Just Group plc | Annual Report and Accounts 2024
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DIRECTORS’ REMUNERATION REPORT continued
SHORT TERM INCENTIVE PLAN (“STIP”)
Maximum STIP opportunity remains unchanged at 150% of salary for Executive Directors. 50% of maximum will pay out for on-target performance. The core bonus for 2025 is determined by a balanced scorecard of performance against financial and strategic measures. The financial measures are: • 40% based on new business profit measure • 30% based on underlying operating profit • 30% based on new business strain • +-15% Strategic modifier The strategic measures, which can increase or decrease the bonus pool available (subject always to a maximum bonus pool of 100%) are: • “Customer” (customer experience) • “People” (engagement, belonging and gender diversity) • “Operating Efficiency” (reduction in operating cost to revenue) • “Risk” (successfully embedding risk and controls) The Committee has chosen not to disclose in advance details of the STIP performance targets for the forthcoming year as these include items which the Committee considers commercially sensitive. An explanation of bonus pay outs and performance achieved will be provided in next year’s Annual Report on remuneration. 40% of any bonus earned will be deferred for three years into awards over shares under the Deferred Share Bonus Plan.
LONG TERM INCENTIVE PLAN (“LTIP”) Awards will be made over shares with a face value of 250% and 175% of salary in 2025 to the CEO and CFO respectively. The awards made in 2025 will be subject to the conditions below, calculated over the three financial years to 31 December 2027, and will be subject to a further two-year post-vesting holding period.
PERFORMANCE CONDITIONS AND TARGETS APPLYING TO THE 2025 LTIP AWARDS
Condition
Weighting
Cash Generation
15% 25% 45%
Relative TSR vs. FTSE 250 (excluding investment trusts)
Return on Equity
Investments into sustainable assets 15% Each performance condition will have nil vesting for performance below threshold; and will vest between 25% and 100% on a straight-line basis for performance between threshold and maximum. At the date of this report the Committee is still finalising the targets and these will be disclosed in the RNS announcement when the awards are granted in March. APPROVAL This report was approved by the Board of Directors on 6 March 2025 and signed on its behalf by:
MICHELLE CRACKNELL Chair, Remuneration Committee 6 March 2025
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