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Annual Report > Report of the directors > Corporate governance > Remuneration review (audited)

REMUNERATION REVIEW

This part of the Report on directors’ remuneration is subject to audit.

Directors’ emoluments
Directors’ emoluments for the financial year 2006/07 were as follows:

      Basic
salary and
fees		    Pension
allowance
net
of pension
contributions		  a Total salary
and fees		    Annual
cash bonus		    Expenses
allowance		   Other
benefits
excluding
pension		    Total
2007		     Total 2006    Deferred Bonus Plan f
  2007   2006  
   
 
    £000   £000   £000   £000   £000   £000   £000   £000   £000   £000  
   
Sir Christopher Blandc
   500   15   515   –   –   36   551   532   –   –  
B Verwaayenc
   742   190   932   884   –   44   1,860   1,694   1,366   1,316  
A Greenc
   500   –   500   483   –   36   1,019   930   362   300  
H Lalanic,d
   450   135   585   444   –   39   1,068   759   333   240  
I Livingstonb,c
   525   102   627   507   19   12   1,165   1,110   380   315  
P Reynoldsb,c
   450   135   585   434   19   18   1,056   834   326   270  
M van den Bergh 
   93   –   93   –   –   –   93   59   –   –  
M Alahuhta 
   45   –   45   –   –   –   45   8   –   –  
C Brendish 
   50   –   50   –   –   –   50   50   –   –  
P Hodkinson 
   55   –   55   –   –   –   55   8   –   –  
Baroness Jay 
   50   –   50   –   –   –   50   50   –   –  
D Lathene
   8   –   8   –   –   –   8   –   –   –  
J F Nelson 
   55   –   55   –   –   –   55   52   –   –  
C G Symon 
   115   –   115   –   –   –   115   87   –   –  
Sir Anthony Greenerg
   57   –   57   –   –   –   57   115   –   –  
L R Hughesh
   –   –   –   –   –   –   –   38   –   –  
 
    3,695   577   4,272   2,752   38   185   7,247   6,326          
   
a
Balance or part of the pension allowance for the financial year 2006/07 – see ‘Pensions’ below. Retirement benefits are accruing to three directors under defined contribution arrangements and to three directors and one former director under defined benefit arrangements.
b
Expenses allowance in the above table includes a monthly cash allowance in lieu of a company car equivalent to £18,500 received by Ian Livingston and Paul Reynolds.
c
Other benefits includes some or all of the following: company car, fuel or driver, personal telecommunications facilities and home security, medical and dental cover for the director and immediate family, special life cover, professional subscriptions and personal tax planning, and financial counselling. In addition, Paul Reynolds had an interest free loan – see ‘Loans’ below.
d
Hanif Lalani received an additional cash payment of £150,000 on 30 June 2006 in respect of a special retention arrangement established on 1 July 2004 when he was Chief Financial Officer, BT Wholesale.
e
Deborah Lathen was appointed as a director on 1 February 2007.
f
Deferred annual bonuses payable in shares in three years’ time, subject to continued employment.
g
Sir Anthony Greener retired as a director on 30 September 2006.
h
Lou Hughes retired as a director on 31 March 2006.


The annual salaries of the Chairman, Andy Green, Ian Livingston and Paul Reynolds remained unchanged during the financial year 2006/07. Ben Verwaayen’s annual salary was increased from £700,000 to £750,000 and Hanif Lalani’s annual salary was increased from £400,000 to £460,000, both on 1 June 2006.
     Following this year’s review of annual salaries, Ben Verwaayen’s salary will be increased from £750,000 to £800,000, Andy Green’s salary will be increased from £500,000 to £520,000, Hanif Lalani’s salary will be increased from £460,000 to £520,000, Ian Livingston’s salary will be increased from £525,000 to £560,000 and Paul Reynolds’ salary will be increased from £450,000 to £475,000. All increases will be effective from 1 June 2007.
     François Barrault receives an annual salary of €750,000 (approximately £500,000).
     Annual cash bonus awards in respect of the financial year 2006/07, which are not pensionable, to executive directors ranged from 96.5% to 117.85% of current salary (2005/06 – 80% to 112%).

Former directors
Sir Peter Bonfield received, under pre-existing arrangements, a pension of £359,900 payable in the financial year 2006/07 (2005/06 – £352,153).

Loans
Prior to the date of his appointment to the Board on 19 November 2001, Paul Reynolds had an interest-free loan of £300,000 from the company to assist with relocation. At 31 March 2007, he owed £170,000 (31 March 2006 – £200,000). During the financial year 2006/07, the maximum amount outstanding was £200,000. There are no outstanding loans granted by any member of the BT group to any other of the directors or guarantees provided by any member of the BT group for their benefit.

Pensions
Sir Christopher Bland is not a member of any of the company pension schemes, but the company paid a cash amount of £15,186 representing a retirement allowance for the financial year 2006/07.
     Ben Verwaayen is not a member of any of the company pension schemes, but the company has agreed to pay an annual amount equal to 30% of his salary towards pension provision. The company paid £32,580 into his personal pension plan, plus a cash payment of £189,920 representing the balance of the pension allowance for the financial year 2006/07. BT also provides him with a lump sum death in service benefit of four times his salary.
     Ian Livingston is not a member of any of the company pension schemes, but the company has agreed to pay an annual amount equal to 30% of his salary towards pension provision. The company paid £55,665 into his personal pension plan, plus a cash payment of £101,835 representing the balance of the pension allowance for the financial year 2006/07. BT also provides him with a lump sum death in service benefit of four times his salary.
     Andy Green is a member of the BT Pension Scheme. From 31 December 1997 the company has been purchasing an additional 203 days of pensionable service each year to bring his pensionable service at age 60 up to 40 years. A two-thirds widow’s pension would be payable on his death.
     Hanif Lalani is a member of the BT Pension Scheme but has opted out of future pensionable service accrual. A two-thirds widow’s pension would be payable on death. The company has agreed to pay an annual amount equal to 30% of his salary towards pension provision. A cash payment of £135,000 was therefore made for the financial year 2006/07.
     Paul Reynolds is a member of the BT Pension Scheme but has opted out of future pensionable service accrual. A two-thirds widow’s pension would be payable on death. The company has agreed to pay an annual amount equal to 30% of his salary towards pension provision. A cash payment of £135,000 was therefore made for the financial year 2006/07.

The table below shows the increase in the accrued benefits, including those referred to above, to which each director, who is a member of the BT Pension Scheme, has become entitled during the year and the transfer value of the increase in accrued benefits.
 

  Accrued pension   Transfer value of accrued
benefits		     Change in
transfer value
c-d less
directors’
contributions		     Additional accrued
benefits
earned in the
year		     Transfer value
of increase in
accrued
benefits in e
less directors’ contributions		  
 
 
   
   
   
 
    2007     2006     2007     2006     2007     2007     2007  
    £000 a   £000 b   £000 c   £000 d   £000     £000 e   £000 f
 
A Green
   167     157     2,879     2,448     401     2     13  
H Lalani
   126     112     1,394     1,144     250     9     98  
P Reynolds
   140     140     2,160     1,995     165     –     –  
 
a-d
As required by the Companies Act 1985 Schedule 7A.
a-b
These amounts represent the deferred pension to which the directors would have been entitled had they left the company on 31 March 2007 and 2006, respectively.
c
Transfer value of the deferred pension in column (a) as at 31 March 2007 calculated on the basis of actuarial advice in accordance with Actuarial Guidance Note GN11. The transfer value represents a liability of the BT Pension Scheme rather than any remuneration due to the individual and cannot be meaningfully aggregated with annual remuneration, as it is not money the individual is entitled to receive.
d
The equivalent transfer value but calculated as at 31 March 2006 on the assumption that the director left service at that date.
e
The increase in pension built up during the year, net of inflation. The gross amount can be calculated by deducting the amount under column (b) from the amount under column (a).
f
The transfer value of the pension in column (e), less directors’ contributions.
g
Directors’ contributions in the financial year 2006/07 were as follows: Andy Green, £30,000 (2006 – £30,000); Hanif Lalani £nil (2006 – £24,000) and Paul Reynolds £nil (2006 – £26,000).


Share options held at 31 March 2007, or date of appointment if later

    Number of shares under option
                    
   
                   
      1 April 2006     Granted     Lapsed     Exercised     31 March 2007     Option price per
share		     Usual date from
which
exercisable		     Usual expiry
date		  
 
Sir Christopher Bland     314,244 a   –     –           314,244     318p     01/05/2004     01/05/2011  
 
B Verwaayen
     1,121,121 b   –     1,121,121     –     –     250p     01/04/2005     11/02/2012  
      935,830 c   –     935,830     –     –     187p     29/07/2005     29/07/2012  
      1,052,632 d   –     –     –     1,052,632     199.5p     24/06/2006     24/06/2013  
      546,875 e   –     229,687     –     317,188     192p     24/06/2007     24/06/2014  
 
      3,656,458     –     2,286,638     –     1,369,820                    
 
F Barraultk
     –     –     –     –     362,500 m   180p     21/05/2007     21/05/2014  
 
A Green
     568,190 c   –     568,190     –     –     187p     29/07/2005     29/07/2012  
      639,098 d   –     –     –     639,098     199.5p     24/06/2006     24/06/2013  
      332,032 e   –     139,453     –     192,579     192p     24/06/2007     24/06/2014  
      5,712 f   –     –     –     5,712     165p     14/08/2007     31/02/2008  
 
      1,545,032     –     707,643     –     837,389                    
 
H Lalani
    177,810 c   –     177,810     –     –     187p     29/07/2005     29/07/2012  
      210,527 d   –     –     –     210,527     199.5p     24/06/2006     24/06/2013  
      156,250 e   –     65,625     –     90,625     192p     24/06/2007     24/06/2014  
      5,346 g   –     –     5,346     –     173p     14/08/2006     13/02/2007  
            8,994 l   –     –     8,994     179p     14/08/2012     13/02/2013  
      105,264 h   –     –     –     105,264     199.5p     24/06/2004     24/06/2013  
 
      655,197     8,994     243,435     5,346     415,410                    
 
I Livingston
     601,610 c   –     601,610     –     –     187p     29/07/2005     29/07/2012  
      676,692 d   –     –     –     676,692     199.5p     24/06/2006     24/06/2013  
      351,563 e   –     147,656     –     203,907     192p     24/06/2007     24/06/2014  
      7,290 i   –     –     –     7,290     227p     14/08/2007     13/02/2008  
 
      1,637,155     –     749,266     –     887,889                    
 
P Reynolds
     534,760 c   –     534,760     –     –     187p     29/07/2005     29/07/2012  
      601,504 d   –     –     –     601,504     199.5p     24/06/2006     24/06/2013  
      312,500 e   –     131,250     –     181,250     192p     24/06/2007     24/06/2014  
      4,555 j   –     –     –     4,555     218p     14/02/2007     13/08/2007  
 
      1,453,319     –     666,010     –     787,309                    
 
Total
     9,261,405     8,994     4,652,992     5,346     4,974,561                    
 
 
All of the above options were granted for nil consideration.
a
Option granted under the GSOP on 22 June 2001. The option is not subject to a performance measure. It was a term of Sir Christopher Bland’s initial service contract that (i) he purchased BT shares to the value of at least £1 million; and (ii) as soon as practicable after the purchase of the shares (‘invested shares’), the company would grant a share option over shares to the value of at least £1 million. Sir Christopher Bland was the legal and beneficial owner of the invested shares on 1 May 2004, so the option became exercisable on that date.
b
Option granted under the GSOP on 11 February 2002. The exercise of the option was subject to a performance measure being met. The performance measure was relative TSR compared with the FTSE 100 as at 1 April 2002. BT’s TSR must be in the upper quartile for all of the option to become exercisable. At median, 40% of the option would be exercisable. Below that point, none of the option may be exercised. On 31 March 2005, BT’s TSR was below median and also when it was retested on 31 March 2006 and 31 March 2007. As a result, the option lapsed on 31 March 2007.
c
Options granted under the GSOP on 29 July 2002. The exercise of the options was subject to a performance measure being met. The performance measure was relative TSR compared with the FTSE 100 as at 1 April 2002. BT’s TSR must be in the upper quartile for all of the options to become exercisable. At median, 30% of the options would be exercisable. Below that point, none of the options may be exercised. On 31 March 2005, BT’s TSR was below median and also when it was retested on 31 March 2006 and 31 March 2007. As a result, the options lapsed on 31 March 2007.
d
Options granted under the GSOP on 24 June 2003. The exercise of the options is subject to a performance measure being met. The performance measure is relative TSR compared with the FTSE 100 as at 1 April 2003. BT’s TSR must be in the upper quartile for all of the options to become exercisable. At median, 30% of the options will become exercisable. Below that point, none of the options may be exercised. On 31 March 2006, BT’s TSR was at 85th position against the FTSE 100. As a result, the options did not become exercisable. The TSR will be re-tested against a fixed base on 31 March 2008.
e
Options granted under the GSOP on 24 June 2004. The exercise of the options is subject to a performance measure being met. The performance measure is relative TSR compared with a group of 20 companies from the European Telecom Sector as at 1 April 2004. BT’s TSR must be in the upper quartile for all of each option to become exercisable. At median, 30% of the option will be exercisable. Below that point, no part of the option may be exercised. On 31 March 2007, BT’s TSR was at 8th position against the comparator group and as a result, 42% of each option lapsed and 58% of each option will become exercisable on 24 June 2007.
f
Option granted on 25 June 2004 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
g
Option granted on 27 June 2003 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate. On 14 August 2006, Hanif Lalani exercised his option and realised a gain of £3,608 based on the share price of 240.5p per share on the date of exercise.
h
Option granted under the GSOP (Special Incentive Award) on 24 June 2003, prior to Hanif Lalani’s appointment as a director. This option is not subject to a performance measure as the grant was linked to personal performance.
i
Option granted on 25 June 2002 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
j
Option granted on 21 December 2001 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
k
François Barrault was appointed as a director on 24 April 2007.
l
Option granted on 23 June 2006 under the Employee Sharesave Scheme, in which all employees of the company are eligible to participate.
m
Option granted under the GSOP on 21 May 2004. The exercise of the option is subject to the same performance measure as options granted on 24 June 2004 – see e above.

The market price of a BT share at 31 March 2007 was 303.75p (2006 – 222p) and the range during the financial year 2006/07 was 209.25p – 321.75p (2005/06 196.5p – 235p).

Unrealised gains
As at 31 March 2007, Hanif Lalani had an unrealised gain on an exercisable option granted on 24 June 2003 of £109,738 and Paul Reynolds had an unrealised gain on an exercisable option granted on 21 December 2001 of £3,906. There were no further unrealised gains on share options as at 31 March 2007 (2006 – £15,790).

Share awards under long-term incentive plans held at 31 March 2007, or date of appointment if later
Details of the company’s ordinary shares provisionally awarded to directors, as participants under the ISP and RSP are as follows:

    1 April 2006   Awarded   Dividends
re-invested		   Vested   Lapsed d Total number
of award
shares
31 March
2007		   Expected
vesting date
Price on
grant		   Market price
at vesting		   Monetary
value of
vested
award
£000		  
 
Sir Christopher Bland                                          
RSP 2003a
   314,785   –   14,633   –   –   329,418   2007 g 182p   –   –  
 
B Verwaayen
                                          
ISP 2004
   265,475   –   12,341   –   125,017   152,799   31/03/2007   193.42p   –   –  
ISP 2005
   322,767   –   15,005   –   –   337,772   31/03/2008   227.75p   –   –  
ISP 2006b
       302,271   14,052   –   –   316,323   31/03/2009   231.58p   –   –  
 
F Barraultf
                                          
RSP 2004a
   –   –   –   –   –   358,655   21/05/2007   181.00p   –   –  
ISP 2005
   –   –   –   –   –   185,894   31/03/2008   227.75p   –   –  
ISP 2006b
   –   –   –   –   –   194,914   31/03/2009   231.58p   –   –  
RSP 2007a
   –   –   –   –   –   160,865   30/06/2009   300.25p   –   –  
 
A Green
                                          
ISP 2004
   161,180   –   7,492   –   75,902   92,770   31/03/2007   193.42p   –   –  
ISP 2005
   230,546   –   10,717   –   –   241,263   31/03/2008   227.75p   –   –  
ISP 2006b
   –   215,908   10,037   –   –   225,945   31/03/2009   231.58p   –   –  
RSP 2006a,c
   –   323,862   15,056   –   –   338,918   30/06/2009   231.58p   –   –  
 
H Lalani
                                          
ISP 2004
   75,845   –   3,525   –   35,716   43,654   31/03/2007   193.42p   –   –  
ISP 2005
   184,438   –   8,573   –   –   193,011   31/03/2008   227.75p   –   –  
ISP 2006b
   –   172,726   8,029   –   –   180,755   31/03/2009   231.58p   –   –  
 
I Livingston
                                          
ISP 2004
   170,661   –   7,933   –   80,367   98,227   31/03/2007   193.42p   –   –  
ISP 2005
   242,074   –   11,253   –   –   253,327   31/03/2008   227.75p   –   –  
RSP 2005a,e
   536,803   –   20,532   276,456   –   280,879   09/11/2007   213.25p   279.5p   £772  
ISP 2006b
   –   226,703   10,539   –   –   237,242   31/03/2009   231.58p   –   –  
 
P Reynolds
                                          
ISP 2004
   151,700   –   7,052   –   71,438   87,314   31/03/2007   193.42p   –   –  
ISP 2005
   184,438   –   8,573   –   –   193,011   31/03/2008   227.75p   –   –  
ISP 2006b
   –   194,317   9,033   –   –   203,350   31/03/2009   231.58p   –   –  
 
a
Vesting of RSP awards is not subject to a performance target being met.
b
Awards under the ISP were granted on 30 June 2006. The number of shares subject to awards was calculated using the average middle market price of a BT share for the three days prior to the grant. The awards will vest, subject to meeting a performance target, on 31 March 2009. The performance measure is relative TSR compared with a group of companies from the European Telecom Sector as at 1 April 2006. BT’s TSR must be in the upper quartile for all of the awards to vest. At median, 25% of the shares will vest. Below that point, none of the shares will vest.
c
The RSP award was granted to Andy Green on 30 June 2006. The award will vest, subject to continued employment, on 30 June 2009.
d
Awards granted under the ISP in 2004 were subject to a performance target. The performance measure was relative TSR compared with a group of 20 companies from the European Telecom Sector as at 1 April 2004. BT’s TSR had to be in the upper quartile for all of the awards to vest. At median, 25% of the shares would vest. At 31 March 2007, BT’s TSR was at 8th position against the comparator group. As a result, 45% of the awards lapsed on that date and 55% of the awards will be transferred to participants in May 2007.
e
Ian Livingston was granted an award under the RSP on 31 May 2005. 50% of the award vested on 10 November 2006 and 50% will vest on 9 November 2007.
f
François Barrault was appointed as a director on 24 April 2007.
g
The RSP award granted to Sir Christopher Bland on 1 September 2003 will vest, subject to continued employment, at the conclusion of the 2007 AGM.

Vesting of outstanding share awards and options
Details of options granted under the GSOP in the financial years 2002/03 and 2003/04 which would vest based on BT Group’s TSR compared with the other companies in the FTSE 100 for the relevant performance period up to 31 March 2007, details of options granted under the GSOP in the financial year 2004/ 05 and awards of shares under the ISP in the financial years 2004/05, 2005/06 and 2006/07 which would vest based on BT Group’s TSR against the comparator group of European Telecom companies for the relevant performance periods up to 31 March 2007 are as follows:
 

          31 March 2007   31 March 2006  
         
 
 
      Expected vesting date     TSR position     Percentage of shares vesting     TSR position     Percentage of shares vesting  
 
GSOP 2002
     29/07/2005     62     0%     73     0%  
GSOP 2003
     24/06/2006     60     0%     85     0%  
GSOP 2004
     24/06/2007     8     58%     9     44%  
ISP 2004
     23/05/2007     8     55%     9     40%  
ISP 2005
     31/03/2008     7     70%     8     55%  
ISP 2006
     31/03/2009     3     100%     –     –  
 

Deferred Bonus Plan awards at 31 March 2007, or date of appointment if later
The following deferred bonuses have been awarded to the directors under the DBP. These shares will normally be transferred to participants at the end of the three-year deferred period if those participants are still employed by BT Group.
 

    1 April 2006   Awardeda   Vestedb   Dividends
re-invested		   Lapsed   Total number
of award
shares
31 March
2007		   Expected
vesting date		   Price at grant   Market price
at vesting		   Monetary
value of
vested award
£000		  
 
B Verwaayen
   487,679   –   487,679   –   –   –   –   199.5p   237.62p   £1,159  
    244,290   –   –   11,356   –   255,646   01/08/07   193.42p   –   –  
    103,398   –   –   4,806   –   108,204   01/08/08   227.75p   –   –  
    –   568,269   –   26,418   –   594,687   01/08/09   231.58p   –   –  
 
F Barraultc
   –   –   –   –   –   59,013   01/08/07   193.42p   –   –  
    –   –   –   –   –   55,767   01/08/08   227.75p   –   –  
    –   –   –   –   –   91,491   01/08/09   231.58p   –   –  
 
A Green
   88,001   –   88,001   –   –   –   –   199.5p   237.62p   £209  
    95,654   –   –   4,446   –   100,100   01/08/07   193.42p   –   –  
    46,974   –   –   2,183   –   49,157   01/08/08   227.75p   –   –  
    –   129,544   –   6,021   –   135,565   01/08/09   231.58p   –   –  
 
H Lalani
   27,718   –   27,718   –   –   –   –   199.5p   237.62p   £66  
    28,709   –   –   1,334   –   30,043   01/08/07   193.42p   –   –  
    31,459   –   –   1,462   –   32,921   01/08/08   227.75p   –   –  
    –   103,635   –   4,817   –   108,452   01/08/09   231.58p   –   –  
 
I Livingston
   96,918   –   96,918   –   –   –   01/08/06   199.5p   237.62p   £230  
    92,378   –   –   4,294   –   96,672   01/08/07   193.42p   –   –  
    45,617   –   –   2,119   –   47,736   01/08/08   227.75p   –   –  
    –   136,002   –   6,323   –   142,325   01/08/09   231.58p   –   –  
 
P Reynolds
   82,822   –   82,822   –   –   –   –   199.5p   237.62p   £197  
    83,995   –   –   3,904   –   87,899   01/08/07   193.42p   –   –  
    49,119   –   –   2,283   –   51,402   01/08/08   227.75p   –   –  
    –   116,590   –   5,419   –   122,009   01/08/09   231.58p   –   –  
 
a
Awards granted on 30 June 2006 in respect of the financial year 2005/06. The number of shares subject to awards was calculated using the average middle market price of a BT share for the three days prior to the grant.
b
Awards granted on 24 June 2003 vested on 1 August 2006.
c
François Barrault was appointed as a director on 24 April 2007.
 
Details of deferred bonus awards in respect of the financial year 2006/07 are given in the table above. Awards in respect of the deferred bonuses will be granted in June 2007. The number of shares subject to the awards will be calculated using the average middle market price of a BT share for the three days prior to the grant.

Share awards under the Employee Share Investment Plan at 31 March 2007, or date of appointment if later
      1 April 2006     Awarded     Vested     Total number of
award shares
31 March 2007		      Expected vesting date  
 
Sir Christopher Bland                    
ESIP 2003
     186     –     –     186     05/08/2008  
ESIP 2004
     116     –     –     116     04/08/2009  
ESIP 2005
     56     –     –     56     27/06/2010  
ESIP 2006
     –     107 a   –     107     26/06/2011  
 
      358     107     –     465        
 
F Barraultb
                                
ESIP 2006
     –     –     –     107     26/06/2011  
 
      –     –     –     107        
 
A Green
                                
ESIP 2002
     130     –     –     130     14/08/2007  
ESIP 2003
     186     –     –     186     05/08/2008  
ESIP 2004
     116     –     –     116     04/08/2009  
ESIP 2005
     56     –     –     56     27/06/2010  
ESIP 2006
     –     107 a   –     107     26/06/2011  
 
      488     107     –     595        
 
H Lalani
                                
ESIP 2002
     130     –     –     130     14/08/2007  
ESIP 2003
     186     –     –     186     05/08/2008  
ESIP 2004
     116     –     –     116     04/08/2009  
ESIP 2005
     56     –     –     56     27/06/2010  
ESIP 2006
     –     107 a   –     107     26/06/2011  
 
      488     107     –     595        
 
I Livingston
                                
ESIP 2004
     116     –     –     116     04/08/2009  
ESIP 2005
     56     –     –     56     27/06/2010  
ESIP 2006
     –     107 a   –     107     26/06/2011  
 
      172     107     –     279        
 
P Reynolds
                                
ESIP 2002
     130     –     –     130     14/08/2007  
ESIP 2003
     186     –     –     186     05/08/2008  
ESIP 2004
     116     –     –     116     04/08/2009  
ESIP 2005
     56     –     –     56     27/06/2010  
ESIP 2006
     –     107 a   –     107     26/06/2011  
 
      488     107     –     595        
 
a
Awards granted on 26 June 2006. At that time, the market price of a BT share was 229.75p.
b
François Barrault was appointed as a director on 24 April 2007.

 

By order of the Board


Maarten van den Bergh
Deputy Chairman and Chairman of Remuneration Committee
16 May 2007
 

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