Companies

William Hill overhauls bonus scheme

William Hill, the bookmaker, overhauled overhaul performance conditions of its executive bonus scheme only a week before its 17 May AGM. The company said its remuneration committee had decided on this course after consultation with institutional investors.

William Hill had originally intended that the vesting of matching shares would be subject to performance conditions relating to the company’s earnings per share (EPS) growth over three consecutive financial years.

The scheme has now been rebalanced so that an EPS growth target will only apply to half the matching shares; the remaining half will now vest in relation to the company’s total shareholder return (TSR) performance over a three year period. William Hill’s TSR will be assessed relative to around 29 of its peers from the FTSE leisure and retail sectors.

June 2007