Director/PDMR Shareholding

RNS Number : 3610O

Standard Life plc

28 June 2010

 



Standard Life plc

('the Company')

Notification of Interests of Executive Directors and Other Persons Discharging Managerial Responsibility ('PDMRs')

2010 Long Term Incentive Plan

On 25 June, the Company granted to each of the individuals noted below awards in the form of nil-cost options ("Awards") to acquire ordinary shares in the capital of the Company, subject to the rules of the Standard Life Long Term Incentive Plan and a pre-vesting operating profit performance condition as defined in the deed of grant and summarised below.

	Number of Shares awarded under 2010 LTIP grant	Total number of Shares granted under LTIP and Deferred Share Awards
Executive Directors
David Thomas Nish	778,983	1,434,895
Norman Keith Skeoch	376,061	1,248,007
Jacqueline Hunt	318,980	566,958
Other PDMRs
Alexander Hugh McCormack Begbie	135,221	135,221
Joseph Iannicelli	213,372	532,285
Paul Stephen Matthews	153,110	408,676
Nathan Richard Parnaby	210,916	583,583
Christian Roy Torkington	172,825	219,786

The Awards will normally vest on 25 June 2013, but only to the extent that the performance condition has been met.  Once vested, an Award may be exercised in the 6 months thereafter.  No consideration is payable on the grant or vesting of the Awards.

Performance Condition

The 2010 LTIP Awards will vest only if an approved specific performance condition has been met.  Once this performance condition has been met, the level of vesting will be determined by the extent to which the performance condition has been exceeded.  The performance condition is the level of the Group's (the Company and its subsidiaries) IFRS operating profit before tax (excluding joint ventures) for the financial year ended 31 December 2012.

Before the Awards can vest, the Remuneration Committee will seek confirmation that the vesting level has not been met as a result of behaviour which has exposed the Group to undue risk, and that the level of vesting reflects accurately the general underlying financial performance of the Group.  The Remuneration Committee will work closely with the Risk and Capital Committee before approving the level of vesting.

The performance measures have been subject to consultation with the Association of British Insurers, RiskMetrics¹ and with the corporate governance representatives of some of the Company's largest shareholders.

Individual Awards under the Restricted Stock Plan

On 25 June, the Company also granted to each of the individuals noted below (none of whom is an executive director) individual awards under the Standard Life Restricted Stock Plan ('RSP Awards') over existing ordinary shares in the Company, subject to the rules of the Standard Life Long Term Restricted Stock Plan.

The RSP Awards were in recognition of the allocation of additional duties and responsibilities to these individuals following a reorganisation of the internal senior leadership structure.  No other enhancements have been made to their remuneration package, and RSP Awards have been made over shares in order to increase the alignment with shareholders' interests.  The RSP Awards will normally vest on 25 June 2013.  No consideration is payable on the grant or vesting of these RSP Awards.

	Number of Shares awarded under the Restricted Stock Plan	Total number of Shares granted under Restricted Stock Plan, LTIP and Deferred Share Awards (Paul Matthews only)
Other PDMRs
Alexander Hugh McCormack Begbie	80,584	215,805
Paul Stephen Matthews	53,723	462,399
Christian Roy Torkington	26,861	246,647

This notice is given in fulfilment of obligations under DTR 3.1.4 (R).

28 June 2010

Enquiries:

Barry Cameron, Media Relations, 0131 245 6165

Duncan Heath, Investor Relations, 0131 245 4742

1	RiskMetrics Group is a provider of risk management and corporate governance services to financial market participants, including the preparation of voting guidance on behalf of the National Association of Pension Funds.

 

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