The single figure of remuneration for the Directors for the year 2020/21 (in £ thousands) is:
Chief Executive
FinanceDirector
Non-ExecutiveDirectors
9
290
122
208
250
198
170
846
250
557
2
2
38
26
359
348
237
556
Key:
Total variable
Annual bonus
Long- t er m Incentive Plan
Total fi xed
Salary
Benefit s
Pension
The potential remuneration of the Executive Directors for the year to 31 March 2022 is: The following charts show the composition of the Executive Directors’ remuneration at three performance levels: Chief Executive
Finance Director
£333K
£227K
100%
100%
– Fixed pay – this comprises base salary from 1 April 2021, benefits and pension salary supplement of 15% of base salary – On target – this is fixed pay plus target vesting for the annual bonus (at 50% of maximum opportunity for illustrative purposes) and threshold vesting for the LTIP (at 25% of maximum award) – Maximum – Fixed pay plus maximum vesting for both the annual bonus (165% of base salary) and the LTIP (125% (Chief Executive) and 110% (Finance Director) of base salary) – Maximumwith share price growth – maximum scenario incorporating assumption of 50% share price growth during LTIP vesting period
£33 K
£333K £660K
£227K
£227K £442K
10 %
100%
10 %
100%
50% 36% 14%
52% 36% 12%
£6 0K
£660K
£4 2K
£442K
50% 36% 14% 50% 36% 14%
52% 36% 12% 52% 36% 12%
£1,166K
£765K
28% 41%
31%
30% 42%
28%
£1,16 K
£1,166K
£765K
£765K
28% 41%
28% 41%
31%
31%
30% 42%
30% 42%
28%
28%
25% 35%
27% 13% £1,346K
26% 37%
25% 12% £873K
25% 35%
25% 35%
27% 13% £1,346K 27% 13% £1,346K
26% 37%
26% 37%
25% 12% £873K 25% 12% £873K
Key:
Key:
Key:
Total fi xed
Annual bonus
LTIP
Share growth
Other than where stated, the charts do not incorporate share price growth or dividend equivalent awards.
Total fi xed
Total fi xed
An ual bonus
Annual bonus
LTIP
LTIP
Share growth
Share growth
Remuneration in context
Percentage change in remuneration The table below shows the percentage change in total remuneration for each of the Directors between the years ended 31 March 2020 and 31 March 2021 compared to the average remuneration of the employees of the Group. Change from previous year Base salary Benefits Annual bonus Michael Morris 0% 0.6% 14.4% Andrew Dewhirst 0% 0.8% 8.6% Nicholas Thompson 0% – – Mark Batten 0% – – Maria Bentley 0% – – Roger Lewis 0% – – Average of all other employees 4.6% 8.1% 15.4% The table above excludes those Non-Executive Directors who joined during the year ended 31 March 2021.
Relative importance of spend on pay The table below shows the expenditure and percentage change in staff costs compared to other key financial indicators. 31 March 2021 £000 31 March 2020 £000
% change
3,219
Employee costs
3,273 (1.6)% 19,039 (21.2)% 19,912 0.8%
15,002 20,072
Dividends
EPRA earnings
85
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