Aviva 2014 Annual Report Download - page 187

Aviva plc Annual report and accounts 2014
183
32 – Group’s share plans continued
The following table summarises information about options outstanding at 31 December 2014:
Range of exercise prices
Outstanding
options
Number
Weighted average
remaining
contractual life
Years
Weighted average
exercise price
p
£2.66
–
£3.75 13,176,872 2 280.26
£3.76
–
£4.84 4,031,026 4 418.85
£4.85
–
£5.93 33,636 0 563.00
The comparative figures as at 31 December 2013 were:
Range of exercise prices
Outstanding
options
Number
Weighted average
remaining
contractual life
Years
Weighted average
exercise price
p
£2.66
–
£3.75 19,454,698 3 280.05
£3.76
–
£4.84 275,117 1 410.00
£4.85
–
£5.93 340,033 1 536.89
(ii) Share awards
At 31 December 2014, 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 2011 Number of shares Year of vesting
7,743,045 2015
10,376,329 2016
8,473,727 2017
Aviva annual bonus plan 2011 Number of shares Year of vesting
2,458,393 2015
3,173,502 2016
2,442,587 2017
Aviva recruitment and retention share award plan Number of shares Year of vesting
588,478 2015
293,436 2016
69,704 2017
12,708 2018
3,992 2019
Aviva Investors Holdings Limited 2009 long term incentive plan Number of shares Year of vesting
387,194 2015
Aviva Investors deferred share award plan Number of shares Year of vesting
26,096 2015
26,096 2016
26,097 2017
The vesting of awards under the Aviva long term incentive plan 2011 is subject to the attainment of performance conditions as
described in the directors’ remuneration report. Shares which do not vest will lapse.
No performance conditions are attached to the awards under the Aviva annual bonus plan 2011, Aviva Investors deferred share
award plan or some of the awards under the Aviva recruitment and retention share award plan except as outlined below.
275,254 of the shares which vest in 2015 under the Aviva recruitment and retention share award plan are subject to the
attainment of the same performance conditions that apply to the 2012 grant under the Aviva long term incentive plan 2011.
196,328 of the shares which vest in 2016 are subject to the attainment of the same performance conditions that apply to the 2013
grant under the Aviva long term incentive plan 2011. 12,828 of the shares which vest in 2017 are subject to the attainment of the
same performance conditions that apply to the 2014 grant under the Aviva long term incentive plan 2011. These performance
conditions are as outlined in the relevant year’s directors’ remuneration report.
26,044 of the shares awarded which vest in 2015 are subject to the performance conditions relating to the performance of the
participant’s previous employer. 22,493 of the shares awarded which vest in 2015 are subject to performance conditions relating
to the performance of the UK general insurance business.
The vesting of the awards under the Aviva Investors Holdings Limited 2009 long term incentive plan are subject to Aviva
Investors Holdings Limited achieving a return on capital employed (ROCE) of 27% per annum over a three year performance
period.
Shares which do not vest will lapse.
(iii) Shares to satisfy awards and options
From July 2008 to 2014, it was the Company’s practice to satisfy all awards and options using shares purchased in the market and
held by employee trusts except where local regulations made it necessary to issue new shares. During 2014, this practice has
changed and new issue shares are now generally used to satisfy all awards and options granted under plans that have received
shareholder approval and where local regulations permit. Further details are given in note 33.
Aviva plc Annual report and accounts 2014 |183
IFRS Financial statements