Aviva 2007 Annual Report Download - page 113
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278
Share incentive plans
Details of the directors who held executive office for any part of the financial year, and hold or held options to subscribe
for ordinary shares of the Company or hold or held awards over shares in the Company, pursuant to the Company’s
share-based incentive plans, are set out below.
Savings related share options
These are options granted under the HMRC approved Aviva Savings Related Share Option Scheme. Options are normally
exercisable during the six month period following the end of the relevant (three, five or seven year) savings contract.
At
Options Options Options
At
1 January
granted exercised lapsing
31 December
2007
during year during year during year
2007
Exercise price Exercise
Number1
Number Number Number
Number
.
2
Pence Period
Richard Harvey3
Savings related options 2002 4,426 – – – 4,426 401.0 August 2007
– January 2008
Andrew Moss
Savings related options 2005 3,279 – – – 3,279 491.0 December 2010
– May 2011
Philip Scott
Savings related options 2002 4,096 – 4,096 – –401.0 December 2007
– May 2008
Tidjane Thiam4
Savings related options 2006 1,593 – – – 1,593 593.0 Options lapse
March 2008
Notes
1. For the directors appointed in 2007, the amounts disclosed relate to their awards at the date of appointment.
2. For former directors, the amounts disclosed relate to their awards held at the date of resignation from the Board.
3. Richard Harvey resigned from the Board with effect from 11 July 2007.
4. Tidjane Thiam was appointed to the Board on 1 May 2007 and resigned from the Board with effect from 21 September 2007.
The mid-market price of an ordinary share in the Company on 31 December 2007, being the last business day of the
year, was 673 pence, and the mid-market prices during the year ranged from 625 pence to 854 pence. During the year,
directors made an aggregate gain of £10,957 upon the exercise of share options.
Accounting changes
Major changes to accounting policies and practices in 2005, including adopting International Financial Reporting
Standards and European Embedded Value principles for supplementary reporting, affected a number of the key
performance indicators and performance measures used in connection with the Company’s long term incentive plans.
During the transition period the Committee received reports showing the effects of these changes on the performance
measures and satisfied itself that the evaluation of actual performance against the performance conditions which were
originally set using prior accounting practices is appropriate having made allowance for the accounting changes.
The interests held by each person who was a director at the end of the financial year in the ordinary shares of 25 pence
each in the Company are shown below. All the disclosed interests are beneficial. The table also summarises the interests
in shares held through the Company’s various all-employee and executive share schemes. Details of the options and long
term incentive awards are shown on pages 101 to 102 and the Aviva Share Plan is described on page 110.
Aviva plc
Annual Report and
Accounts 2007
109
Governance