National Grid 2014 Annual Report Download - page 73

Strategic Report Corporate Governance Financial Statements Additional Information
Directors
Share
ownership
requirements
(multiple
of salary)
Number
of shares
required
to hold
Number
of shares
owned
outright
(including
connected
persons)
Number
of shares
held as a
multiple of
current salary
Share
ownership
requirements
met
Vested but
unreleased
share award
subject to
continuous
employment
(PSP 2010)
Conditional
share awards
subject to
performance
conditions
(LTPP 2011,
2012 and 2013)
Conditional
share awards
subject to
continuous
employment
(DSP 2011,
2012 and 2013)
Executive Directors
Andrew Bonfield 125% 108,273 699 <1% No 190,589 6 3 7,3 5 6 130,040
Steve Holliday 200% 243,309 752,031 618% Yes 292,880 1,006,643 230,410
Tom King 125% 21,058 71,336 423% Yes 46,556 131,378 32,388
Nick Winser 125% 83,029 355,413 535% Yes 158,262 4 8 7,7 8 0 121,777
Non-executive Directors
Philip Aiken – – 4,900 n/a n/a – – –
Nora Mead Brownell – – 5,000 n/a n/a –––
Jonathan Dawson – – 24,000 n/a n/a –––
Therese Esperdy – – – n/a n/a –––
Sir Peter Gershon – – 75,771 n/a n/a –––
Paul Golby – – 2,500 n/a n/a –––
Ken Harvey – – 5,236 n/a n/a –––
Ruth Kelly – – 800 n/a n/a –––
Maria Richter – – 14,357 n/a n/a –––
George Rose – – 6,792 n/a n/a –––
Mark Williamson – – 4,726 n/a n/a –––
1. The salary used to calculate the value of shareholding is the salary earned in the year.
2. Andrew Bonfield has not met the shareholding requirement as none of the share awards in the plans in which he has participated have been released yet.
3. Tom King’s holdings and awards are shown as ADSs and each ADS represents five ordinary shares.
4. The release date for the PSP 2010 is 29 June 2014.
5. On 31 March 2014 Andrew Bonfield held 3,421 options granted under the Sharesave plan. These options were granted at a value of 445 pence per share, and they can be exercised at
445pence per share between April 2016 and September 2016.
6. On 12 June 2013 Steve Holliday exercised two Share Match awards, totalling 37,475 shares. This comprised (i) an award of 16,092 options, expiring in June 2013, exercised for 100 pence
in total, and (ii) an award of 21,383 options, expiring in May 2014, exercised for nil value. These shares are included in the table above (‘Number of shares owned outright’). In addition, on
7April 2014, he exercised a Sharesave option over 3,921 shares at the option price of 427.05 pence per share before expiration in September 2014.
7. For Andrew Bonfield, the number of conditional share awards subject to performance conditions is as follows: LTPP 2011: 229,463; LTPP 2012: 213,095; LTPP 2013: 194,798. The number
of conditional share awards subject to continuous employment is as follows: DSP 2011: 29,184; DSP 2012: 55,150; DSP 2013: 45,706.
8. For Steve Holliday, the number of conditional share awards subject to performance conditions is as follows: LTPP 2011: 362,148; LTPP 2012: 336,702; LTPP 2013: 307,793. The number of
conditional share awards subject to continuous employment is as follows: DSP 2011: 97,359; DSP 2012: 75,933; DSP 2013: 57,118.
9. For Tom King, the number of conditional awards over ADSs subject to performance conditions is as follows: LTPP 2011: 45,537; LTPP 2012: 44,616; LTPP 2013: 41,225. The number of
conditional awards over ADSs subject to continuous employment is as follows: DSP 2011: 13,937; DSP 2012: 11,332; DSP 2013: 7,119.
10. For Nick Winser, the number of conditional share awards subject to performance conditions is as follows: LTPP 2011: 174,986; LTPP 2012: 163,412; LTPP 2013: 149,382. The number of
conditional share awards subject to continuous employment is as follows: DSP 2011: 48,354; DSP 2012: 39,682; DSP 2013: 33,741.
11. The normal vesting dates for the conditional share awards subject to performance conditions are 1 July 2014 and 1 July 2015; 1 July 2015 and 1 July 2016; and 1 July 2016 and 1 July
2017 for the LTPP 2011, LTPP 2012 and LTPP 2013 respectively. The normal vesting dates for the conditional share awards subject to continuous employment are 15 June 2014; 14 June
2015; and 13 June 2016 for the DSP 2011, DSP 2012 and DSP 2013 respectively.
12. Non-executive Directors do not have a shareholding requirement.
13. In April and May 2014 a further 30 shares were purchased on behalf of both Steve Holliday and Andrew Bonfield via the Share Incentive Plan (an HMRC approved all-employee share plan),
thereby increasing their beneficial interests. There have been no other changes in Directors’ shareholdings between 1 April 2014 and 18 May 2014.
External appointments and retention of fees
The table below details the Executive Directors who served as non-executive directors in other companies during the year ended
31March 2014:
Company Retained fees (£)
Andrew Bonfield Kingfisher plc 81,200
Steve Holliday Marks and Spencer Group plc 85,000
Nick Winser Kier Group plc 53,700
Relative importance of spend on pay
This chart shows the relative importance ofspend on
pay compared with other costs and disbursements
(dividends, tax, net interest and capitalexpenditure).
Given the capital-intensive natureof our business and
the scale of our operations, these costs were chosen
as the most relevant for comparison purposes. All
amounts exclude exceptional items, remeasurements
and stranded cost recoveries.
Payroll costs
Dividends Tax Net interest Capital expenditure
1,373
1,434 1,567
581
619
1,108
1,124
3,441
3,686
1,491
-4.3% +5.1%
-6.1%
-1.4%
-6.6%
2012/13 £m 2013/14 £m
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