National Grid 2014 Annual Report Download - page 72

Remuneration
Report
continued
LTPP and DSP (conditional awards) granted during the financial year (audited information)
LTPP Basis of award
Face value
’000
Proportion
vesting at
threshold
performance Number of shares
Performance
period end date
Andrew Bonfield 200% of salary £1,424 25% 194,798
June 2016 and
June 2017
Steve Holliday 225% of salary £2,250 25% 3 0 7,7 9 3
June 2016 and
June 2017
Tom King 200% of salary $2,316 25% 41,225 (ADSs)
June 2016 and
June 2017
Nick Winser 200% of salary £1,092 25% 149,382
June 2016 and
June 2017
1. The face value of the awards is calculated using the share price at the date of grant (27 June 2013) (£7.3101 per share and $56.1784 per ADS).
DSP Basis of award
Face value
’000 Number of shares Release date
Andrew Bonfield 50% of APP value £339 45,706 13 June 2016
Steve Holliday 50% of APP value £423 57,118 13 June 2016
Tom King 50% of APP value $413 7,119 (ADSs) 13 June 2016
Nick Winser 50% of APP value £250 3 3,741 13 June 2016
1. The face value of the awards is calculated using the share price at the date of grant (13 June 2013) (£7.4092 per share and $57.9720 perADS).
2. The award made in 2013/14 is 50% of the 2012/13 APP value.
Performance conditions for LTPP awards granted during the nancial year
Weighting Conditional share awards granted – 2013
Performance measure Andrew Bonfield Steve Holliday Tom King Nick Winser Threshold – 25% vesting Maximum – 100% vesting
TSR ranking 25% 25% 25% 25% At median of comparator group
(FTSE 100)
7.5 percentage points or more
above median
Adjusted EPS 50% 50% 50% 50% EPS growth exceeds RPI
increase by 3 percentage points
EPS growth exceeds RPI
increase by 8 percentage
points or more
UK RoE 12.5% 12.5% – 25% Equal to the average allowed
regulatory return
2 percentage points or more
above the allowed regulatory
return
US RoE 12.5% 12.5% 25% –1 percentage point below
the allowed regulatory return
1 percentage point or more
above the allowed regulatory
return
Conditions for DSP awards granted during the nancial year
DSP awards are subject only to continuous employment.
Shareholder dilution
Where shares may be issued or treasury shares reissued to satisfy incentives, the aggregate dilution resulting from executive share-
based incentives will not exceed 5% in any 10 year period. Dilution resulting from all incentives, including all-employee incentives, will not
exceed 10% in any 10 year period. The Committee reviews dilution against these limits regularly and under these limits the Company, as
at 31 March 2014, had headroom of 4.01% and 7.99% respectively.
Statement of Directors’ shareholdings and share interests (audited information)
The Executive Directors are required to build up and hold a shareholding from vested share plan awards. Deferred share awards are not
taken into account for these purposes until the end of the deferral period. Shares are valued for these purposes at the 31 March 2014
price, which was 822 pence per share ($68.74 per ADS).
The following table shows how each Executive Director complies with the shareholding requirement and also the number of shares
owned by the Non-executive Directors, including connected persons. For Ken Harvey and George Rose, the shareholding is as at the
date they stepped down from the Board. For all others it is 31 March 2014.
70 National Grid Annual Report and Accounts 2013/14