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- Point in Time (01/01/2006)
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Version Superseded: 06/04/2008
Point in time view as at 01/01/2006.
There are currently no known outstanding effects for the The Companies (Northern Ireland) Order 1986 (revoked), Cross Heading: Long-term incentive schemes.
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F1Order repealed (prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16 and the repeal being partly in force, as to which see individual Articles (with savings (with adaptations) by Companies Act 2006 (Commencement No. 6, Saving and Commencement Nos. 3 and 5 (Amendment)) Order 2008 (S.I. 2008/674), arts. 2(3), {4}, Sch. 2) and subject to amendments (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b)(2), Sch. 1 paras. 135, 147, 148 {Sch. 2 Note 1} (with arts. 6, 11, 12) and subject to amendments (6.4.2008) by S.R. 2008/133, {regs. 2, 3}
10.—(1) The directors' remuneration report shall contain, in respect of each person who has served as a director of the company at any time in the relevant financial year, the information specified in paragraph 11.
(2) Sub‐paragraph (1) does not require the report to contain share option details that are contained in the report in compliance with paragraphs 7 to 9.
(3) The information specified in paragraph 11 shall be presented in tabular form in the report.
(4) For the purposes of paragraph 11—
(a)“scheme interest”, in relation to a person, means an interest under a long-term incentive scheme that is an interest in respect of which assets may become receivable under the scheme in respect of qualifying services of the person; and
(b)such an interest “vests” at the earliest time when—
(i)it has been ascertained that the qualifying conditions have been fulfilled, and
(ii)the nature and quantity of the assets receivable under the scheme in respect of the interest have been ascertained.
(5) In this Schedule “long‐term incentive scheme” means any agreement or arrangement under which money or other assets may become receivable by a person and which includes one or more qualifying conditions with respect to service or performance that cannot be fulfilled within a single financial year, and for this purpose the following shall be disregarded, namely—
(a)any bonus the amount of which falls to be determined by reference to service or performance within a single financial year;
(b)compensation in respect of loss of office, payments for breach of contract and other termination payments; and
(c)retirement benefits.
11.—(1) The information required by sub‐paragraph (1) of paragraph 10 in respect of such a person as is mentioned in that sub-paragraph is—
(a)details of the scheme interests that the person has at the beginning of the relevant financial year or if later on the date of the appointment of the person as a director of the company;
(b)details of the scheme interests awarded to the person during the relevant financial year;
(c)details of the scheme interests that the person has at the end of the relevant financial year or if earlier on the cessation of the person's appointment as a director of the company;
(d)for each scheme interest within heads (a) to (c)—
(i)the end of the period over which the qualifying conditions for that interest have to be fulfilled (or if there are different periods for different conditions, the end of whichever of those periods ends last); and
(ii)a description of any variation made in the terms and conditions of the scheme interests during the relevant financial year; and
(e)for each scheme interest that has vested in the relevant financial year—
(i)the relevant details (see sub‐paragraph (3)) of any shares,
(ii)the amount of any money, and
(iii)the value of any other assets,
that have become receivable in respect of the interest.
(2) The details that sub‐paragraph (1)(b) requires of a scheme interest awarded during the relevant financial year include, if shares may become receivable in respect of the interest, the following—
(a)the number of those shares;
(b)the market price of each of those shares when the scheme interest was awarded; and
(c)details of qualifying conditions that are conditions with respect to performance.
(3) In sub‐paragraph (1)(e)(i) “the relevant details”, in relation to any shares that have become receivable in respect of a scheme interest, means—
(a)the number of those shares,
(b)the date on which the scheme interest was awarded;
(c)the market price of each of those shares when the scheme interest was awarded;
(d)the market price of each of those shares when the scheme interest vested; and
(e)details of qualifying conditions that were conditions with respect to performance.
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