferred Share Plan (DSP) interests
All interests are in shares in National Grid plc and are held in accordance with the National Grid Performance Share Plan or Deferred
Share Plan, details of which are given in the annual report and accounts of that company.
Bene
ficial
holding at
1 April 2006
Awards
lapsed
during
year
Awarded in
year
Beneficial
holding at
31 March
2007
Market
price
at date o
f
award
(pence) Release date
Andy Chapman PSP 20,481 20,481 - - 405.25p June 2007
20,316 - - 20,316 424.88p June 2008
16,887 - - 16,887 527.03p June 2009
- - 15,501 15,501 591.53p June 2010
DSP - - 5,120 5,120 583.96p June 2009
For PSP awards granted in 2003, the performance condition was not satisfied at the end of the three year performance period. As a result, the award has lapsed in full.
Director’s interests in share options
All interests are in shares in National Grid plc. Options were granted under the Executive Share Option Schemes and the Sharesave
Schemes operated by National Grid plc and details of these schemes are given in the annual report and accounts of that company.
Bene
ficial
holding at
1 April 2006 Granted Exercised
Beneficial
holding at
31 March
2007
E
xercise
price per
share
(pence) Normal exercise period
Andy Chapman Executive share options 9,179 - - 9,179 435.75p July 2002 to July 2009
19,011 - - 19,011 526.00p July 2003 to July 2010
28,037 - - 28,037 481.50p June 2005 to June 2012
Sharesave 4,314 - - 4,314 383.00p April 2010 to September 2010
Executive share options granted in June 2001 over 22,202 shares at 563p per share lapsed at 31 March 2006 as the performance condition was not satisfied after the first three years and
subsequent annual retests.