M&C Saatchi awards founders £9m in shares

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".

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

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."