Aviva 2009 Annual Report Download - page 205

203
Performance review
Aviva plc Notes to the consolidated financial statements continued
Corporate responsibility
Annual Report and Accounts 2009
Governance
Shareholder information
Financial statements IFRS
Financial statements MCEV
Other information
30 – Shares held by employee trusts
We satisfy awards and options granted under the executive incentive plans primarily through shares purchased in the market and
held by employees share trusts. This note gives details of the shares held in these trusts.
Movements in the carrying value of shares held by employee trusts comprise:
2009 2008
Number £m Number £m
Cost debited to shareholders’ funds
At 1 January 8,635,582 33 1,521,064 10
Acquired in the year 14,000,000 54 8,500,000 29
Distributed in the year (4,656,350) (19) (1,385,482) (6)
Balance at 31 December 17,979,232 68 8,635,582 33
The shares are owned by an employee share trust with an undertaking to satisfy awards of shares in the Company under the
Group’s equity compensation plans. Details of the features of the plans can be found in the Directors’ remuneration report.
These shares were purchased in the market and are carried at cost less amounts charged to the income statement in prior
years. At 31 December 2009, they had an aggregate nominal value of £4,494,808
(2008: £2,158,896, 2007: £380,266) and a
market value of £71,539,364
(2008: £33,678,770, 2007: £10,236,761) . The trustees have waived their rights to dividends on the
shares held in the trusts.
31 – Preference share capital
This note gives details of Aviva plc’s preference share capital.
The preference share capital of the Company at 31 December 2009 was:
2009 2008
£m £m
Authorised
200,000,000 cumulative irredeemable preference shares of £1 each 200 200
1,000,000,000 Sterling preference shares of £1 each 1,000 1,000
1,200 1,200
2009 2008
€m €m
700,000,000 Euro preference shares of €1 each 700 700
2009 2008
£m £m
Issued and paid up
100,000,000 83/8% cumulative irredeemable preference shares of £1 each 100 100
100,000,000 83/4% cumulative irredeemable preference shares of £1 each 100 100
200 200
The Sterling preference shares, if issued and allotted, would rank, as to payment of a dividend and capital, ahead of the
Company’s ordinary share capital but behind the cumulative irredeemable preference shares currently in issue. The issued
preference shares are non-voting except where their dividends are in arrears, on a winding up or where their rights are altered.
On a winding up, they carry a preferential right of return of capital ahead of the ordinary shares. The Company does not have
a contractual obligation to deliver cash or other financial assets to the preference shareholders and therefore the directors may
make dividend payments at their discretion.
Financial statements IFRS