STRATEGIC REPORT
FINANCIAL STATEMENTS
Governance
TOTAL SHAREHOLDER RETURN (UNAUDITED) Group’s share performance compared to the FTSE 250 Index
The Company’s ordinary shares were admitted to trading on the premium section of the London Stock Exchange in November 2013. The following graph shows a comparison of the Group’s total shareholder return (share price growth plus dividends paid) with that of the FTSE 250 Index (excluding investment trusts). The Group has selected this index as it comprises companies of a comparable size and complexity across the period and provides a good indication of the Group’s relative performance.
180 200 160 140 120 100
80 60 40 20
30/06/2014
30/06/2015
31/12/2016
31/12/2017
31/12/2018
31/12/2019
31/12/2020
31/12/2021
31/12/2022
Just Group
FTSE 250 (excluding investment trusts)
Total remuneration of the CEO during the same period (unaudited) The total remuneration of the CEO over the last ten years is shown in the table below. Year ended 30 June
Year ended 31 December
2013
2014
2015
2016 1
2017
2018
2019 2
2019 2
2020
2021
2022
Chief Executive
RC
RC
RC
RC
RC
RC
RC
DR
DR
DR
DR
Total remuneration (£’000)
1,052 1,196 1,357 2,630 2,369 2,507
438 1,440 1,541 1,577 2,470
STIP (% of maximum) LTIP (% of maximum)
86% 63% 89% 97.5% 95.0% 91.2% 0% 83.1% 85% 80% 75%
n/a n/a 39.5% 50.0% 50.0% 50.0% 50.0% 19.75% 31.8% 93% 1 The year ended 31 December 2016 covered 18 months following the change of year end from 30 June. The total single figure of remuneration for the 12 month period ended 31 December 2016 was £1,870,000. 2 Rodney Cook (“RC”) stood down as CEO from 30 April 2019 and David Richardson (“DR”) assumed the role of CEO from this date (initially on an interim basis). The total single figure remuneration for Rodney Cook in 2019 represents four months to 30 April 2019 and the full vesting value of the 2017 LTIP and for David Richardson represents 8/12ths of his pay in 2019. n/a
CEO pay ratio This is the forth year in which Just Group has been required to publish its CEO pay ratio.
Year
Method 1
25th percentile pay ratio
50th percentile pay ratio
75th percentile pay ratio
2022 2021 2020 2019 2
Option A Option A Option A Option A
73 : 1 47 : 1 42 : 1 44 : 1
44 : 1 29 : 1 26 : 1 28 : 1
25 : 1 17 : 1 16 : 1 17 : 1
1 Option A was selected as it provided a full picture of pay across the Group. The Company determined the single figure remuneration for all UK employees on a FTE basis as at 31 December of the relevant year and used this to identify the three employees who represent the 25th percentile, 50th percentile and 75th percentile by total pay. FTE remuneration was determined by reference to pay across 260 working days per year over a 35 hour week. Cases where employees were on maternity leave have been excluded as their remuneration in the year was not felt to be an accurate reflection of their ordinary pay levels. This did not have a material impact on the ratios and so the Committee is satisfied that the three individuals are reflective of the three percentiles. 2 The total pay and benefits for the role of CEO in 2019 was calculated using Rodney Cook’s base salary, benefits and pension contributions for the four months to 30 April 2019 and David Richardson’s base salary, benefits and pension contributions for the remainder of the year, full year 2019 annual bonus and 2017 LTIP award which vests based on performance to 31 December 2019. The median pay ratio was fairly consistent between 2019 to 2021. The slight reduction between 2019 and 2020 was due to a reduction in CEO remuneration. An increase was then seen in 2021 as a result of a reduction in management layers affecting the employee mix and reducing the average cost of total pay for employees. The movement in the ratio between 2021 and 2022 is solely attributable to the vesting percentage of the 2020 LTIP at 93% being notably higher than the vesting percentage of the 2019 LTIP at 31.8%. Had the 2020 LTIP vested at the same percentage as the 2019 LTIP, the ratio would have decreased slightly.
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