ING Direct 2008 Annual Report Download - page 79

ING Group Annual Report 2008
77
Long-term incentives of the individual members of the Executive Board (1)
fair market value at grant in thousands of euros 2008 2007 2006
Michel Tilmant (1) Long-term incentives are granted in the year following the
reporting year. The long-term incentive plan provides for a
combination of share options and provisional performance
shares based on a 50/50 split in value. The ratio of options to
performance shares varies each year as a result of the fair value
calculation and the 50/50 split in value. The fair value calculation
for the performance year 2008 resulted in a ratio of options to
performance shares of 2.36 : 1 (2007: 4.22 : 1, 2006: 4.78 : 1).
(2) The fair market value of a long-term incentive award reflects the
estimated fair market value of the long-term incentive award
based on a fair value calculation. The valuation is calculated on
the last trading day of the year for grants made to the Executive
Board members for performance over the specified year and is
not updated for current market values.
(3) Dick Harryvan, Tom McInerney, Hans van der Noordaa
and Jacques de Vaucleroy were appointed to the Executive
Board on 25 April 2006. The figures for these members
reflect compensation earned in their capacity as Executive
Board members.
(4) John Hele and Koos Timmermans were appointed to the
Executive Board on 24 April 2007. The figures for these
members reflect compensation earned in their capacity as
Executive Board members.
(5) Tom McInerney is entitled to receive conditional shares on
the same grant date as the other long-term incentive awards.
The conditional shares will be 100% vested four years after
the grant date with the condition being an active employment
contract. The conditional shares are provided to align Tom
McInerney’s total remuneration with US market practice.
Tom McInerney will not receive his conditional share award
for the 2008 performance year.
Number of options 0 132,054 132,163
Number of performance shares 0 31,293 27,650
Fair market value of long-term incentive (2) 0 1,521 1,734
Eric Boyer de la Giroday
Number of options 0 87, 06 6 87,138
Number of performance shares 0 20,632 18,230
Fair market value of long-term incentive (2) 0 1,003 1,143
Dick Harryvan (3)
Number of options 0 64,967 43,347
Number of performance shares 0 15,396 9,069
Fair market value of long-term incentive (2) 0 748 569
John Hele (4)
Number of options 0 42,228
Number of performance shares 0 10,007
Fair market value of long-term incentive (2) 0 486
Eli Leenaars
Number of options 064,967 65,021
Number of performance shares 015,396 13,603
Fair market value of long-term incentive (2) 0 748 853
Tom McInerney (3) (5)
Number of options 0 96,875 70,695
Number of performance shares 0 22,957 14,790
Number of conditional shares 054,312 37,633
Fair market value of long-term incentive (2) 02,571 2,201
Hans van der Noordaa (3)
Number of options 064,967 43,347
Number of performance shares 0 15,396 9,069
Fair market value of long-term incentive (2) 0748 569
Koos Timmermans (4)
Number of options 043,312
Number of performance shares 010,264
Fair market value of long-term incentive (2) 0499
Jacques de Vaucleroy (3)
Number of options 0 64,967 43,347
Number of performance shares 0 15,396 9,069
Fair market value of long-term incentive (2) 0748 569
The fair market value of long-term incentive awards of former
members of the Executive Board who are not included in the
above table amounted to nil in 2008 and 2007, and to EUR 938
thousand in 2006.