BT's chairman, Sir Christopher Bland, has signed a new contract which secures his services for the company until the conclusion of the company's 2007 Annual General Meeting. In line with his previous contract, Sir Christopher, 65, who became chairman on 1 May 2001, will receive a salary of 500,000 pounds (EUR 731,900) per annum. He will, as before, not be eligible to receive an annual bonus. The new contract may be terminated by the company or Sir Christopher on twelve months' notice. Under the contract, Sir Christopher will be awarded retention shares to the value of 500,000 pounds which will vest if he is still employed by BT at the end of the contract in 2007. Apart from this award, he will not be eligible to participate in any other BT senior executive share or share option plans.
