Annual Report and Accounts 2006 - Optos

Directors’ Remuneration Report
continued
Year to 2006 Year to 2005
Compensation Year to Year to Pension Pension
Salary and Fees Bonus Benefits for Loss of Office Sep 06 Sep 05 Contributions Contributions
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Executive directors
Stephane Sallmard (1) 340 234 27 643 1,244 393 25 39
Allan Watson 220 180 12 – 412 191 20 11
Ian Stevens 233 104 104 – 441 378 20 15
Douglas Anderson 212 52 2 – 266 238 11 7
David Cairns (2) 38 – 2 – 40 170 2 11
Total 1,264 570 147 643 2,624 1,392 78 83
Notes to the table:
(1) Stephane Sallmard resigned on 30 September 2006.
(2) David Cairns resigned on 21 December 2005.
(3) Anne Glover’s fees are paid to Amadeus Capital Partners .
(4) Barry Rose was appointed on 21 December 2005.
(5) David Guyer was appointed on 5 May 2006.
(6) Barry Sealey resigned as Chairman of the Board on 31 December 2005 and from the Board on 27 January 2006.
(7) Michael Rutterford resigned on 21 December 2005.
(8) Ann Gloag resigned on 21 December 2005.
(9) Dr John Padfield was appointed to the Board on the 17 November 2005.
Barry Sealey, Michael Rutterford and Ann Gloag did not receive any fees as non-executive Directors.
FUTURE NON-EXECUTIVE DIRECTORS’ REMUNERATION
The current non-executive Directors will receive £25,000 per annum for carrying out their duties. Dr David Guyer will receive an additional £25,000 as Chairman of the
Medical Advisory Board.
Dr Padfield, as Chairman of the Company, will receive £50,000 per annum for acting as Chairman and being a Director.
Long-Term Incentive Plans
The Group believes there is benefit to be gained from aligning executive Directors’ interests (and other employee interests) with those of shareholders by means of
share-based, long-term incentives.
Shareholder approval for a new share-based LTIP and a discretionary share option scheme will be sought at the annual general meeting to be held on 31 January 2007
(summaries of the principal features of the LTIP and the discretionary share option scheme will be outlined in the appendix to the notice of annual general meeting).
SHARE OPTIONS GRANTED TO DIRECTORS (AUDITED)
Details of share options of those Directors who served during the financial year ended 30 September 2006 are set out in the table below. No amounts were payable for
the award of the share options.
At 30 Sep 06
Earliest Date
At 1 Oct Granted Lapsed Exercised or Date Ceased Exercise Date from which
2005 (6) During Year (6) During Year During Year to be a Director Price of Grant Exercisable Expiry Date
Stephane Sallmard (1) 500,000 – – – 500,000 £0.80 01 Oct 2001 01 Oct 2001 14 May 2007
125,000 – – – 125,000 £1.00 01 Oct 2002 01 Oct 2002 14 May 2007
1,000 – – – 1,000 £1.00 22 Mar 2001 01 Oct 2004 14 May 2007
625,000 – – – 625,000 £1.00 21 Sep 2005 21 Sep 2005 14 May 2007
1,251,000 1,251,000
Allan Watson 150,000 – – – 150,000 £1.00 01 Dec 2003 01 Dec 2003 30 Nov 2013
1,000 – – – 1,000 £1.00 01 Oct 2004 01 Oct 2004 30 Sep 2014
150,000 – – – 150,000 £1.00 21 Sep 2005 21 Sep 2005 20 Sep 2015
– 100,000 – – 100,000 £1.00 09 Dec 2005 09 Dec 2006 08 Dec 2015
301,000 100,000 401,000
Optos plc Annual Report & Accounts 2006 29