Strategic Review
42 Finsbury Food Group Annual Report & Accounts 2019
Directors’ Remuneration Report (unaudited)
Corporate Governance
Financial Statements
Notes to the Table
Base Salaries The base salaries for the Executive Directors are set with effect from 1 October each year. The salaries in the financial years ended 30 June 2018 and 29 June 2019 were as follows:
Executive Directors J G Duffy S A Boyd
From 1 October 2017 £420,000 £294,200
From 1 October 2018 £420,000 £294,200
Percentage increase 0% 0%
Taxable Benefits The taxable benefits for the Executive Directors in the year included a car allowance and private medical insurance. The Executive Directors do not receive a pension allowance.
Annual Bonus The annual bonus is the total value of the bonus earned in respect of the financial year (including the amount delivered in shares). For the financial year ended 29 June 2019 Executive Directors were able to earn a bonus of up to 100% of annual base salary subject to the achievement of stretching EBITDA performance targets. Based on adjusted EBITDA performance of £25.5 million, the threshold adjusted EBITDA target of £27.1 million was not achieved. Thus the Executive Directors did not earn a bonus for 2018-2019.
The following table sets out the bonus pay-out to the Executive Directors for 2018-19 and how this reflects EBITDA performance for the year. Performance measure
Actual performance
Earnings before interest, tax, depreciation and amortisation (EBITDA)
EBITDA £25,500,000
Resulting level of award for each Executive as a percentage of salary
nil
Long-term Incentives Awards granted on 29 September 2016 were based on performance over the three financial years to 29 June 2019 and vested as to the amounts set out below. These awards are subject to a two year holding period.
Performance conditions Adjusted diluted EPS
50% of the award subject to adjusted diluted Earnings Per Share in the final year of the performance period
50% of the award based upon Relative Total Shareholder Return against the FTSE Small Cap (excluding investment trusts) (“TSR”) over the performance period
Total % of award vesting
In arriving at the adjusted EPS out-turn of 9.00p the Committee has excluded the exceptional costs relating to restructuring and acquisitions. Number of
J G Duffy S A Boyd
shares granted 515,464 374,532
shares vesting nil nil
Number of
Below 10.23p 10.23p
Relative TSR ranking Below median Median
Between median and upper quartile
Upper quartile Actual performance % of this element vesting
% vesting 0
25%
Between 10.23p and 11.80p Straight-line vesting 11.80p
100%
% vesting 0
25%
Straight-line vesting 100%
nil Below median nil nil 9.00p nil nil % of award
Bonus to be paid nil
Value of LTIP shares vesting
nil nil
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