Remuneration outcomes during the year ended 31 March 2009
Sections 1, 2, 3, 4 and 6 comprise the ‘auditable’ part of the Directors’ Remuneration Report, being the information required by Part 3 of Schedule 7A to the Companies Act 1985.
1. Directors’ emoluments
The following tables set out the pre-tax emoluments for the years ended 31 March 2009 and 2008, including bonuses but excluding pensions, for individual Directors who held office in National Grid during the year ended 31 March 2009.
| Table 1A | Year ended 31 March 2009 | Year ended 31 March 2008 |
||||||
|---|---|---|---|---|---|---|---|---|
| Salary(i) £000s |
Annual Performance Plan (bonus) £000s |
Benefits in kind(ii) (cash) £000s |
Benefits in kind(ii) (non-cash) £000s |
Other emoluments £000s |
Total £000s |
Total £000s |
||
| Executive Directors | ||||||||
| Steve Holliday | 917 | 1,265 | 12 | 12 | – | 2,206 | 2,062 | |
| Steve Lucas (iii) | 516 | 709 | 6 | 28 | – | 1,259 | 1,183 | |
| Nick Winser | 459 | 620 | – | 17 | – | 1,096 | 963 | |
| Mark Fairbairn (iii) | 458 | 598 | 8 | 25 | – | 1,089 | 1,010 | |
| Tom King (iv) | 677 | 704 | 5 | 10 | – | 1,396 | 1,149 | |
| Edward Astle (v) | 37 | – | 1 | – | 440 | 478 | 1,070 | |
| Bob Catell (iv) (vi) | 825 | 1,090 | 6 | 28 | – | 1,949 | 818 | |
| Total | 3,889 | 4,986 | 38 | 120 | 440 | 9,473 | 8,255 | |
- (i)
- The Executive Directors decided voluntarily to forego salary increases in 2009. It is anticipated their salaries will next be reviewed in 2010.
- (ii)
- Benefits in kind comprise benefits such as private medical insurance, life assurance, either a fully expensed car or cash in lieu of a car, use of a driver when required; and for this year a fuel card buyout.
- (iii)
- These Executive Directors participate in the UK flexible benefits plan which operates by way of salary sacrifice, therefore, their salaries are reduced by the benefits they have purchased. The value of these benefits is included in the Benefits in kind (non-cash) figure. The values are: Steve Lucas £5,522 and Mark Fairbairn £786.
- (iv)
- For US-based Executive Directors, the exchange rate averaged over the year 1 April 2008 to 31 March 2009 to convert US dollars to UK pounds sterling is US$1.539:£1.
- (v)
- Edward Astle left National Grid on 30 April 2008. He received a contractual entitlement of one year’s additional salary, part of which was payable in 6 monthly instalments and was subject to mitigation had he taken employment during the period.
- (vi)
- Bob Catell ceased being an Executive Director on 31 March 2009. His employment agreement was terminated and replaced with a Non-executive Director contract for services and he will retire from the Board at the conclusion of the Company’s AGM on 27 July 2009. He did not, nor will he, receive any termination payments.
| Table 1B | Year ended 31 March 2009 | Year ended 31 March 2008 |
|||
|---|---|---|---|---|---|
| Fees £000s |
Other emoluments £000s |
Total £000s |
Total £000s |
||
| Non-executive Directors | |||||
| Sir John Parker (i) | 542 | 62 | 604 | 559 | |
| Ken Harvey | 83 | – | 83 | 79 | |
| Linda Adamany | 75 | – | 75 | 77 | |
| Philip Aiken (ii) | 59 | – | 59 | n/a | |
| John Allan | 76 | – | 76 | 71 | |
| Stephen Pettit | 84 | – | 84 | 79 | |
| Maria Richter | 92 | – | 92 | 92 | |
| George Rose | 84 | – | 84 | 82 | |
| Total | 1,095 | 62 | 1,157 | 1,039 | |
- (i)
- Sir John Parker’s other emoluments comprise a fully expensed car, private medical insurance and life assurance.
- (ii)
- Philip Aiken joined the Board on 15 May 2008.
2. Directors’ pensions
The table below gives details of the Executive Directors’ pension benefits in accordance with both Schedule 7A of the Companies Act 1985 and the UK Listing Authority’s Listing Rules.
| Table 2 | Personal contributions made to the scheme during the year £000s |
Additional benefit earned during year ended 31 March 2009 pension £000s |
Accrued entitlement as at 31 March 2009 pension £000s |
Transfer value of accrued benefits as at 31 March (i) |
Increase in transfer value less Director’s contributions (ii) £000s |
Additional benefit earned in the year ended 31 March 2009 (excluding inflation) pension £000s |
Transfer value of increase in accrued benefit in the year ended 31 March 2009 (excluding inflation & Director’s contributions) £000s |
||
|---|---|---|---|---|---|---|---|---|---|
| 2009 £000s |
2008 £000s |
||||||||
| Steve Holliday (iii) | 18 | 49 | 280 | 4,740 | 4,730 | (8) | 37 | 591 | |
| Steve Lucas | 31 | 25 | 250 | 4,877 | 3,680 | 1,165 | 17 | 293 | |
| Nick Winser (iv) | 28 | 16 | 186 | 2,802 | 3,237 | (463) | 7 | 76 | |
| Mark Fairbairn (v) | 28 | 26 | 186 | 3,084 | 3,340 | (284) | 18 | 249 | |
| Tom King (vi) | – | 49 | 126 | 442 | 207 | 235 | 49 | 174 | |
| Edward Astle (vii) | 19 | 16 | 112 | 2,939 | 1,997 | 924 | 15 | 385 | |
| Bob Catell (vi) (viii) | – | 256 | 1,754 | 20,431 | 12,774 | 7,657 | 256 | 2,812 | |
- (i)
- The transfer values shown at 31 March 2008 and 2009 respectively represent the value of each Executive Director’s accrued benefits based on total service compared to the relevant date. The transfer values for the UK Executive Directors at 31 March 2008 have been calculated in accordance with guidance note ‘GN11’; transfer values for the UK Executive Directors at 31 March 2009 have been calculated in line with new transfer value bases agreed with the UK Pension Scheme Trustees. The transfer values for the US Executive Directors have been calculated using discount rates based on high quality US corporate bonds and associated yields at the relevant dates.
- (ii)
- Figures for the increase in transfer value less Director’s contributions include the impact of changes during the year to the UK transfer value bases for UK Directors and exchange rate movements for US Directors. The figures excluding these impacts were Steve Holliday £625,000, Steve Lucas £464,000, Nick Winser £62,000, Mark Fairbairn £233,000, Tom King £114,000, Edward Astle £1,166,000 and Bob Catell £2,052,000.
- (iii)
- In addition to the pension above, there is an accrued lump sum entitlement of £107,000 as at 31 March 2009. The increase to the accumulated lump sum including inflation was £7,000 and excluding inflation was £3,000 in the year to 31 March 2009. The transfer value information above includes the value of the lump sum.
- (iv)
- In addition to the pension above, there is an accrued lump sum entitlement of £258,000 as at 31 March 2009. The increase to the accumulated lump sum including inflation was £8,000 and excluding inflation was nil in the year to 31 March 2009. The transfer value information above includes the value of the lump sum.
- (v)
- In addition to the pension above, there is an accrued lump sum entitlement of £278,000 as at 31 March 2009. The increase to the accumulated lump sum including inflation was £23,000 and excluding inflation was £11,000 in the year to 31 March 2009. The transfer value information above includes the value of the lump sum.
- (vi)
- The exchange rate as at 31 March 2009 was US$1.4368:£1 and as at 31 March 2008 was US$1.98:£1.
- (vii)
- It was agreed that £344,754, representing the value of 49,032 shares which Edward Astle would otherwise have received in respect of his PSP awards (see Table 4), instead be transferred into his pension fund. This is equivalent to one additional year of pension credit and is included above. Edward received an immediate unreduced pension on cessation of employment under the standard redundancy terms of the Trust Deed and Rules of the Pension Scheme.
- (viii)
- Bob Catell retired as an Executive Director on 31 March 2009 and was eligible to draw immediate pension benefits. In addition to the pension quoted above, through participation in the Thrift Plan in the US, the Company made contributions worth £4,948 to a defined contribution arrangement.
3. Directors’ interests in share options
The table below gives details of the Executive Directors’ holdings of share options awarded under the Executive Share Option Plan (ESOP), the Share Matching Plan (Share Match) and Sharesave schemes.
| Table 3 | Options held at 1 April 2008 |
Options exercised or lapsed during the year |
Market price at exercise (pence) |
Options granted during the year |
Options held at 31 March 2009 or, if earlier, on retirement † |
Exercise price per share (pence) |
Normal exercise period |
|---|---|---|---|---|---|---|---|
| Steve Holliday | |||||||
| ESOP | 67,497 | – | – | – | 67,497 | 481.5 | June 2005 to June 2012 |
| Share Match | 10,350 | – | – | – | 10,350 | 100 in total | June 2005 to June 2012 |
| 14,083 | – | – | – | 14,083 | 100 in total | June 2006 to June 2013 | |
| 18,713 | – | – | – | 18,713 | nil | May 2007 to May 2014 | |
| 9,983(i) | 9,983 | 663 | – | – | nil | June 2008 to June 2015 | |
| Sharesave | 4,692 | 4,692 | 660.5 | – | – | 350 | Mar 2008 to Aug 2008 |
| 2,564 | 2,564 | – | – | – | 655 | Apr 2013 to Sep 2013 | |
| – | – | – | 3,432 | 3,432 | 488 | Apr 2014 to Sep 2014 | |
| Total | 127,882 | 17,239 | 3,432 | 114,075 | |||
Steve Lucas |
|||||||
| ESOP | 54,404 | – | – | – | 54,404 | 434.25 | Dec 2005 to Dec 2012 |
| Share Match | 14,778(ii) | 14,778 | 663 | – | – | nil | June 2008 to June 2015 |
| Sharesave | 1,693 | – | – | – | 1,693 | 558 | Apr 2010 to Sep 2010 |
| Total | 70,875 | 14,778 | – | 56,097 | |||
Nick Winser |
|||||||
| ESOP | 19,755 | – | – | – | 19,755 | 531.5 | June 2003 to June 2010 |
| Share Match | 11,581(iii) | 11,581 | 663 | – | – | nil | June 2008 to June 2015 |
| Total | 31,336 | 11,581 | – | 19,755 | |||
Mark Fairbairn |
|||||||
| ESOP | 2,180 | – | – | – | 2,180 | 435.75 | July 2002 to July 2009 |
| 33,489 | – | – | – | 33,489 | 531.5 | June 2003 to June 2010 | |
| 31,152 | – | – | – | 31,152 | 481.5 | June 2005 to June 2012 | |
| Share Match | 2,134(iv) | 2,134 | 663 | – | – | nil | June 2008 to June 2015 |
| Sharesave | 862 | – | – | – | 862 | 383 | Apr 2010 to Sep 2010 |
| 1,760 | – | – | – | 1,760 | 558 | Apr 2012 to Sep 2012 | |
| 512 | – | – | – | 512 | 655 | Apr 2013 to Sep 2013 | |
| Total | 72,089 | 2,134 | – | 69,955 | |||
Edward Astle |
|||||||
| ESOP (v) | 67,497 | – | – | – | 67,497† | 481.5 | May 2008 to Apr 2009 |
| Share Match (v) | 6,553 | – | – | – | 6,553† | 100 in total | May 2008 to Oct 2008 |
| 13,812 | – | – | – | 13,812† | 100 in total | May 2008 to Oct 2008 | |
| 15,716 | – | – | – | 15,716† | nil | May 2008 to Oct 2008 | |
| 14,637 | – | – | – | 14,637† | nil | May 2008 to Oct 2008 | |
| Total | 118,215 | – | – | 118,215† | |||
- (i)
- Steve Holliday exercised a Share Match award over 9,983 shares. The market price at the date of exercise was 663p. He received £9,739 in respect of a cash payment in lieu of dividends. He also exercised, on its five year maturity, a Sharesave option over 4,692 shares with an option price of 350p. In addition, he cancelled an existing Sharesave contract over 2,564 shares with an option price of 655p in order to commence a Sharesave contract over 3,432 shares with an option price of 488p.
- (ii)
- Steve Lucas exercised a Share Match award over 14,778 shares. The market price at the date of exercise was 663p. He also received £17,761 in respect of a cash payment in lieu of dividends.
- (iii)
- Nick Winser exercised a Share Match award over 11,581 shares. The market price at the date of exercise was 663p. He also received £14,078 in respect of a cash payment in lieu of dividends.
- (iv)
- Mark Fairbairn exercised a Share Match award over 2,134 shares. The market price at the date of exercise was 663p. He also received £3,050 in respect of a cash payment in lieu of dividends.
- (v)
- On leaving, Edward Astle was permitted 12 months from his termination date in which to exercise his ESOP awards and 6 months for his Share Match awards. This aligns with normal practice for such leavers under the plan rules.
Executive Share Option Plan (ESOP)
No further awards will be made under this plan but there are outstanding options granted in previous years. Such options will normally be exercisable between the third and tenth anniversary of the date of grant, subject to a performance condition. The performance condition attached to the outstanding ESOP options is set out below. If the performance condition is not satisfied after the first three years, it will be re-tested as indicated.
Options worth up to 100% of an optionholder’s base salary will become exercisable in full if TSR, measured over the period of three years beginning with the financial year in which the option is granted, is at least median compared with a comparator group of companies.
Grants in excess of 100% of salary vest on a sliding scale, becoming fully exercisable if the Company’s TSR is in the top quartile.
Grants made in 2000
The performance condition attached to options granted in June 2000 is tested annually throughout the lifetime of the option. These options remain unvested. The final re-test will be in March 2010 and if the performance criterion is not reached at that time the options will lapse in full.
The comparator group for the 2000 award is unaudited and this information follows below. The Remuneration Committee at that time believed the group to be an appropriate mix of energy distribution sector companies, including UK and international utilities.
| Allegheny Energy, Inc. BG Group plc British Energy plc Central & South West Corporation Consolidated Edison, Inc. Duke Energy Corporation |
Energy East Corporation FPL Group, Inc. GPU, Inc. Innogy Holdings plc International Power plc Niagara Mohawk Holdings, Inc. |
NSTAR Powergen plc Progress Energy, Inc. Public Service Enterprise Group, Inc. Scottish & Southern Energy plc |
Scottish Power plc The Southern Company, Inc. TXU, Corp United Utilities plc Xcel Energy, Inc. |
4. Directors’ interests in the PSP, DSP and SRA
Table 4 gives details of the Executive Directors’ holdings of conditional shares awarded under the PSP whereby Executive Directors receive a conditional award of shares, up to a current maximum of 200% of salary, which is subject to performance criteria over a three year performance period. Awards vest based on the Company’s TSR performance when compared to the FTSE 100 at the date of grant (50% of the award) and the annualised growth of the Company’s EPS (50% of the award), see Executive Directors' remuneration for further information. Shares are then released on the fourth anniversary of the date of grant, following a retention period. The table includes conditional share awards under the DSP, where Executive Directors receive an award of shares representing one half of any Annual Performance Plan award earned in the year. The deferred shares are held in trust for three years before release. As part of a contractual commitment made at the time of Tom King’s recruitment, Tom received a SRA. The one-off award of National Grid ADSs vests in equal tranches, over three years, on the anniversary of the award (November 2008 through to November 2010) subject to continued employment. There are no performance conditions attached to the award.
Table 4 |
Type of award |
PSP, DSP and SRA conditional awards at 1 April 2008 |
Awards lapsed during year |
Awards vested in year |
Awards granted during year |
Market price at award (pence except#) |
Date of award |
Conditional awards at 31 March 2009 or, if earlier, on retirement† |
Release date |
|---|---|---|---|---|---|---|---|---|---|
| Steve Holliday | PSP | 100,801(i) | – | 100,801 | – | 527.03 | June 2005 | 100,801 | June 2009 |
| PSP | 126,788 | – | – | – | 591.5382 | June 2006 | 126,788 | June 2010 | |
| PSP | 139,217 | – | – | – | 740.75 | June 2007 | 139,217 | June 2011 | |
| PSP | 77,247 | – | – | – | 800.9919 | Nov 2007 | 77,247 | Nov 2011 | |
| PSP | – | – | – | 276,947 | 667.9967 | June 2008 | 276,947 | June 2012 | |
| DSP | 36,389 | – | – | – | 583.96 | June 2006 | 36,389 | June 2009 | |
| DSP | 42,435 | – | – | – | 726.87 | June 2007 | 42,435 | June 2010 | |
| DSP | – | – | – | 85,307 | 697.48 | June 2008 | 85,307 | June 2011 | |
| Total | 522,877 | – | 100,801 | 362,254 | 885,131 | ||||
Steve Lucas |
PSP | 99,615(i) | – | 99,615 | – | 527.03 | June 2005 | 99,615 | June 2009 |
| PSP | 101,430 | – | – | – | 591.5382 | June 2006 | 101,430 | June 2010 | |
| PSP | 84,930 | – | – | – | 740.75 | June 2007 | 84,930 | June 2011 | |
| PSP | 47,125 | – | – | – | 800.9919 | Nov 2007 | 47,125 | Nov 2011 | |
| PSP | – | – | – | 157,186 | 667.9967 | June 2008 | 157,186 | June 2012 | |
| DSP | 34,882 | – | – | – | 583.96 | June 2006 | 34,882 | June 2009 | |
| DSP | 29,276 | – | – | – | 726.87 | June 2007 | 29,276 | June 2010 | |
| DSP | – | – | – | 47,263 | 697.48 | June 2008 | 47,263 | June 2011 | |
| Total | 397,258 | – | 99,615 | 204,449 | 601,707 | ||||
Nick Winser |
PSP | 91,314(i) | – | 91,314 | – | 527.03 | June 2005 | 91,314 | June 2009 |
| PSP | 88,751 | – | – | – | 591.5382 | June 2006 | 88,751 | June 2010 | |
| PSP | 75,008 | – | – | – | 740.75 | June 2007 | 75,008 | June 2011 | |
| PSP | 41,620 | – | – | – | 800.9919 | Nov 2007 | 41,620 | Nov 2011 | |
| PSP | – | – | – | 138,413 | 667.9967 | June 2008 | 138,413 | June 2012 | |
| DSP | 31,316 | – | – | – | 583.96 | June 2006 | 31,316 | June 2009 | |
| DSP | 25,596 | – | – | – | 726.87 | June 2007 | 25,596 | June 2010 | |
| DSP | – | – | – | 36,008 | 697.48 | June 2008 | 36,008 | June 2011 | |
| Total | 353,605 | – | 91,314 | 174,421 | 528,026 | ||||
Mark Fairbairn |
PSP | 40,225(i) | – | 40,225 | – | 527.03 | June 2005 | 40,225 | June 2009 |
| PSP | 40,572 | – | – | – | 591.5382 | June 2006 | 40,572 | June 2010 | |
| PSP | 67,499 | – | – | – | 740.75 | June 2007 | 67,499 | June 2011 | |
| PSP | 37,453 | – | – | – | 800.9919 | Nov 2007 | 37,453 | Nov 2011 | |
| PSP | – | – | – | 138,324 | 667.9967 | June 2008 | 138,324 | June 2012 | |
| DSP | 10,800 | – | – | – | 583.96 | June 2006 | 10,800 | June 2009 | |
| DSP | 13,867 | – | – | – | 726.87 | June 2007 | 13,867 | June 2010 | |
| DSP | – | – | – | 40,646 | 697.48 | June 2008 | 40,646 | June 2011 | |
| Total | 210,416 | – | 40,225 | 178,970 | 389,386 | ||||
Tom King |
PSP | ADSs 24,006 | – | – | – | $83.3121# | Nov 2007 | ADSs 24,006 | Nov 2011 |
| PSP | – | – | – | ADSs 32,099(ii) | $65.4211# | June 2008 | ADSs 32,099 | June 2012 | |
| SRA | ADSs 35,487 | – | ADSs 11,829(iii) | – | $84.5360# | Nov 2007 | ADSs 23,658 | Nov 2008 to Nov 2010 |
|
| DSP | – | – | – | ADSs 4,843(ii) | $68.1174# | June 2008 | ADSs 4,843 | June 2011 | |
| Total ADSs | ADSs 59,493 | – | ADSs 11,829 | ADSs 36,942 | ADSs 84,606 | ||||
Edward Astle |
PSP | 94,872(iv) | – | – | – | 527.03 | June 2005 | 94,872† | April 2008 |
| PSP | 88,751(iv) | – | – | – | 591.5382 | June 2006 | 88,751† | April 2008 | |
| PSP | 74,249(iv) | – | – | – | 740.75 | June 2007 | 74,249† | April 2008 | |
| PSP | 41,198(iv) | – | – | – | 800.9919 | Nov 2007 | 41,198† | April 2008 | |
| DSP | 28,769 | – | – | – | 583.96 | June 2006 | 28,769† | April 2008 | |
| DSP | 27,927 | – | – | – | 726.87 | June 2007 | 27,927† | April 2008 | |
| Total | 355,766 | – | – | – | 355,766† | ||||
Bob Catell |
PSP | ADSs 17,084(v) | – | – | – | $83.3121# | Nov 2007 | ADSs 17,084 | Nov 2011 |
| PSP | –(v) | – | – | ADSs 39,146(ii) | $65.4211# | June 2008 | ADSs 39,146 | June 2012 | |
| DSP | –(v) | – | – | ADSs 7,225(ii) | $68.1174# | June 2008 | ADSs 7,225 | June 2011 | |
| Total | ADSs 17,084 | – | – | ADSs 46,371 | ADSs 63,455 |
- (i)
- The 2005 PSP award vested in full in June 2008 but the shares under this award are subject to a retention period in order that shares may only be transferred to participants on or after the fourth anniversary of the date of grant. The Remuneration Committee determined cash equivalent dividend payments would be made to participants whilst the shares were in the retention period, therefore, Steve Holliday received £23,856 in August 2008 and £14,157 in February 2009; Steve Lucas £23,576 and £13,990; Nick Winser £21,611 and £12,825 and Mark Fairbairn £9,520 and £5,649 respectively.
- (ii)
- Awards were made over ADSs and each ADS represents five ordinary shares.
- (iii)
- Tom King received a Special Retention Award as part of a contractual commitment made at the time of his recruitment. The award vests in three equal parts over three years, the first vesting for which was November 2008 for 11,829 ADSs. The ADS price on vesting for the first tranche was US$47.4920.
- (iv)
- Shortly after leaving, Edward Astle received 207,905 PSP shares that vested as a result of the performance criteria having been met and taking into account his contribution and in particular the sale of National Grid Wireless being significantly in excess of market expectations. As outlined in Table 2, it was also agreed that instead of Edward receiving a further 49,032 PSP shares an equivalent monetary value (using a share price of 705p) would be transferred into his pension fund. All remaining PSP shares shown in Table 4 lapsed.
- (v)
- As Bob Catell ceased being an Executive Director on 31 March 2009, his PSP award will be transferred to him from this date subject to performance criteria and following time pro ration. His DSP award will also be transferred to him. This treatment aligns with normal practice for such leavers under the plan rules.
5. Directors’ beneficial interests
The Directors’ beneficial interests (which include those of their families) in National Grid ordinary shares of 1117⁄43 pence each are shown below.
| Table 5 | Ordinary shares at 31 March 2009 or, if earlier, on retirement †(i) |
Ordinary shares at 1 April 2008 or, if later, on appointment* |
Options/awards over ordinary shares at 31 March 2009 or, if earlier, on retirement † |
Options/awards over ordinary shares at 1 April 2008 or, if later, on appointment* |
|---|---|---|---|---|
| Sir John Parker | 81,337 | 77,115 | – | – |
| Steve Holliday (ii) (iii) | 39,285 | 28,488 | 999,206 | 650,759 |
| Steve Lucas (ii) (iv) | 88,192 | 79,438 | 657,804 | 468,133 |
| Nick Winser (ii) | 83,518 | 69,937 | 547,781 | 384,941 |
| Mark Fairbairn (ii) (iii) | 48,305 | 28,584 | 459,341 | 282,505 |
| Tom King | 59,145 | – | 423,030 | 297,465 |
| Edward Astle | 28,428† | 28,428 | 473,981† | 473,981 |
| Bob Catell | 40,000 | 15,000 | 317,275 | 85,420 |
| Ken Harvey | 3,740 | 3,740 | – | – |
| Linda Adamany | 2,000 | 2,000 | – | – |
| Philip Aiken | 2,000 | –* | – | –* |
| John Allan | 2,000 | 2,000 | – | – |
| Stephen Pettit | 2,632 | 2,632 | – | – |
| Maria Richter | 5,255 | 3,255 | – | – |
| George Rose | 4,852 | 4,852 | – | – |
- (i)
- There has been no other change in the beneficial interests of the Directors in ordinary shares between 1 April 2009 and 13 May 2009, except in respect of routine monthly purchases under the SIP (see note (iii) below).
- (ii)
- Each of the Executive Directors, with the exception of Bob Catell and Tom King, was for Companies Act purposes deemed to be a potential beneficiary under the National Grid plc 1996 Employee Benefit Trust and the National Grid Employee Share Trust; Steve Holliday, Steve Lucas, Nick Winser and Mark Fairbairn thereby have an interest in 264,878 and 160,696 ordinary shares in the aforementioned trusts respectively, as at 31 March 2009 (with the latter holding 6,294 ADSs in addition).
- (iii)
- Beneficial interest includes shares purchased under the monthly operation of the SIP in the year to 31 March 2009. In April and May 2009 a further 45 shares were purchased on behalf of Steve Holliday and a further 91 shares were purchased on behalf of Mark Fairbairn thereby increasing their beneficial interests.
- (iv)
- Steve Lucas was for Companies Act purposes deemed to be a potential beneficiary in 4,057 ordinary shares held by Lattice Group Trustees Limited as trustee of the Lattice Group Employee Share Ownership Trust as at 31 March 2009.
6. National Grid share price range
The closing price of a National Grid ordinary share on 31 March 2009 was 535.5p. The range during the year was 749.5p (high) and 515p (low). The Register of Directors’ Interests contains full details of shareholdings and options/awards held by Directors as at 31 March 2009.
On behalf of the Board
Helen Mahy
Company Secretary & General Counsel
13 May 2009