Annual report and accounts 2023 - Flipbook - Page 96
A.G. BARR p.l.c. Annual Report and Accounts 2023
Directors’ Remuneration Report continued
Details of non-executive directors’ fees for the year ended 29 January 2023 and for the following year are set out in the table below:
Non-executive director fee
Year ended
29 January 2023
£000
Year ending
28 January 2024
£000
158
165
4.00%
51
53
4.00%
Chair of the Company*
Basic fee
Increase %
Additional fee for chairing Audit and Risk Committee
8
8
-%
Additional fee for chairing Remuneration Committee
8
8
-%
Additional fee for chairing ESG committee
–
2
-%
Additional fee for Senior Independent Director
2
2
-%
*
A market review of the Chair’s fees took place as part of the recruitment process for a new Chair of the Company, with the result that M. Allen’s fees as Chair were £160k from 31 March 2022 when he
succeeded J.R. Nicolson as Chair.
Benefits – audited information
The benefits figure for each of the executive directors is detailed as follows:
Year ended 29 January 2023
Car and fuel benefit
£000
Other*
£000
AESOP awards
£000
R.A. White
39
1
1
41
S. Lorimer
16
1
1
18
Executive director
Total
£000
J.D. Kemp
17
1
1
19
Total
72
3
3
78
*
Other costs included private medical insurance, healthcare cash plan and flex-cash as they are below £1,000 separately
The value of the AESOP awards is the sum of the AESOP free and matching shares awarded to the directors in the year.
Annual bonus
The maximum annual bonus award opportunity for each executive director in respect of the year ended 29 January 2023 was 125% of salary, with 80% of the bonus assessed
against the achievement of adjusted Group profit before tax, compared against a set of profit targets and 20% based on strategic objectives. In assessing bonuses to be
awarded, the Remuneration Committee decided to adjust the profit outturn in the year for c.£1.5m of adjusting items, primarily two exceptional and unbudgeted cost of
living allowances paid to the vast majority of employees during the year; this was wholly consistent with how wider workforce bonuses were assessed. The executive directors
earned a total of £1.02m as annual bonus for the year, representing 93.75% of R.A. White’s salary, 93.75% of S. Lorimer’s salary and 93.75% of J.D. Kemp’s salary. 20% of the
bonus will be deferred into shares for two years and subject to malus and clawback provisions, as set out in the current Remuneration Policy.
The target for the annual bonus based on profit before tax and performance against that target is set out in the table below. 50% of this element of the bonus could be earned
for on-target performance with zero paid for threshold performance and a broadly linear scale through to full payment of this element of the bonus for performance at or
above the maximum target.
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