Just group PLC | Annual Report and accounts 2022
DIRECTORS’ REMUNERATION REPORT continued
Awards will be made over shares with a face value of 200% and 175% of salary in 2023 to the CEO and CFO respectively. The awards made in 2023 will be subject to the conditions below, calculated over the three financial years to 31 December 2025, and will be subject to a further two year post-vesting holding period. Performance conditions and targets applying to the 2023 LTIP awards
LONG TERM INCENTIVE PLAN (“LTIP”)
Condition
Weighting
Target
Vesting
Organic capital generation 15%
Below £50m
0%
Threshold: £50m 25% Between threshold and maximum Between 25% and 100% on a straight-line basis Maximum: £200m 100%
Relative TSR vs FTSE 250, excluding investment trusts
25%
Below median
0%
Median
25%
Between median and upper quartile
Between 25% and 100% on a straight-line basis
Upper quartile or above
100%
Return on equity
45%
Below 8% p.a.
0%
Threshold: 8% p.a. 25% Between threshold and maximum Between 25% and 100% on a straight-line basis Maximum: 12% p.a. or above 100%
ESG – net zero by 2025 and 3 year investment into sustainable assets
15%
Failing to achieve net zero with 10% offset/less than £330m invested in sustainable assets Threshold: Achieving net zero with 10% offset/£330m invested in sustainable assets
0%
25%
Between threshold and maximum Between 25% and 100% on a straight-line basis
Maximum: Achieving net zero with 8% offset/£825m invested in sustainable assets
100%
APPROVAL This report was approved by the Board of Directors on 6 March 2023 and signed on its behalf by:
IAN CORMACK Chair, Remuneration Committee 6 March 2023
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