Aviva 2007 Annual Report Download - page 179
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29 – Equity compensation plans continued
(ii) Share awards
At 31 December 2007, awards issued under the Company’s executive incentive plans over ordinary shares of 25 pence
each in the Company were outstanding as follows:
Aviva Long-Term Incentive Plan 2005 Number of shares Vesting period Number of shares Vesting period
3,164,449 2005 to 2007 3,148,041 2007 to 2009
2,749,115 2006 to 2008
Aviva Deferred Bonus Plan Number of shares Vesting date
2,360,127 24 March 2008
Aviva Annual Bonus Plan 2005 Number of shares Vesting date Number of shares Vesting date
2,696,404 30 March 2009 3,541,850 23 March 2010
The vesting of awards under the Aviva Long-Term Incentive Plan 2005 is subject to the attainment of performance
conditions as described in the Directors’ remuneration report. Shares which do not vest, lapse.
(iii) Shares to satisfy awards and options
Prior to March 2003, it was the practice to satisfy awards and options granted under the executive incentive plans through
shares purchased in the market and held by employee share trusts which were established for the purpose of satisfying
awards under the various executive incentive plans and funded by the Company.
Since March 2003, it has generally been the Company’s practice to satisfy the awards granted after that date by the issue
of new shares at the time of vesting, and no shares were purchased by the trusts. However, during 2007, shares have
been purchased by the trustee to allow awards to be satsified from trust where necessary to comply with local regulations.
Further details are given in note 30.
(c) Movements in the year
A summary of the status of the option plans as at 31 December 2007 and 2006, and changes during the years ended on
those dates, is shown below.
2007 2006
Weighted Weighted
average average
Number exercise Number exercise
of options price of options price
pp
Outstanding at 1 January 27,536,619 514.54 35,984,159 497.34
Granted during the year 6,289,583 563.00 3,912,011 593.00
Exercised during the year (5,144,763) 437.82 (5,665,668) 394.93
Expired during the year (5,681,907) 594.60 (6,693,883) 569.15
Outstanding at 31 December 22,999,532 534.70 27,536,619 514.54
Exercisable at 31 December 5,637,127 580.27 12,757,480 516.30
(d) Expense charged to the income statement
The total expense recognised for the year arising from equity compensation plans was as follows:
2007 2006
£m £m
Equity-settled expense 50 48
Cash-settled expense ––
50 48
(e) Fair value of options and awards granted after 7 November 2002
The weighted average fair values of options and awards granted during the year, estimated by using the Black-Scholes
option-pricing model, were £2.13 and £6.17 (2006: £2.35 and £6.70) respectively.
Aviva plc
Annual Report and
Accounts 2007
175
Financial
statements