JUST GROUP PLC Annual Report and Accounts 2019
86
Directors’ remuneration report continued
Element
Purpose and link to strategy
Operation (including framework used to assess performance) Opportunity
Encourages employee share ownership and therefore increases alignment with shareholders.
The Group may from time to time operate tax-approved share plans (such as HMRC- approved Save As You Earn plans and Share Incentive Plans), for which Executive Directors could be eligible. Each Executive Director must build up and maintain a shareholding in the Group equivalent to 200% of base salary. Until the guideline is met, Executive Directors are required to retain 50% of any LTIP or DSBP awards that vest (or are exercised), net of tax and NICs. For these purposes, deferred bonuses and shares under the LTIP which have vested but are subject to a holding period would count towards these guidelines. The guideline will be extended post- cessation, with the lower of the holding on cessation or the full guideline applying for two years. The post-cessation guideline only applies to any share awards granted (or any other shares acquired) after the date on which the new Policy is approved by shareholders. Board Committees and the Senior Independent Director to reflect their extra responsibilities. In exceptional circumstances, additional fees may be paid where the normal time commitment of the Chair or a Non-Executive Director is significantly exceeded in any year. Fees are reviewed periodically by the Committee and Group Chief Executive Officer for the Chair, and by the Chair and Executive Directors for the Non-Executive Directors. Fees are set taking into consideration market levels amongst relevant insurance peers and other companies of equivalent size and complexity, the time commitment and responsibilities of the role, and to reflect the experience and expertise required. The Chair and the Non-Executive Directors are entitled to the reimbursement of reasonable business-related expenses (including any tax thereon). They may also receive limited travel or accommodation- related benefits in connection with their role as a Director. The Chair is paid a single fixed fee. The Non- Executive Directors are paid a basic fee, with additional fees paid to the Chairs of the main
The schemes are subject to the limits set by HMRC from time to time.
ALL-EMPLOYEE SHARE PLANS
Encourages Executive Directors to build a
Not applicable.
SHAREHOLDING GUIDELINES
meaningful shareholding in the Group so as to further align interests with shareholders.
Chair and Non-Executive Directors Element
Purpose and link to strategy
Operation (including framework used to assess performance) Opportunity
To attract and retain a high-calibre Chair and Non-Executive Directors by offering market- competitive fee levels.
The Company’s Articles of Association place a limit on the aggregate fees of the Non-Executive Directors of £1m per annum. Any changes to fee levels are guided by the general increase for the broader employee population, but on occasions may need to recognise, for example, changes in responsibility and/or time commitments.
FEES
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