TIDMLAND
RNS Number : 9972R
Land Securities Group PLC
12 March 2021
Land Securities Group PLC
Confirmation of start date of new Chief Financial Officer
12 March 2021
Land Securities Group PLC ("Landsec" or the "Company") is
pleased to announce that Vanessa Simms will join the Landsec Board
of Directors as its Chief Financial Officer Designate with effect
from 4 May 2021. Martin Greenslade will step down as Chief
Financial Officer and a member of the Board on 31 May 2021 and
Vanessa Simms will become Chief Financial Officer on 1 June 2021.
Martin will continue to work with Vanessa until 30 June 2021 to
provide a full and effective transition.
Martin Greenslade's intention to step down was announced on 30
September 2020. Vanessa Simm's appointment as Chief Financial
Officer was announced on 28 October 2020, together with details of
her remuneration.
Section 430(2B) Companies Act 2006 Statement - Martin
Greenslade
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
The following arrangements will apply in respect of Mr
Greenslade's remuneration. These arrangements comply with Landsec's
Remuneration Policy, which was approved by shareholders at the
Annual General Meeting in July 2018.
1. Salary and benefits
Mr Greenslade will continue to receive his normal remuneration
in terms of basic salary, pension allowance, car allowance and
company benefits, in accordance with his service agreement, up to
29 September 2021. The total value of these for the period from 1
June to 29 September is GBP217,330 (less all necessary
deductions).
2. Bonus
The Remuneration Committee has determined that Mr Greenslade
will be eligible to receive a bonus in respect of the Company's
financial year ending 31 March 2021 which he will serve in full a
nd will be eligible for a bonus award for the three month period
from 1 April 2021 to 30 June 2021, which will be paid in 2022 at
the same time and on the same basis as the Company's other
Executive Directors.
The amount of any bonus will be subject to Landsec's Bonus Plan
Scheme Rules and the satisfaction of the relevant performance
criteria and will be determined by the Remuneration Committee in
May, following the review of the performance of the year to 31
March 2021. Mr Greenslade will be required to defer into shares the
same proportion of his bonus as the Company's other Executive
Directors.
3. Deferred Share Bonus Plan awards
The Remuneration Committee has determined that Mr Greenslade
will be treated as a good leaver in respect of his outstanding
unvested options under the Landsec Deferred Share Bonus Plan 2015
(the "DSBP"). Mr Greenslade's outstanding unvested DSBP options
over 65,400 shares will vest in full and become exercisable for a
six-month period commencing on the normal vesting date, 24 July
2021, subject to the rules of the DSBP.
As reported above, Mr Greenslade may receive a further award
under the DSBP in respect of a proportion of any bonus he receives
for the Company's financial years ending 31 March 2021 and 31 March
2022.
Any shares acquired on the exercise of the options (if exercise
occurs) will be subject to the Remuneration Committee's right under
the DSBP to apply malus and clawback provisions.
4. Share incentives
The Remuneration Committee has determined that Mr Greenslade
will be treated as a good leaver in respect of his outstanding
unvested share options under the Landsec Long-Term Incentive Plan
2015 (the "LTIP"). In accordance with the rules of the LTIP, Mr
Greenslade's outstanding unvested LTIP share options will vest on
the normal vesting dates, subject to satisfaction of the relevant
performance conditions and on a time pro-rated basis as detailed
below:
Award Number of shares Maximum number Vesting date
subject to award of shares which
could vest [1]
2018 LTIP share
option granted
on 25 June 2018 163,960 163,960 25 June 2021
------------------ ----------------- -------------
2019 LTIP share
option granted
on 25 June 2019 193,997 145,497 25 June 2022
------------------ ----------------- -------------
2020 LTIP share
option granted
on 24 July 2020 290,570 112,999 24 July 2023
------------------ ----------------- -------------
In accordance with the rules of the LTIP, Mr Greenslade will be
required to retain and shall not be permitted to transfer or
otherwise dispose of any shares that have vested under the LTIP for
a period of two years after the vesting date shown in the table
above.
Any shares acquired on the exercise of the options will be
subject to the Remuneration Committee's right under the LTIP to
apply malus and clawback provisions.
Mr Greenslade is also treated as a good leaver in relation to
any options granted under the Company's Sharesave Plan more than
three years before he leaves employment. These options will remain
exercisable for a period of six months after termination.
5. Further Information
The relevant remuneration details relating to Mr Greenslade will
be included in the Directors' Remuneration Report in the Annual
Report and Accounts for the year ended 31 March 2021.
Other than the amounts disclosed above, Mr Greenslade will not
be eligible for any remuneration payments or payments for loss of
office.
In line with best practice, Mr Greenslade is contractually bound
to hold Landsec shares which are equivalent in value to no less
than 200% of his current base salary for a period of two years
based on the Company's share price on 28 September 2020 of 528.90p.
This shareholding requirement will be recalculated on 31 May 2021
and 29 September 2021 in each case based on the Company's share
price as at close of business on the relevant date. In the event
the Company's share price is higher on those dates, the number of
shares that Mr Greenslade is required to hold until 29 September
2023 will be adjusted accordingly. The holding period will commence
on 29
September 2021. These may include vested shares under the LTIP.
In accordance with section 430(2B) of the Companies Act 2006,
the information contained in this document will be made available
on Landsec's website until its next Directors' Remuneration Report
is made available.
For further information, please contact:
Press Investors
Chris Hogwood Ed Thacker
+44 (20) 7024 5462 +44 (20) 7024 5185
Chris.hogwood@landsec.com edward.thacker@landsec.com
[1] This reflects time pro-rating, but the number of shares
which vest will be subject to the achievement of the relevant
performance conditions.
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