DIRECTORS of Edinburgh oil company Bowleven have missed out on £121,000 worth of share awards after a year in which its market value plunged £89 million.
Bowleven said its remuneration committee had determined that performance conditions relating to a long-term incentive plan dating back to 2011 had not been met.
The biggest loser was chief executive Kevin Hart who had initially been awarded 105,263 shares under the scheme. At last night's closing price of 41p, these would have been worth more than £43,000.
Exploration director Ed Willett lost out on a 60,526 share award worth nearly £25,000.
Chief Tabetando, a lawyer and poltiical leader from Cameroon who is an executive director of Bowleven, lost out on £23,000 given his 56,579 share allocation.
General counsel Peter Wilson missed out on an award with a paper value of £16,000.
Kerry Crawford, who took over as finance director last week after longstanding Bowleven staffer John Brown quit for a post in the United Arab Emirates, lost £14,000 worth of shares.
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereComments are closed on this article