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1、EmployeeshareincentivesintheUKMarch2011ExecutivesummaryManycompaniesestablishshareincentiveschemestoenableemployeesandseniorexecutivestobecomeshareholdersinthebusinessforwhichtheywork.Thereareseveraltypesofschemethatarecommonlyimplemented.Someschemes–particularlythosethatare
2、availabletoawiderangeofemployees–attractgeneroustaxreliefs.Thisguidelooksatthemaintypesofshareincentivescheme,concentratingonschemesthatalistedcompany,oracompanyapproachingIPO,maywishtointroduce.Manyofthestructuresdescribedherecanbereadilyimplementedforemployeesbasedoutsidet
3、heUK,butwithoutthetaxreliefsdescribedhere.ArrangementsforexecutivesThemainshareincentiveschemesforexecutivescompriselong-termincentivesplans(LTIPs)(alsoknownasperformanceshareplans)andexecutiveshareoptionschemes.Thesearebothdescribedinsection2.LTIPsarenowmorecommonthanexecut
4、iveshareoptionschemes,althoughsomecompaniesoperatebothtypesofscheme.UKinstitutionalshareholdersinlistedcompanieshavedevelopeddetailedguidelinesgoverningtheusageofshare-basedincentives.Theserequireachallengingcorporateperformancetargettobesatisfiedbeforeanawardoroptionmayvest
5、–thuspreventinganexecutivefrombenefitingunlessthecompanycandemonstratetheachievementofdemandingfinancialperformance.Theguidelinesrecommendthatshareincentivesshouldbepartoftheannualremunerationpackageandbegrantedonanannual,phasedbasisratherthaninasingleblock.Theyalsoimposelim
6、itsonthedilutionofequityarisingfromshareissuesonexerciseofoptionsorvestingofawards.Companiesalsooperatearrangementsunderwhichexecutivesreceivepartoftheirannualbonusinshares.Thismayinvolvesimplythedeferralofsomebonusintosharesthatvestafteracertainperiod.Alternatively,thedefer
7、ralmayattractamatchontermsthatextrashareswillbeprovidedifthedeferredsharesareretainedforanumberofyears(and,usually,aperformanceconditionisachieved).Thesearedescribedfurtherinsection3.Generally,executivesarerequiredtobuildupsignificantshareholdingsintheircompanyinreturnforsha
8、reschemeparticipation,sothattheirinterestsaremorecloselyalignedwiththoseofs
