ContourGlobal PLC Long Term Incentive Plan (0462V)
April 09 2021 - 11:22AM
UK Regulatory
TIDMGLO
RNS Number : 0462V
ContourGlobal PLC
09 April 2021
ContourGlobal plc
Long Term Incentive Plan (LTIP): Performance measures and
targets for 2021
In line with our Directors' Remuneration Policy, the President
& CEO and Chief Financial Officer will be granted performance
share awards under the LTIP of 100% and 200% of base salary,
respectively, in 2021.
At the time of sign-off of the Annual Report & Accounts, the
Remuneration Committee was still in the process of reviewing LTIP
performance measures and targets to ensure these remained
appropriate.
Following this review, it was determined that the Growth measure
would be adjusted so that it would be based wholly on Growth IRR,
rather than a combination of Growth IRR and Growth Milestones as
has previously been the case. This change was made in the context
of the Group's forward-looking strategy. The weighting of the
Growth measure would remain at 25%. No other changes are
proposed.
LTIP awards granted in 2021 will therefore vest subject to
achievement of the following performance conditions over a
three-year period. Vesting is calculated on a straight-line basis
between the points shown.
Adjusted EBITDA Health and safety Growth - Internal
per share growth Lost time incident Rate of Return
p.a. rate (IRR)(1)
------------- ----------------- ------------------- ------------------
Weighting 50% 25% 25%
------------- ----------------- ------------------- ------------------
100% vesting 25% and above Zero IRR for qualifying
projects met
------------- ----------------- ------------------- ------------------
IRR for qualifying
projects at
25% vesting 10% 0.09 90%
------------- ----------------- ------------------- ------------------
0% vesting Below 10% Above 0.09 IRR for qualifying
projects below
90%
------------- ----------------- ------------------- ------------------
1. Qualifying projects means such projects approved
by the Board during the performance period and in respect
of which the Board has specified a target IRR for the
performance period.
As a leading global platform of contracted Thermal and Renewable
power generation, the Committee considers the importance of
environmental, social and governance (ESG) measures in driving
sustainable growth. The performance condition above continues to
include Health & Safety as a key ESG measure for ContourGlobal.
The Committee will continue to review whether it will be
appropriate to include additional ESG measures for future
awards.
A two-year additional holding period will apply to any shares
vesting for Executive Directors.
Further details of LTIP awards granted in 2021 will be provided
in next year's Directors' Remuneration Report.
For further information, please contact:
Company Secretariat:
Link Company Matters Limited
Phone: +44 (0) 333 300 1950
Email: cm-contourglobal@linkgroup.co.uk
Investor Relations:
Alice Heathcote
Tel: +44 (0) 203 626 9077
alice.heathcote@contourglobal.com
Media Relations: Brunswick
Charles Pretzlik/William Medvei
Tel: +44 (0) 207 404 5959
Contourglobal@brunswickgroup.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHDKCBBABKDKQK
(END) Dow Jones Newswires
April 09, 2021 12:22 ET (16:22 GMT)
Contourglobal (LSE:GLO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Contourglobal (LSE:GLO)
Historical Stock Chart
From Apr 2023 to Apr 2024