Annual report and financial statement 2009 - United Utilities

ii) Matching share award planDetails of the basis for MSAP awards are provided under the section relating to annual bonus. A proportion of annual bonus received inshares results in a corresponding matching award from the company. An executive must retain his shares for the three-year holdingperiod in order to receive the matching award and in addition matching shares are only released if performance criteria are met. Forawards made in 2007/08 and 2008/09 one half of each award is subject to an index performance condition on the same basis as appliesto the PSP and one half relates to operational performance targets on the same basis as the PSP.The provisions that apply in the event of a change of control, capital reconstruction or winding up of the company are the same as for the PSP.Table 8: Executive directors’ continuing scheme interests in the matching share award plan (audited information)Awards AwardsAwards granted lapsed Awardsas at during during as at1 April 2008 the year the year 31 March 2009Marketprice of Value at Number Number Number NumberAward Performance a share at Number of award date of Value of Value of of Valuedate period award (p) shares £’000’s shares £000’s shares £000’s shares shares £000’sPhilip Green30.7.07 1.4.07 to 662.0 51,624 341.7 55,123 380.6 3,590 23.5 – 58,713 283.931.3.106.8.08 1.4.08 to 697.0 65,755 458.3 – – 70,038 486.3 – 70,038 338.631.3.11Total 800.0 55,123 380.6 73,628 509.8 – 128,751 622.5Charlie Cornish30.7.07 1.4.07 to 662.0 14,606 96.9 15,596 107.7 1,015 6.6 – 16,611 80.331.3.106.8.08 1.4.08 to 697.0 18,475 128.8 – – 19,678 136.6 – 19,678 95.131.3.11Total 225.7 15,596 107.7 20,693 143.2 – 36,289 175.4Tim Weller30.7.07 1.4.07 to 662.0 22,015 145.7 23,507 162.3 1,530 10.0 – 25,037 121.131.3.106.8.08 1.4.08 to 697.0 41,929 292.2 – – 44,660 310.1 – 44,660 215.931.3.11Total 437.9 23,507 162.3 46,190 320.1 – 69,697 337.0GovernanceMatched share investment scheme for Philip GreenFull details of the matched share investment scheme for Philip Green, introduced as part of his terms of appointment, were disclosed in theremuneration report for 2006. In accordance with the rules of that scheme, Philip Green invested in 100,000 shares and a conditionalmatched award of 100,000 shares was made to him on 16 January 2007 which will transfer to him at the end of the five-year retentionperiod on 12 February 2011, subject to his still being employed by the group at that date.Table 9: Philip Green’s continuing scheme interests in the matched share investment scheme (audited information)Awards AwardsAwards granted lapsed Awardsas at during during as at1 April 2008 the year the year 31 March 2009Marketprice of Value at Number Number Number NumberAward Retention a share at Number of award date of Value of Value of of Valuedate period award (p) shares £’000’s shares £000’s shares £000’s shares shares £000’sPhilip 16.1.07 13.2.06 to 761.0 100,000 761.0 113,583 784.3 7,399 48.4 – 120,982 584.9Green 12.2.11unitedutilities.com 37