Director/PDMR Shareholding

RNS Number : 1285E

Standard Life plc

01 April 2011

 



Standard Life plc

('the Company')

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

On 31 March 2011, the Company granted to each of the individuals noted below awards under the following plans:

·  2011 Group Long Term Incentive Plan (LTIP) - Awards in the form of nil-cost options ('2011 Group LTIP 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.

The Awards will normally vest on 31 March 2014, but only to the extent that the performance condition has been met.  Once vested, an Award may be exercised in the 6 months thereafter.

·  2011 Standard Life Investments Long Term Incentive Plan (SLI LTIP) - Awards in the form of nil-cost options ('2011 Standard Life Investments LTIP Awards') to acquire ordinary shares in the capital of the Company, subject to the rules of the Standard Life Investments Standard Life Long Term Incentive Plan.

The Awards will normally vest on 31 March 2014, conditional on continued employment and the performance condition defined by reference to the third party earnings before interest and tax generated by Standard Life Investments in 2011, 2012 and 2013.  The performance condition is underpinned by the requirement that investment performance of Standard Life Investments is not to be in the lower quartile of the three-year money-weighted average investment performance compared to other asset managers.  Once vested, an Award may be exercised in the 6 months thereafter.

·  2010 Short Term Incentive Plan - 2011 Deferred Share Award - Awards ("2011 Deferred Share Awards") over existing ordinary shares in the Company. The level of shares granted to each individual was equivalent to a proportion of his or her annual bonus for 2010.

These Awards will normally vest on 31 March 2013conditional on continued employment and subject to the rules of the 2010 Short Term Incentive Plan.

The table below also includes the total of outstanding shares awarded to each individual previously granted under the 2008, 2009 and 2010 Group LTIP, the 2010 Deferred Share award under the 2009 Short term Incentive Plan, 2010 SLI LTIP and any unvested Restricted Stock Plan (RSP) awards at 31 March 2011.

	Number of Shares awarded under 2011 Group LTIP	Number of Shares awarded under 2011 Standard Life Investments LTIP	Number of Shares awarded under 2011 Deferred Share Award	Total number of outstanding Shares awarded under LTIPs, RSPs and Deferred Share Awards
Executive Directors
David Thomas Nish	752,573	-	206,609	2,394,077
Norman Keith Skeoch	412,701	412,701	25,529	2,098,938
Jacqueline Hunt	303,456	-	87,863	904,661
Other PDMRs
Alexander Hugh McCormack Begbie	174,791	-	42,350	432,946
Joseph Iannicelli	155,131	-	34,282	721,698
Bruce Francis Kelsall	132,064	-	27,315	259,869
Paul Stephen Matthews	192,270	-	53,149	707,818
Nathan Richard Parnaby	190,619	-	43,638	817,840
Christian Roy Torkington	185,327	-	31,683	463,657

Further information is available in the Company's remuneration report for the year ended 31 December 2010.  No consideration is payable on the grant or vesting of the Awards.

During the vesting period the above awards carry a right to receive rolled-up dividends, but only to the extent that the awards vest.

2011 Group Long Term Incentive Plan Performance Condition

The 2011 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 2013 against the following range.

Performance
Threshold (0% of award vests)	Maximum (100% of award vests)
£650m	£800m

Vesting between threshold and maximum levels will be on an incremental basis using predetermined milestones. These will be disclosed on a retrospective basis in the 2013 Directors' remuneration report.

As outlined at the investor briefing on 10 March 2011, this gives an indication of how executives will be rewarded for delivering a significant growth in IFRS profits over the coming years.  However these figures do not constitute a financial forecast and the Company's performance may be outside of these ranges.

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 and awards will also be subject to claw-back provisions for two years from the date vesting.

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

1 April 2011

Enquiries:

Barry Cameron, Media Relations, 0131 245 6165

Duncan Heath, Investor Relations, 0131 245 4742

 

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