We ensure that the aggregate of all share based awards does
not exceed the guidelines laid down by the Association of
British Insurers. These suggest that the number of awards
granted in respect of all share based schemes should not
exceed 10% of the current issued share capital in any rolling
ten-year period. The number of awards granted in respect of
discretionary schemes should not exceed 5% of the current
issued share capital in the same period. Many of the share
option plans we operate use shares purchased in the market to
satisfy awards at maturity, thereby ensuring that shareowner
value is not unduly diminished or diluted.
The available dilution capacity on this basis expressed as a
percentage of the Company's total issued ordinary 12.5p share
capital on the last day of each of the last five financial years was
as follows:
