Marks & Spencer Group PLC 2021 PSP Award Targets (2678W)
December 21 2021 - 2:59AM
UK Regulatory
TIDMMKS
RNS Number : 2678W
Marks & Spencer Group PLC
21 December 2021
MARKS AND SPENCER GROUP PLC
2021 PSP AWARD TARGETS
Marks and Spencer Group plc ("M&S") is providing this
notification following the grant of conditional awards under the
Company's Performance Share Plan on 29 June 2021 ("2021 PSP
Award"). Awards under the 2021 PSP will vest in 2024 to the extent
that the performance conditions are met. The awards must then be
held for a further two years and are not released to participants
until 2026. Further, malus, clawback and shareholding guidelines
apply to these awards.
As stated in the RNS announcement on 30 June 2021 and in the
Company's 2021 Annual Report, due to the continued uncertainty in
trading and the financial environment, target setting for the 2021
PSP Awards had to be delayed until appropriately stretching but
realistic goals could be set. Targets for the awards were to be
announced no later than 31 December 2021.
Having reviewed M&S's long-term business plan in view of the
Covid-19 impact over the medium- and long-term and following
consultation with stakeholders, the targets for the 2021
Performance Share Plan award have been confirmed as follows:
Measure Weighting Details
Threshold Maximum
----------- ----------------
Adjusted EPS in final
year of 3-yr performance
period 30% 15p 24p
--------------------------- ---------- ----------- ----------------
ROCE in final year of
3-yr performance period 30% 10.5% 13.5%
--------------------------- ---------- ----------- ----------------
Relative TSR 20% Median Upper Quartile
--------------------------- ---------- ----------- ----------------
Strategic measures 20% M&S.com growth
Food like-for-like sales
Store staff cost to sales
ratio
---------- -----------------------------
For performance between Threshold and Maximum targets, awards
vest on a straight-line basis.
The specific targets for the strategic measures are deemed too
commercially sensitive to disclose at this time. These will be
disclosed, where possible, on vesting.
-Ends-
For more information, please call:
M&S Corporate PR 0208 718 1919
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END
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