54
Finsbury Food Group Annual Report and Accounts 2020
Directors’ Remuneration Report (unaudited)/Continued
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 29 June 2019 and 27 June 2020 were as follows:
Executive Directors J G Duffy S A Boyd
From 1 October 2018 £420,000 £294,200
From 1 October 2019 £427,980 £299,790
Percentage increase 1.9% 1.9%
As outlined in the single figure table on page 53, the Executive Directors elected to take a 30% salary reduction between 1 April 2020 and 30 June 2020. This reduction is not reflected in the base salaries in the table above.
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 27 June 2020 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 £24.4 million, the threshold adjusted EBITDA target of £27.7 million was not achieved. Thus, the Executive Directors did not earn a bonus for 2019-2020.
The following table sets out the bonus pay-out to the Executive Directors for 2019-20 and how this reflects EBITDA performance for the year. Performance measure
Actual performance
Earnings before interest, tax, depreciation and amortisation (EBITDA)
EBITDA £24,408,000
Resulting level of award for each Executive as a percentage of salary
nil
Bonus to be paid nil
Long-term Incentives Awards granted on 26 October 2017 were based on performance over the three financial years to 27 June 2020 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 7.70p the Committee has excluded the significant and non-recurring costs relating to restructuring and impairments.
J G Duffy S A Boyd
shares granted 438,200 315,269
Number of
shares vesting nil nil
Number of
Value of LTIP shares vesting
nil nil
Below 10.29p 10.29p
Relative TSR ranking Below median Median
Between median and upper quartile
Upper quartile Actual performance % of this element vesting
% vesting 0
25%
Between 10.29p and 12.46p Straight-line vesting 12.46p
100%
% vesting 0
25%
Straight-line vesting 100%
nil Below median nil nil 7.7pps nil nil % of award
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