Alliance Trust's chief executive Katherine Garrett-Cox has been awarded shares under the company's long-term incentive scheme with a current value of £2m.

The award pays out only if performance targets are met over the next three years, and last week's annual meeting heard that the most recent three-year plan had paid out only the minimum 12.5per cent.

The 2012-15 plan paid out zero in relation to total shareholder return, because Alliance was ranked 18th out of 33 global trusts, and 25per cent in relation to net asset value return, where it was ranked 17th out of 33. The full award is triggered only if Alliance is in the top quartile of the peer group, or currently the first eight places, on both measures over the three years.

In the 2015-18 award, Mrs Garrett-Cox stands to gain 223,471 shares from a matching award based on the deferred element in annual bonus, of which at least half must be used to buy shares. A further 177,514 shares would vest under a nil-cost performance award, taking the total to 400,985 shares valued by Alliance at £2.03m.

Similarly Alan Trotter, finance director, has been awarded a total 139,121 shares worth £705,343.

Although assessed over three years, the latest award will not vest until May 2002 after the board decided to introduce an additional two-year holding period to "encourage longer-term thinking". Mrs Garrett-Cox, who joined the company in 2007, was awarded a total 618,965 shares under the 2013 and 2014 plans, currently worth £3.14m but subject to the same performance criteria.