Strategic Review
44 Finsbury Food Group Annual Report & Accounts 2018
Directors’ Remuneration Report (unaudited)
Corporate Governance
Financial Statements
The full policy can be viewed in the investor section of the website at
www.finsburyfoods.co.uk/investor-relations/corporate-governance.
The main aim of the Company’s Policy is to align the interests of Executive Directors with the Company’s strategic vision and the long-term creation of shareholder value. The Company aims to provide returns to shareholders through both organic and acquisitive growth. The Policy is intended to remunerate our Executive Directors competitively and appropriately for effective delivery of this and allows them to share in this success and the value delivered to shareholders. The Policy is based on a broad set of remuneration principles:
• Promote shareholder value creation • Support the business strategy • Promote sound risk management • Ensure that the interests of the Directors are aligned with the long-term interests of shareholders • Deliver a competitive level of pay for the Directors without paying more than is necessary to recruit and retain individuals • Ensure that the Executive Directors are rewarded for the contribution to the success of the Group and share in the success delivered to shareholders and
• Motivate the Directors to deliver enhanced sustainable performance
Unaudited Annual Report on Remuneration Single Total Figure of Remuneration The tables below detail the total remuneration earned by each Director in respect of the financial years ended 30 June 2018 and 1 July 2017:
2018
Executive Directors J G Duffy S A Boyd
Non-Executive Directors P Baker
R Beveridge2 R P E Duignan M J Millard Z Morgan
Salaries/fees £000
Taxable benefits £000
Annual bonus £000
LTIP1 £000
remuneration £000
Total
403 284 687
85 54 58 53 56
306 993
2017
Executive Directors J G Duffy S A Boyd
Non-Executive Directors P Baker
R P E Duignan M J Millard Z Morgan
Salaries/fees £000
12 12 24
- - - - - -
24
Taxable benefits £000
- - -
- - - - - - -
Annual bonus £000
818 595
1,413
- - - - - -
1,413
LTIP £000
1,233 891
2,124
85 54 58 53 56
306 2,430
remuneration £000
Total
349 253 602
75 60 53 53
241 843
12 12 24
- - - - -
24
304 220 524
- - - - -
524
1,192 755
1,947
- - - - -
1,947
1,857 1,240 3,097
75 60 53 53
241 3,338
1. Long-term incentive awards vested with respect to the performance period ended 1 July 2017 and 30 June 2018 are subject to a two-year holding period. The LTIP values for the year ended 30 June 2018 were based on the average three month share price to the financial year end of 124.83p per share. The LTIP values for the year ended 1 July 2017 have been updated from the prior year to reflect the actual share price value at vesting which was 107.50p per share.
2. Appointed to the Board on 1 July 2017.
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