Sir: Your article "M&S chiefs get pounds 5.4m in options" (13 July) misses two salient points. First, all share-option schemes operated by the company have been approved by shareholders. Second, while it is right to point out that directors are unable to cash in their grants for three years, you have omitted the rules governing the amounts that can then be exercised. Directors may only exercise options up to a maximum value of four times remuneration less the value of all options previously exercised. Directors, therefore, are granted and always hold many more options than they can ever exercise.
Moreover, the number of options held, granted and exercised during the year are disclosed for each director, together with the price at which they were granted, the price they were exercised and the option period during which this may take place.
Marks & Spencer
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