Marks & Spencer Group PLC 2020 PSP Award Targets (2480J)
21 Dicembre 2020 - 10:00AM
UK Regulatory
TIDMMKS
RNS Number : 2480J
Marks & Spencer Group PLC
21 December 2020
Marks and Spencer Group PLC
2020 PSP AWARD TARGETS
Marks and Spencer Group plc ("M&S") is providing this
notification following the grant of conditional share awards under
the Company's Performance Share Plan on 6 July 2020 ("2020 PSP
Award"). The PSP is designed to deliver sustainable value creation
and encourage long-term shareholding and alignment with
shareholders' interests.
As stated in the RNS announcement on 6 July 2020 and in the
Company's 2020 Annual report, due to the unprecedented trading and
financial environment target setting for the 2020 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 2020.
These awards will vest in 2023 to the extent the performance
conditions are met. They must then be held for a further two years,
not being released to the participants until 2025. Further, malus,
clawback, and shareholding guidelines apply to these awards.
As communicated in the 2020 Annual Report, and in recognition of
the impact that Covid-19 had on the profitability of the Group. The
2020 PSP Award grant was reduced from 250% of salary to 175% to
mitigate the risk of windfall gains.
Additionally, the Company is not operating a bonus scheme for
Executive Directors in 2020/2021 and no bonus payments were made in
respect of 2019/2020.
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 2020 PSP Award
have been confirmed as follows:
Measure Weighting Details
Threshold Maximum
----------- ----------------
Adjusted EPS in final
year of 3-yr performance
period 30% 13p 22p
--------------------------- ---------- ----------- ----------------
ROCE in final year
of 3-yr performance
period 30% 9% 12%
--------------------------- ---------- ----------- ----------------
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, 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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December 21, 2020 04:00 ET (09:00 GMT)
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