Strategic Report | Governance | Financial Statements | 109
2023 LTIP AWARDS GRANTED (AUDITED) The following awards were made to the Executive Directors in 2023:
Date of grant
Type of award
Face value at time of grant 1
Number of shares
End of performance period
£1,273,000 (200% of salary) £773,499 (175% of salary)
David Richardson
23 March 2023
Nil-cost options
1,543,030
31 December 2025
Andy Parsons
23 March 2023
Nil-cost options
937,575
31 December 2025
1 The actual share price calculated as the average price over the five days preceding the grant was £0.825. Performance conditions and targets applying to the 2023 LTIP awards
Condition
Weighting
Target
Vesting
Organic capital generation (including management actions)
15%
Below £80m
0%
Threshold: £80m
25%
Between threshold and maximum
Between 25% and 100% on a straight-line basis
Maximum: £230m
100%
Relative TSR vs. FTSE 250
25%
Below median
0%
Threshold: Median
25%
Between median and upper quartile Maximum: Upper quartile or above
Between 25% and 100% on a straight-line basis
100%
Return on equity
45%
Below 8% p.a. average Threshold: 8% p.a. average
0%
25%
Between threshold and maximum Maximum: 12% p.a. average or above
Between 25% and 100% on a straight-line basis
100%
ESG – investment into sustainable assets over the three-year period
7.5%
Below £330m
0%
Threshold £330m
25%
Between threshold and maximum
Between 25% and 100% on a straight-line basis
Maximum: £825m Below Threshold
100%
ESG – net zero by 2025 (with offset) 1
7.5%
0%
Threshold: Net zero with 10% offset Between threshold and maximum Maximum: Net zero with 8% offset
25%
Between 25% and 100% on a straight-line basis
100%
1 Scope 1, 2 and business travel
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