INTERNATIONAL POWER OPERATES IN AN INCREASINGLY COMPLEX BUSINESS
ENVIRONMENT. WE PLACE A HIGH PRIORITY ON THE RECRUITMENT, RETENTION
AND TRAINING OF STAFF AT ALL LEVELS, WHETHER EMPLOYED BY US DIRECTLY
OR BY ANY OF OUR SUBSIDIARIES, JOINT VENTURES OR ASSOCIATES.
We operate an incentive-weighted compensation scheme
which we believe rewards and develops staff on the
following bases:
- Achievement of tangible personal objectives:
annual targets are set for all personnel, calibrated at
levels designed to ensure that individuals are able to
contribute to the attainment of these objectives.
- Professional and educational advancement:
we promote and facilitate mid-career training, internal
and external seminars, personal development plans and
other educational programmes. In addition, we
encourage our employees to participate actively
in their personal development and in relevant
professional organisations.
- Leadership: we expect our employees to exercise
leadership in their dealings with colleagues, partners,
customers and other contract parties.
This all relies on a foundation of personal integrity.
We endeavour to ensure that all of our staff conduct
themselves, internally and externally, in a manner
of the highest integrity.
Clear communication links are critical to enhance
business and commercial awareness throughout our
business. Corporate publications, the International Power
website and intranet, employee awareness briefings from
executive management and team briefings are all used to
promote communications and an understanding of the
development and application of policies and strategy. We
use the latest technology to aid rapid communication
with all staff around the world, as well as regularly
holding Global Employee Forums.
Equal opportunities
The Group is committed to equal opportunities, both
from a sense of social responsibility and also because it
makes sound business sense to benefit from the wideranging
knowledge and experience of individuals in all
sectors of society. This commitment to equal
opportunities means that decisions to appoint, reward,
train, develop and promote are taken purely on the basis
of skills and abilities, as matched against the requirements
of the job. The Group values its reputation as a caring
employer and seeks to attract and retain high calibre
employees. Opportunities for training are given a
high priority to ensure that all individuals can contribute
to their own career development. This approach extends
itself to the fair treatment of people with disabilities in
relation to their recruitment, training and development.
Employee share plans
International Power has in place a number of share-based
plans under which employees of the Group and its
subsidiary companies may acquire Ordinary Shares in
International Power plc. These plans form an integral part
of the Group's strategy to provide appropriate reward
and retention strategies for employees, to align employee
and shareholder interests through incentive targets based
on clear operational and financial criteria and to recruit,
motivate and retain employees.
These employee share plans are:
- the Demerger Long-Term Incentive Plan (a one-off plan
established at Demerger which is open to Executive
Directors and a small number of senior managers),
which ceased operation on 2 October 2003;
- the 2002 Performance Share Plan (an annual plan
open to Executive Directors and a small number of
senior managers);
- the International Power Approved Executive Share
Option Scheme (a discretionary plan open to selected
UK resident employees);
- the International Power Unapproved Executive Share
Option Plan (a discretionary plan for selected
UK-based employees);
- the Global Executive Share Option Plan (a discretionary
plan for executives resident outside of the UK);
- the International Power Sharesave Plan (open to all
UK resident employees);
- the International Power Global Sharesave Plan (open to
employees in certain jurisdictions outside of the UK);
- the Demerger Share Plan (open to UK employees
employed by the Group as at Demerger), which ceased
operation on 2 October 2003.
All of the listed plans are currently in operation, except
for the Demerger Long-Term Incentive Plan and the
Demerger Share Plan which ceased operation on
2 October 2003.
Executive Share Options have been granted to executives
in four countries outside the UK and the Global
Sharesave Plan is now in operation in four countries
outside the UK. As the Group continues to grow and
employee numbers continue to increase, we anticipate
that the extension of share plans to overseas jurisdictions
will continue apace.
Whilst Executive Directors are eligible to participate
in all of the listed Plans, David Crane and Philip Cox only
participated in the Demerger Long-Term Incentive Plan,
the 2002 Performance Share Plan, the Approved and
Unapproved Executive Share Option Plans and the
International Power Sharesave Plan. Tony Concannon,
Steve Riley and Mark Williamson participate in the 2002
Performance Share Plan, the Approved and Unapproved
Executive Share Option Plans and the International Power
Sharesave Plan. They also participated in the Demerger
Share Plan.
The vesting of any awards made under each of the
Demerger Long-Term Incentive Plan and the 2002
Performance Share Plan and the ability to exercise
options granted under the Approved and Unapproved
Executive Share Option Plans and the Global Executive
Share Option Plan are all subject to the satisfaction of
performance conditions. Information on the relevant
performance conditions for each award or option grant
under each plan is given in the Directors' remuneration
report. The exercise of options under the Sharesave
Plan is not subject to any performance condition. The
release of shares under the Demerger Share Plan, being
an all employee share plan, was also not subject to any
performance condition. |
