Annual report and accounts 2023 - Flipbook - Page 111
Strategic Report
Element
Annual bonus
continued
Purpose and link to strategy
Operation
25% of any bonus earned will be deferred into
shares for two years.
At any time before the deferred bonus shares
are released, the Remuneration Committee
has the right to cancel the award if it has not
been exercised, or require repayment of
some or all of the award in the following
circumstances:
• discovery of a material misstatement;
• error, or inaccurate or misleading
information;
• action or conduct of a participant which
amounts to fraud or gross misconduct;
• regulatory censure or reputational
damage;
• material failure of risk management; and
• corporate failure.
For up to two years following the
determination of a bonus pay-out, the
Remuneration Committee has the right to
recover some or all of the bonus pay-out
in the circumstances set out above. The
Remuneration Committee may make a
dividend equivalent payment (“Dividend
Equivalents”) to reflect dividends that would
have been paid over the period from grant
to vesting on shares that vest. This payment
may be in the form of additional shares
or a cash payment equal to the value of
those additional shares.
Corporate Governance
Maximum opportunity
Accounts
Performance measures
At least 80% of the bonus
is assessed against key
financial performance
metrics of the business and
the balance may be based
on non-financial strategic
measures and/or individual
performance.
Financial metrics
There is no minimum
payment at threshold
performance, up to 50%
of the maximum potential
for this element of the
bonus will be paid out for
on-target performance
and all of the maximum
potential will be paid out for
maximum performance.
Non-financial or
individual metrics
Payment of the nonfinancial or individual
metrics will apply on a
scale between 0% and
100% based on the
Remuneration Committee’s
assessment of the extent
to which a non-financial
or individual performance
metric has been met.
109
