Annual report and accounts 2023 - Flipbook - Page 97
Strategic Report
Adjusted profit before tax
Corporate Governance
Accounts
Threshold
target
On target
Maximum
target
Actual
performance
Weighting as
percentage of total
bonus opportunity
Actual outcome as
percentage of total
bonus opportunity
£40.0m
£43.0m
£47.0m
£45.0m
80%
60%
Strategic objectives for the year ended 29 January 2023 account for 20% of the bonus and targets were set around the Company’s key areas of strategic focus at the start of
the financial year. Details of the strategic objectives for the year ended 29 January 2023 and the Committee’s determination of performance against them is set out in the
table below.
The Remuneration Committee debated each of the directors’ strategic objectives in turn, having an in-depth discussion on an objective by objective basis to fully understand
the extent to which each strategic objective had been achieved and which elements of any objectives remained outstanding. The Remuneration Committee then attributed
an individual score to each objective. Given the commercial sensitivity surrounding the objectives these individual scores have not been disclosed. The cumulative totals are
set out below with a summary of the objectives set.
Measure
R.A. White
Weighting
Pay-out
20%
15%
20%
15%
20%
15%
Develop and deliver the DRS readiness plan
Deliver an objective related to the support of key growth drivers across the Group
Deliver an objective related to Group ESG initiatives
Deliver an objective related to enhancing shareholder value
S. Lorimer
Deliver an objective related to the internal performance reporting and management process
Deliver an objective related to the Group structure
Deliver an objective related to the impact of technology on the Group
Deliver a supply chain excellence objective
J.D. Kemp
Deliver a trading plan growth objective
Develop a plan related to the impulse channel
Deliver an objective related to digital strategy
Deliver an objective related to the commercial organisation
Annual bonus for 2023/24
For the 2023/24 financial year 80% of bonus potential will be assessed against growth in adjusted Group profit before tax, which is an important indicator of the success
of the Company’s strategy. Performance targets will be set at challenging levels, with 50% of this element of the annual bonus being earned for on-target performance.
The remainder of the annual bonus (20% of bonus potential) will be assessed against individual strategic objectives to align the reward structure with key strategic priorities
and to encourage behaviours which facilitate profitable growth and the future development of the business. The actual performance targets are not disclosed as they are
considered to be commercially sensitive at this time and should therefore remain confidential to the Company. The Remuneration Committee will continue to disclose how
the bonus earned relates to performance against the targets on a retrospective basis meaning this information will be disclosed in the Annual Report on Remuneration for
the year ending 28 January 2024.
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