Strategic Report
Corporate Governance
Financial Statements Directors’ Remuneration Report (unaudited)/Continued
Finsbury Food Group Annual Report and Accounts 2020
53 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 27 June 2020 and 29 June 2019:
2020
Executive Directors J G Duffy S A Boyd
Non-Executive Directors P Baker
R Beveridge R P E Duignan M J Millard
Salaries/ fees
£000
benefits £000
Taxable
Annual bonus £000
LTIP1 £000
remuneration £000
Total
394 274
668
79 51 53 51
234 902
12 12
24
- - - - -
24
- -
-
- - - - - -
- -
-
- - - - - -
406 286
692
79 51 53 51
234 926
To mitigate cash outflows at the outset of the pandemic the Directors elected to take a 30% salary reduction between 1 April 2020 and 30 June 2020. This reduced the salary costs of the Group during this period. This reduction is reflected in the Executive Director and Non-Executive Director base salaries and fees in the table above.
2019
Executive Directors J G Duffy S A Boyd
Non-Executive Directors P Baker
R Beveridge R P E Duignan M J Millard Z Morgan
Salaries/ fees
£000
benefits £000
Taxable
Annual bonus £000
LTIP1 £000
remuneration £000
Total
420 294
714
85 56 57 53 59
310 1,024 1
12 12
24
- - - - - -
24
- -
-
- - - - - - -
- -
-
- - - - - - -
No long-term incentive awards vested with respect to a performance period ending during the year to 29 June 2019 or with respect to a performance ending during the year to 27 June 2020.
432 306
738
85 56 57 53 59
310 1,048
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