Some workers get share options as well : LETTER

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The Independent Online
Keith Stuart

IN "Privatised power bosses give themselves £72m in shares" (12 February) you printed a national table of electricity directors' salaries and shares sourced from Labour Party research.

The table and some of the claims made are a misrepresentation of the facts. The table indicates that six Seeboard directors have been granted share options which at 1994 prices had a value of £7,701,205. In fact the figure quoted by the Labour Party research included options granted to some 200 managers and senior staff. Of the executive options outstanding in March 1994, only about one-fifth related to executive directors, averaging just over 100,000 shares each.

In addition, all members of our staff are able to take advantage of our savings-related share option scheme under which options have been granted on over 9 million shares. We have also made extra facilities available to all sections of staff to buy shares in the company through a "matching offer". The take-up by staff has been most encouraging and demonstrates their commitment to the company's success.


Chairman, Seeboard

Crawley, W Sussex