Annual report and accounts 2023 - Flipbook - Page 113
Strategic Report
Element
Purpose and link to strategy
Long Term
Incentive
Plan (“LTIP”)
continued
Operation
Corporate Governance
Maximum opportunity
Accounts
Performance measures
The Remuneration Committee has discretion
to amend the level of LTIP vesting if, in its
judgement, any formulaic output does not
produce a fair result for either the executive
director or the Company, taking into account
overall business performance.
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.
All employee
share
schemes
To encourage all employees
to make a long-term investment
in the Company’s shares in a tax
efficient way.
Executive directors are eligible to participate
Participation limits are those set by the
in a HMRC tax-advantaged All-Employee
UK tax authorities from time to time.
Savings Related Share Option Scheme
(“SAYE”) under which they make monthly
savings over a period of three or five years
linked to the grant of an option over the
Company’s shares with an option price which
can be at a discount to the market value of
shares on grant.
Not applicable.
Executive directors are also eligible to
participate in a HMRC tax-advantaged
All-Employee Share Ownership Plan
(“AESOP”). The executive directors may
participate in all sections of the AESOP,
being the partnership and matching
shares section, the free share section
and the dividend share section.
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