During the year the committee reviewed the operation and effectiveness of all share-based plans including ESAs and PSAs. A similar review had previously taken place in 2005 which led to significant changes in the design of the incentive plans. In contrast this review found that the current plans were:
- effective in their operation;
- valued by participants, particularly for their simplicity;
- competitive within the marketplace; and
- aligned to the overall business objectives of the Company.
No major structural adjustments were therefore felt necessary at this time although the committee will continue to keep this under review.
As part of the Group reorganisation completed in November 2008, a new Executive Stock Option Plan and a new Worldwide Ownership Plan were adopted to replace the earlier versions of these plans, under which new awards could not be granted after the reorganisation.