BT 2000 Annual Report Download - page 94

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30. Employee share schemes (continued)
At 31 March 2000, 19.3 million shares in the company were held in trust for employee share schemes, of which 5.9 million
shares (1999 --- 5.6 million) were held for the ESP, 2.2 million shares (1999 --- 0.9 million) were held for the PSP and
0.9 million shares (1999 --- 0.4 million) were held for the DBP. Dividends earned on the shares during the conditional
periods are reinvested in company shares for the potential bene¢t of the participants. Additional information relating to the
plans is as follows:
ESP PSP DBP Total
2000
£m
1999
£m
2000
£m
1999
£m
2000
£m
1999
£m
2000
£m
1999
£m
Value of range of possible future transfers: nil to 66.9 56.1 25.3 9.2 10.4 3.8 102.6 69.1
Provision for the costs of the plans charged to the
pro®t and loss account in year 6.4 6.6 14.4 16.0 7.7 5.4 28.5 28.0
Nominal value of shares held in trust 1.5 1.4 0.6 0.2 0.2 0.1 2.3 1.7
Market value of shares held in trust 69.4 56.9 25.4 9.5 10.4 3.8 105.2 70.2
In addition, 10.3 million shares are held in trust for future awards under employee share schemes. These shares had a
nominal value of »2.6 million and a market value of »122 million at 31 March 2000.
The values of possible future transfers of shares under the plans were based on the company's share price at 31 March
2000 of 1,175p (1999 --- 1,011p). The provisions for the costs of the ESP and PSP were based on best estimates of the
company's performance over the plans' conditional periods, relating to those portions of the plan conditional periods from
commencement up to the ¢nancial year end.
BT Employee Stock Purchase Plan
An employee stock purchase plan was established in 1998 for employees in the United States. Under this plan, employees
may purchase American Depositary Shares (ADSs) on a monthly basis at a price equal to the lower of (i) 85% of the
average trading price of the ADSs on the New York Stock Exchange on the date on which the purchase rights are granted
and, (ii) 85% of the average trading price of the ADSs on the date of purchase. During the year ended 31 March 2000,
the discounted price was between US$92.20 and US$170.21 (1999 --- US$92.20) per ADS and 0.8 million shares
(1999 --- 0.4 million) were issued under this plan.
31. Auditors
The auditors' remuneration for the year ended 31 March 2000 for the group was »2,650,000 (1999 --- »2,491,000,
1998 --- »2,396,000), including »1,229,000 (1999 --- »1,216,000, 1998 --- »1,216,000) for the company.
The following fees were paid or are payable to the company's auditors, PricewaterhouseCoopers, in the UK for the years
ended 31 March 2000 and 31 March 1999 (1998 ^ Coopers & Lybrand):
2000
£000
1999
£000
1998
£000
Audit of the company's statutory accounts 1,229 1,216 1,216
Audits of the UK subsidiary undertakings' statutory accounts 834 605 510
Other services, including regulatory audits and tax compliance work (a) 12,745 8,855 4,724
Total 14,808 10,676 6,450
(a) Fees for the year ended 31 March 1999 comprise work carried out by Coopers & Lybrand and Price Waterhouse in the three months to 30 June 1998
and work carried out by PricewaterhouseCoopers on or subsequent to 1 July 1998, the date of the ®rms' merger. Includes fees for regulatory, taxation
and global venture-related work of £7,541,000 (1999 ± £4,483,000, 1998 ± £2,488,000). Fees for other services in the year ended 31 March 1998
comprise fees solely to Coopers & Lybrand.
Annual report and Form 20-F 93