BT 2003 Annual Report Download - page 65

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Report on directors’ remuneration
At 31 March 2003, Sir Christopher Bland, Ben
Verwaayen, Pierre Danon, Andy Green, Ian Livingston
and Paul Reynolds each had a non-beneficial interest
in 73,069 shares (2002 – 73,069) purchased by BT
Employee Shares Trustees Limited for allocation to
employees under the BT Employee Share Ownership
Scheme, and 31,719,402 shares (2002 – 24,571,130)
held in trust by Ilford Trustees (Jersey) Limited for
allocation to employees under the employee share
schemes. Also, each had a non-beneficial interest in
15,876,189 shares (2002 – 45,286,908) held in trust
by The Royal Bank of Scotland Trust Company (Jersey)
Limited for allocation to employees under BT’s
employee share schemes. Finally, each also had
a non-beneficial interest in 19,822 shares (2002 – nil)
held in trust by Halifax Corporate Trustees Limited for
participants in the Employee Share Investment Plan.
Performance graph
This graph illustrates, as required by the Directors’
Remuneration Report Regulations 2002,
the performance of BT Group plc measured by TSR
(adjusted for the rights issue and the demerger of BT’s
mobile business in the 2002 financial year) relative to
a ‘broad equity market index’ over the past five years.
The FTSE 100 is considered to be the most appropriate
index against which to measure performance, as BT
has been a constituent of the FTSE 100 throughout
the five-year period and the index is widely used. TSR
is the measure of the returns that a company has
provided for its shareholders, reflecting share price
movements and assuming reinvestment of dividends.
BT
FTSE 100
0
50
100
150
200
250
1 April 1998 = 100. Source: Datastream
The graph shows our TSR performance (adjusted for the rights issue and demerger of our
mobile business in the 2002 financial year) relative to the FTSE 100.
BT’s total shareholder return (TSR) performance
over five financial years to 31 March 2003
02/0301/0200/0199/0098/99
64 BT Annual Report and Form 20-F 2003