UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 84
DIRECTOR S’ REP ORT
Report of the
Remuneration
Committee
Linda Hickey
On behalf of the
Remuneration
Committee (the
‘committee’), I am
pleased to present
the 2021 Report
on Directors’
Remuneration.
Our remuneration philosophy
At Kingspan, we have developed a clear philosophy around
remunerating and incentivising employees at all levels of the
organisation. As detailed in prior reports, the principles against
which we determine our approach to remuneration, and make
decisions, are:
g Pay for performance;
g Simplicity;
g Transparency;
g Alignment with shareholders.
Variable remuneration is only paid for strong performance and
maximum pay-outs will only be realised for truly exceptional
performance under simple measures that are key to the delivery
of strategy. A significant portion of remuneration is delivered
through equity, ensuring strong levels of alignment between
the interests of management and shareholders. This approach
cascades through the organisation and promotes transparency
and simplicity for participants and our shareholders.
We are confident that our focus on simplicity and a highperformance culture has played a key role in driving the growth
of the business and significant value creation for stakeholders
over the years. €1,000 invested in Kingspan in 2011 would have
been worth €15,710 at the end of 2021.
The 2021 AGM
At our 2021 AGM, 37% of votes were against Resolution 5, the
approval of our 2020 Remuneration Report. In advance of the
AGM, we had conducted an extensive consultation, and there
was general support for many of the committee decisions
made during the year, including the decision to reduce all bonus
awards for executive directors to zero to reflect the broader
stakeholder experience in 2020.
80 - 81
