M&C Saatchi awards founders £9m in shares

Maurice Saatchi: he has been awarded shares worth more than £2.27 million
Maurice Saatchi: he has been awarded shares worth more than £2.27 million

Maurice Saatchi, Jeremy Sinclair, David Kershaw and Bill Muirhead, the executive directors at M&C Saatchi have been awarded shares worth more than £9 million due to "outstanding performance".

In the company’s conditional share awards announcement yesterday, it said Sinclair, Kershaw, Saatchi and Muirhead were each issued with 692,934 shares as part of the long-term incentive plan (LTIP).

The share price yesterday was 328p, which means the shares were worth more than £2.27 million.

The announcement reported: "M&C Saatchi has outperformed these share price targets and ranked first among the 15 comparator companies for TSR [total shareholder return]."

The shares were granted on 14 October 2010 under M&C Saatchi’s LTIP and vested on 31 December 2014. Each participant paid a non-refundable £97,250 to participate in the scheme.

Jamie Hewitt, the finance director at M&C Saatchi, was also issued with 137,938 shares, worth a combined £452,436.

These shares were granted on 19 January 2012 and vested on 31 December 2014. These were also part of a LTIP where participants paid a non-refundable sum of £2,550.

Lloyd Dorfman, the non-executive director and chairman of the remuneration committee, said: "Five years ago, in conjunction with our major shareholders, a remuneration scheme was devised that ensured the alignment of the interests of the management team and shareholders.

"These awards reflect the strong operational performance of the M&C Saatchi businesses which has led to the group's outstanding performance compared to its peer group in terms of total shareholder return."

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