Compass Group PLC LTIP 2020-2021 Award - Performance Conditions (8653Z)
May 26 2021 - 4:00AM
UK Regulatory
TIDMCPG
RNS Number : 8653Z
Compass Group PLC
26 May 2021
LEI: 2138008M6MH9OZ6U2T68
COMPASS GROUP PLC
Long-Term Incentive Plan 2020-2021 Award - Performance
Conditions
On 2 December 2020, the Company announced it had made awards to
the executive Directors and certain other Persons Discharging
Managerial Responsibility under the Compass Group PLC Long Term
Incentive Plan 2018 ("LTIP 2018") on 1 December 2020 (the
"Awards"), and that the performance conditions for the Awards would
be set no later than six months following the date of grant, in
accordance with the Investment Association's guidance on executive
remuneration in UK listed companies: shareholder expectations
during the COVID-19 pandemic.
The Awards are subject to the achievement of the performance
conditions measured over the three-year period to 30 September
2023, based upon Return on Capital Employed (ROCE), Adjusted Free
Cash Flow (AFCF) and Total Shareholder Return (TSR) relative to
companies in the FTSE 100 index (excluding its financial services
constituents). The corporate performance targets are weighted as
follows: ROCE: 40%, AFCF: 40%, TSR: 20%.
The Remuneration Committee has now set targets for the Awards as
follows:
ROCE and AFCF targets
Level of Vesting % ROCE AFCF
performance of each component
Threshold 0% 12.56% GBP1,215m
------------------- ------- ----------
Par (target) 50% 13.06% GBP1,350m
------------------- ------- ----------
Maximum 100% 13.56% GBP1,485m
------------------- ------- ----------
TSR target
Level of Vesting %
performance of each component
Below Median 0%
-------------------
Median 25%
-------------------
Upper Quartile 100%
-------------------
The ROCE and AFCF elements of the Award vest on a straight line
basis between Threshold and Par and between Par and Maximum. The
TSR element of the Award vests on a straight line basis between
Median and Upper Quartile performance. At the end of the
performance period, the Committee will review the underlying
financial performance of the Company and has discretion to adjust
vesting outcomes if it considers that financial performance is
unsatisfactory. The Remuneration Committee retains discretion to
adjust for performance and the nature of any such adjustments will
be disclosed in the 2023 Directors' Remuneration Report, together
with details of the achieved ROCE, AFCF and TSR performance targets
at the end of the performance period.
Awards are subject to malus and clawback provisions. Executive
Directors are required, subject to the LTIP 2018 rules, to hold any
shares arising from the vesting of their Award, net of any shares
sold to meet personal tax and social security obligations of the
Executive Directors, for a period of two years from the vesting
date.
ENDS
Enquiries:
Compass Group PLC
Alison Yapp Tel: +44 (0)1932 573000
Note to Editors: Compass Group PLC is the world's leading food
service company, which generated annual revenues of GBP20.2 billion
in the year to 30 September 2020. It operates in around 45
countries, employs and engages around 550,000 people and serves
over 5.5 billion meals a year. The Company specialises in providing
food and a range of support services across the core sectors of
Business & Industry, Healthcare & Seniors, Education,
Sports & Leisure and Defence, Offshore & Remote, with an
established brand portfolio.
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END
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