UNBOUNCE - EXAMPLE PAGE-REPORT-ENTERPRISE DOCUMENT-KINGSPAN - Flipbook - Page 88
CEO/CFO
Divisional MDs
Weighting
Targets
Performance
Payout (% of max.)
EPS (93%)
90% - 110% of prior year
148%
100%
NPS (7%)
NPS in excess of 44
45
100%
Divisional profit targets (40%)
90% - 110% of prior year
119% - 142%
100%
EPS (53%)
90% - 110% of prior year
148%
100%
NPS (7%)
NPS in excess of 44
45
100%
The 2021 targets and final outturns of
the annual performance bonuses are
detailed in full above.
Based on the measures above, all
targets were significantly exceeded,
and each of the directors achieved
100% of maximum pay-out, which is
the equivalent of 150% of salary for
each executive.
Performance Share Plan
The Performance Share Plan (‘PSP’)
awards vesting in February 2022,
relate to awards granted in 2019.
These awards were subject to EPS
growth and relative TSR performance
targets measured over the three year
period from 2019 to 2021. Target and
actual outturns are set out in the
table below.
Prior to confirming the pay-outs,
the committee undertook an
evaluation of whether vesting levels
reflected Group performance,
individual contribution and any wider
circumstances over the three-year
period to December 2021.
Weighting
Targets
Performance
Payout (% of max.)
EPS
50%
6%-12% CAGR
18.4% CAGR
100%
TSR
50%
Median to Upper quartile
93rd percentile
100%
Measure
Remuneration for the year ahead
Element of
Remuneration
Committee Decisions
Salary
increases
With the exception of Mr Shiels, these increases
The executive directors will receive basic
reflect the wider inflationary increases that the
increases of 4.5% which is in line with the
business is experiencing in almost all markets.
general workforce increases of c. 3% to 6%,
depending on markets. As previously flagged in
last year’s annual report, Mr Shiels will receive
an additional incremental adjustment to reflect
his increased responsibilities in the Americas
giving him a total increase of 10%.
2022 bonus
The committee has determined that there
will be no material changes to the bonus
framework for 2022. The measures will remain
unchanged and maximum bonuses will be
capped at 150% of salary.
The bonus scheme has proven effective at driving
a relentless focus on profitability, while extending
the measures to include a customer lens – a core
part of sustainable value creation and a great
success in 2021.
2022 LTIP
Subject to shareholder approval of the
proposed changes to the policy at the AGM in
2022, awards will be made at 225% of base
salary for the CEO and 200% of base salary for
the other executive directors.
As the business continues to grow at an exceptional
rate, it is important to make efforts to drive superior
returns and remain competitive. Overall maximum
performance incentive opportunity of 375% of salary
remains below arrangements at similarly sized UK
and Irish businesses.
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Rationale
