Management, Governance & CR

Remuneration Report

Beneficial interests of the directors in the share and loan capital of the Company.

  Fully paid ordinary shares     6% Irredeemable Convertible Bonds
(£ nominal)
    Co-Investment Share Plan     Recruitment Award     Options over ordinary shares
Sharesave Scheme
31
March 2004
31 March 2005   31 March 2004 31
March
2005
  31 March 2004 31
March
2005
  31 March 2004 31
March
2005
  31 March 2004 31
March
2005
John Ritblat 2,818,232 3,121,787                     1,954 1,954
Sir Derek Higgs 8,116 8,931                        
Stephen Hester 33,510† 77,150           61,957     36,671      
John Weston Smith 140,466 151,806                     3,358 3,358
Nicholas Ritblat 125,768 297,593   374,250                 2,463 2,550
Michael Cassidy 6,500 3,500                        
Robert Bowden 77,001 122,541   81,250                 2,427 1,462
Robert Swannell 3,750 3,750                        
Lord Burns 4,121 5,025                        
Graham Roberts 12,543 58,133                       2,550
David Michels   2,059                        
Dr Christopher Gibson-Smith 4,827 7,804                        

† On date of appointment, 12 November 2004.

  Options over ordinary shares   Long-Term Incentive Plan Performance Shares   Rights under Restricted Share Plan Ordinary Shares
  1984 Option Scheme   Long-Term Incentive Plan
 
  31 March 2004 31 March 2005   31 March 2004 31 March 2005   31 March 2004 31
March 2005
  31 March 2004 31
March
2005
John Ritblat 295,783 295,783   358,565 630,058   119,521 210,018   294,018 132,075
Sir Derek Higgs                      
Stephen Hester         169,596     56,532      
John Weston Smith 150,283 150,283   156,872 275,650   52,290 91,882   137,574 56,603
Nicholas Ritblat 59,201 59,201   130,726 261,382   43,575 87,127   128,140 47,169
Michael Cassidy                      
Robert Bowden 103,450 103,450   123,256 247,124   41,085 82,374   137,574 56,603
Robert Swannell                      
Lord Burns                      
Graham Roberts       98,978 200,787   32,993 66,929   122,169 47,169
David Michels                      
Dr Christopher Gibson-Smith                      

On 11 April 2005 Sir Derek Higgs and Lord Burns were each allotted 183 fully paid ordinary 25p shares, Dr Christopher Gibson-Smith was allotted 449 shares and David Michels was allotted 360 shares, all in satisfaction of directors’ fees for the quarter ended 31 March 2005. The shares allotted were priced at the middle market quotation at close of business on 7 April 2005, which was 821p per share.

On 14 April 2005 John Ritblat, John Weston Smith, Nicholas Ritblat, Robert Bowden and Graham Roberts each purchased 15 ordinary 25p shares in the Company at a price of 818p per share under the ‘Partnership’ element of the Company’s Share Incentive Plan. Accordingly, they were each awarded 30 ‘Matching’ ordinary shares of 25p in the Company, at a price of 818p per share.

On 16 May 2005 John Ritblat, John Weston Smith, Nicholas Ritblat, Robert Bowden and Graham Roberts each purchased 15 ordinary 25p shares in the Company at a price of 816p per share under the ‘Partnership’ element of the Company’s Share Incentive Plan. Accordingly, they were each awarded 30 ‘Matching’ ordinary shares of 25p in the Company, at a price of 816p per share.

The aggregate amount of gains made by directors on the exercise of share options was £18,055 (2004: £176,506). The aggregate value of distributions to directors in relation to the Restricted Share Plan was £5,122,980 (2004: £3,231,583).

The middle market quotation for the ordinary 25p shares of the Company at the close of business on 31 March 2005 was 804p. The highest and lowest middle market quotations during the year to 31 March 2005 were 920p and 603p.