Element of remuneration Purpose and link to strategy


Pension


To provide broadly market competitive retirement benefits as part of the total remuneration package designed to attract, motivate and retain Executives with the experience, capabilities and ambition required to achieve the Group’s strategic aims.


Operation


Executive Directors are eligible to participate in the Group defined contribution pension plan or in an approved personal pension. In appropriate circumstances, such as where contributions exceed the annual or lifetime pension allowance in the UK, Executive Directors may be permitted to take a pension benefit as additional salary instead of contributions to a pension plan.


Annual bonus


To incentivise Executive Directors to deliver against the short to medium-term objectives of the Group.


Awards are based on annual performance. Pay-out levels are determined by the Committee after the year end based on performance against targets. The Committee has discretion to amend the pay-out should any formulaic output not reflect the Committee’s assessment of overall business performance.


A proportion (normally 50%) of any bonus earned is paid in cash and the balance is paid in the form of shares.


Maximum opportunity Performance measures


Executive Directors receive a salary supplement, in lieu of a contribution to a pension plan, which for 2015-16 is 10% of basic salary and which from 1 April 2014 was formally built into salary.


N/A


The maximum annual bonus opportunity is currently 100% of base salary.


Targets are set annually reflecting the Company’s strategy and aligned with key financial, strategic and/or individual targets and the weightings between these measures determined by the Committee each year taking into account the Company’s strategic priorities at the time. Currently 100% of the bonus is based on EBITDA performance.


30


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92