Strategic Report
Financial Statements
Governance
111
ANNUAL REPORT ON REMUNERATION
VARIABLE Remuneration outcomes in 2024
ANNUAL BONUS
2022 – 2024 LTIP
Total LTIP achievement (% of maximum) David Richardson 100%
Total bonus payout (% of maximum) David Richardson: 90%
Mark Godson: 90%
Financial Measures
Performance Measure
Weighting %
Outcome (% of max)
Weighting %
Outcome (% of max)
Measure
Average Return on Equity (RoE) 35 Underlying OCG 25
100% 100%
IFRS New Business Profit
40 30
100%
Underlying Operating Profit
100%
80%
New Business Strain 30 Group Pool Outcome (% of maximum)
100%
Relative TSR
30
94%
100%
ESG assets
10
Strategic modifier: 10%
100%
100%
Final Pool Outcome (% of maximum) *
Total
* Final Outcome is capped at 100% of maximum
SINGLE FIGURES
David Richardson
David Richardson
Mark Godson £400k
Element of Pay Base Salary
£684k
Pension
£68k
£40k £25k
Mark Godson £0k
£500k £1,000k £1,500k £2,000k £2,500k £3,000k £3,500k £4,000k
Taxable Benefits £29k
Annual bonus
£945k
£540k
LTIP
£2,116k
£0k
Total
£3,842k £1,005k
£0k
£500k £1,000k £1,500k £2,000k £2,500k £3,000k £3,500k £4,000k
Implementation of Remuneration Policy in 2025
BASE SALARY
PENSION AND BENEFITS
2025 – 2027 LTIP
David Richardson: £721,000 (increase of 3%) Mark Godson: £440,000 (increase of 10%)
• Pension aligned to wider workforce rate at 10% of salary • No change to taxable benefits
Total LTIP opportunity (% of salary) David Richardson 250% Mark Godson: 175%
Weighting %
Performance Measure
Cash Generation
15%
Relative TSR v FTSE 250 (excluding investment trusts)
25%
2025 ANNUAL BONUS
Return on Equity
45%
Weighting %
KEY STRUCTURAL FEATURES
Performance Measure
ESG – Investments
15%
• 40% of any bonus earned will be deferred into shares for three years • Committee retains discretion to adjust bonus outcomes to reflect underlying performance of business • Malus and clawback provisions apply
New Business Profit 40% Underlying Operating Profit 30% New Business Strain 30% Strategic Modifier +-15%
KEY STRUCTURAL FEATURES
• Shares vesting under the LTIP will be subject to a two year holding period • Committee retains discretion to adjust LTIP outcomes to reflect underlying performance of business • Malus and clawback provisions apply
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