|Update on Executive Director remuneration|
Update on Executive Director remuneration / Director/PDMR Shareholding
Following additional shareholder engagement, the Board and executive directors have mutually decided to cancel the LTIP awards for the performance period 2019-2021 for
As we are very concerned about longer term retention for senior management, including our executive directors, and the external competitive environment for talent, we increased our Chief Executive,
Although we have received some support, we have listened to many of our shareholders and have decided to cancel the awards at the higher level. We therefore reissued the awards at the previous participation levels of 200% for Robin (equating in an award of 263,611 nil-cost conditional shares), and 175% for David (equating in an award of 146,084 nil-cost conditional shares). The new awards will be subject to the same performance conditions.
The retention issue for our executive directors and senior management remains. We stand by our principles to ensure we incentivise and motivate them in the long- term to deliver the business strategy. We look forward to engaging with shareholders on alternative incentive vehicles as part of the remuneration policy review for 2020.
Notification authorised by
Martin J McIntyre, Company Secretary