Directors’ beneficial interests in shares
| British Airways Plc Ordinary Shares | ||
|---|---|---|
| March 31, 2008 | April 1, 2007 | |
| Current Board members | ||
| Martin Broughton | 69,090 | 49,090 |
| Willie Walsh | 22,000 | 0 |
| Keith Williams | 5,000 | 0 |
| Maarten van den Bergh | 2,000 | 2,000 |
| Baroness Kingsmill | 2,000 | 2,000 |
| Chumpol NaLamlieng | 20,000 | 10,000 |
| Dr Martin Read | 8,000 | 8,000 |
| Alison Reed | 10,000 | 10,000 |
| Ken Smart | 2,000 | 0 |
| Baroness Symons | 0 | 0 |
| Total | 140,090 | 81,090 |
British Airways Plc American Depositary Shares* |
||
| March 31, 2008 | April 1, 2007 | |
| Jim Lawrence | 1,000 | 1,000 |
*Each American Depositary Share is equivalent to 10 ordinary shares.
There have been no changes to the shareholdings set out above between March 31, 2008 and the date of this report.
No director has any beneficial interest in any subsidiary undertaking of the Company.
Directors’ share options
The following directors held options to purchase ordinary shares in the Company granted under the British Airways Share Option Plan 1999. The Plan was closed after the final grant in 2005/2006. The Plan provided for the grant of options to acquire ordinary shares in the Company or the Company’s American Depositary Shares at an option price not less than the market value of the shares on the date of grant. No payment was due upon the initial grant of options. Options granted under the plan are subject to a performance condition as detailed below:
British Airways Share Option Plan 1999
| Date of grant | Number of options as at April 1, 2007 | Exercise price | Options exercised during the year | Options lapsed during the year | Market price at date of exercise £ | Gain made on exercise £ | Options granted during the year | Exercisable from | Expiry date | Number of options as at March 31 2008 |
|---|---|---|---|---|---|---|---|---|---|---|
| Keith Williams | ||||||||||
| 26/08/99 | 30,456 | 394p | 26/08/02 | 26/08/09 | 30,456 | |||||
| 28/06/00 | 26,315 | 380p | 28/06/03 | 28/06/10 | 26,315 | |||||
| 26/06/01 | 38,940 | 321p | 26/06/04 | 26/06/11 | 38,940 | |||||
| 01/07/02 | 91,160 | 181p | 01/07/05 | 01/07/12 | 91,160 | |||||
| 25/06/03 | 114,649 | 157p | 25/06/06 | 25/06/13 | 114,649 | |||||
| 25/06/04 | 72,480 | 262p | 25/06/07 | 25/06/14 | 72,480 | |||||
| 23/06/05 | 69,927 | 276p | 23/06/08 | 23/06/15 | 69,927 | |||||
| Total | 443,927 | 443,927 | ||||||||
The performance condition applicable to share options granted in June 2005 listed above requires the Remuneration Committee to be satisfied that there has been an increase in the EPS of the Company which is at least 4 per cent per annum more than the increase in the Retail Price Index during three consecutive financial years ending on March 31, 2008. EPS is calculated as set out in the Statement of Investment Practice No. 1 of the Institute of Investment Management and Research (IIMR).
The options granted in 2005 were tested at the end of 2007/08. In 2004/05, the Company’s EPS under the IIMR definition was 29.3 pence. Taking this base figure and adding RPI plus 4 per cent per annum gives a target EPS level of 36.1 pence. EPS for 2007/08 using the IIMR definition was 49.1 pence. The Remuneration Committee therefore determined that the performance condition had been satisfied in relation to the grants made in 2005. These options will become exercisable on the third anniversary of the original grant, June 23, 2008.
The performance conditions in relation to options granted in prior years have been satisfied and those options vested accordingly.