BT 2003 Annual Report Download - page 64

Download and view the complete annual report

Please find page 64 of the 2003 BT annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 162

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162

Report on directors’ remuneration
Directors’ service agreements and contracts of appointment
The dates on which the Chairman’s and each current executive director’s initial service agreement commenced
and the current expiry dates are as follows:
Chairman and executive directors Commencement date of initial service agreement Expiry date of current service contract
Sir Christopher Bland 1 May 2001 a
B Verwaayen 14 January 2002 b
P Danon 19 November 2001 d
A Green 19 November 2001 d
I Livingston 8 April 2002 c
Dr P Reynolds 19 November 2001 d
a
Sir Christopher Bland entered into a new service agreement on 19 November 2001, terminable on 12 months’ notice by either the company or the director.
b
The agreement was terminable during the first year by the company giving two years’ notice and thereafter by notice of not less than one year; terminable
by the director on six months’ notice ending after the first two years.
c
Ian Livingston entered into an initial service agreement on 8 April 2002 for two years. The contract is terminable on 12 months’ notice by the company
and six months’ notice by the director ending at any time after the initial period.
d
The initial contract period was for one year and the contract is terminable by the company on 12 months’ notice and by the director on six months’ notice
ending after the initial period.
e
Philip Hampton left the company on 30 April 2002. The commencement date of his initial service agreement was 1 November 2000. The contract was for
an initial period of two years. The contract was terminable on 12 months’ notice ending at any time after the initial period by either the company or
the director.
The dates on which current non-executive directors’ contracts of appointment commenced and the current expiry
dates are as follows:
Non-executive director Commencement date of initial contract Expiry date of current contract
Sir Anthony Greener 1 October 2000 30 September 2003 a
M van den Bergh 1 September 2000 31 August 2003 a
C Brendish 1 September 2002 31 August 2005 c
LRHughes 1 January 2000 31 December 2005 b
Baroness Jay 14 January 2002 13 January 2005 c
J Nelson 14 January 2002 13 January 2005 c
CGSymon 14 January 2002 13 January 2005 c
a
Each director’s contract of appointment is for an initial period of three years. After that period the contract will be terminable on three months’ notice by
either the company or the director.
b
Contract extended for a further three years and is terminable by the company or the director on three months’ notice.
c
Each director’s contract is for an initial period of three years and is terminable by the company or the director on three months’ notice. The contract is
renewable by mutual agreement.
There are no other service agreements or material contracts, existing or proposed, between the company and
the directors. There are no arrangements or understandings between any director or executive officer and any
other person pursuant to which any director or executive officer was selected to serve. There are no family
relationships between the directors.
Directors’ interests
The interests of directors and their families in the company’s shares at 31 March 2003 and 1 April 2002, or date
of appointment if later, are shown below:
No. of shares
Beneficial holdings 2003 2002
Sir Christopher Bland 673,876 673,876
B Verwaayen 387,876 387,876
P Danon 61,228 29,590
c
A Green 85,729 62,316
ac
I Livingston 110,444 –
d
Dr P Reynolds 43,223
b
34,364
ac
Sir Anthony Greener 11,167 11,615
M van den Bergh 4,800 4,800
C Brendish 10,920 –
e
LRHughes 6,800 6,800
Baroness Jay 5,572 –
J Nelson 50,000 50,000
CGSymon 10,069 3,819
P Hampton –1,014
Total 1,461,704 1,266,070
a
Includes 4,196 and 2,462 shares purchased and held respectively by Andy Green and Paul Reynolds in the ESP. These shares were transferred into their
personal holdings on 1 August 2002.
b
During the period from 1 April 2003 to 15 May 2003, Paul Reynolds purchased 138 shares under the BT Group Employee Share Investment Plan.
c
Includes free shares awarded under the Employee Share Investment Plan and Employee Share Ownership Scheme – details are set out on page 71.
d
Ian Livingston joined the Board on 8 April 2002.
e
Clayton Brendish joined the Board on 1 September 2002.
BT Annual Report and Form 20-F 2003 63