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Board’s Report to Shareholders on Directors’ Remuneration Vodafone Group Plc 65Annual Report & Accounts and Form 20-F
Long Term Incentives
Conditional awards of ordinary shares made to executive directors under the Vodafone Group Long Term Incentive Plan and Vodafone Group Plc 1999 Long Term Stock
Incentive Plan, and dividends on those shares paid under the terms of the Company’s scrip dividend scheme and dividend reinvestment plan, are shown below.
Long Term Incentive shares that vested during the year ended 31 March 2002 are also shown below.
Number of
Total shares added during
interest in the year through Number of
Long Term Incentives Number of shares scrip dividend shares transferred Total interest in
at 1 April conditionally awarded and dividend in respect of Long Term Incentives
2001 during the year (5) reinvestment 1998/1999 award at 31 March 2002
Value at Value at
date of date of Number Total
award(3) transfer(3) of value(4)
Plan(1)(2) Number Number £000 Number Number £000 shares £000
Sir Christopher Gent 1 497,437 529,827 844 7,205 98,445 157 936,024 1,214
2 1,604,432 ––16,361 ––1,620,793 2,103
Peter Bamford 1 262,447 288,462 459 3,849 50,722 81 504,036 654
Thomas Geitner 1 – 223,346 356 1,108 ––224,454 291
Julian Horn-Smith 1 274,813 353,218 562 4,276 54,963 88 577,344 749
2 641,772 ––6,544 ––648,316 841
Ken Hydon 1 267,148 288,462 459 3,886 52,332 83 507,164 658
2 641,772 ––6,545 ––648,317 841
Notes:
(1) Restricted share awards under the Vodafone Group Long Term Incentive Plan.
(2) Restricted share awards under the Vodafone Group Plc 1999 Long Term Stock Incentive Plan.
(3) The value of awards under the Vodafone Group Long Term Incentive Plan is based on the purchase price of the Company’s ordinary shares on 20 June 2001
of 159.25p.
(4) The value at 31 March 2002 is calculated using the closing middle market price of the Company’s ordinary shares at 28 March 2002 of 129.75p.
(5) The aggregate number of shares conditionally awarded during the year to the Company‘s directors and senior management is 2,515,017 shares.
Share options
The following information summarises the directors’ options under the Vodafone Group Savings Related Share Option Scheme, the Vodafone Group 1998 Sharesave
Scheme, the Vodafone Group Plc Executive Share Option Scheme and the Vodafone Group 1998 Company Share Option Scheme, which are all Inland Revenue approved
schemes. The table also summarises the directors’ options under the Vodafone Group Share Option Scheme, the Vodafone Group 1998 Executive Share Option Scheme
which are not Inland Revenue approved, the AirTouch Communications, Inc. 1993 Long Term Stock Incentive Plan and the Vodafone Group Plc 1999 Long Term Stock
Incentive Plan. No other directors have options under any of these schemes. Only under the Vodafone Group 1998 Sharesave Scheme may shares be offered at a
discount in future grants of options.
Weighted
Options held at Options Options average Earliest
1 April 2001 granted exercised Options Options exercise date from Latest
or date of during during the lapsed during held at price at which expiry
appointment the year (3) year the year 31 March 2002 31 March 2002 exercisable date
(Number) (Number) (Number) (Number) (Number) (Pence)
Sir Christopher Gent 7,237,539 8,948,100 100,000 –16,085,639 207.41 Jul 00 Jul 11
Peter Bamford 3,518,925 4,350,473 7,670 –7,861,728 204.74 Jul 00 Jul 11
Thomas Geitner 2,933,055 4,756,246 ––7,689,301 208.21 Jul 03 Jul 11
Julian Horn-Smith 4,733,395 5,631,619 8,935 3,130 10,352,949 179.27 Jul 99 Jul 11
Ken Hydon 4,312,998 4,070,222 17,875 1,493 8,363,852 192.29 Jul 00 Jul 11
Arun Sarin(1),(2) 11,250,000 –––11,250,000 209.42 Dec 99 Jul 06
33,985,912 27,756,660 134,480 4,623 61,603,469
Notes:
(1) All options held by Arun Sarin are in respect of American Depositary Shares, each representing ten ordinary shares of the Company, which are traded on the New
York Stock Exchange.
(2) The terms of Arun Sarin’s stock options allow exercise until the earlier of the date on which Arun Sarin ceases to be a director of the Company and the seventh
anniversary of the respective dates of grant.
(3) The aggregate number of options granted during the year to the Company’s directors and senior management is 40,719,633.
The weighted average exercise price of options granted during the year is 156.66 pence. The earliest date from which they are
exercisable is July 2004 and the latest expiry date is July 2011.