NCC Group plc Annual Report 2021

Remuneration Committee report continued Annual report on remuneration continued

Non-Executive Directors’ remuneration In line with the current Policy, Non-Executive Director fees are reviewed annually.

As at 1 June 2021 £000

As at 1 June

2020 £000

Annualised fees (inclusive of travel allowance of £8,200 for the Chair and £4,750 for other Non-Executive Directors which was waived in 2020/21)

158

Chris Stone

147

75 65 55 60

Chris Batterham Jonathan Brooks

64 58 51 51

Mike Ettling

Jennifer Duvalier

How has the Remuneration Policy been implemented in the year ended 31 May 2021? This section sets out how the Remuneration Policy was implemented in 2020/21. The key implementation decisions during the year related to: • Review of salary increases for Executive Directors • The determination of annual bonus outcomes for the 2020/21 performance period • The performance targets and value of awards granted under the LTIP, which will vest in 2023 Further detail on these decisions, together with other information on payments made to Directors, is set out in the following sections.

Single total figure of remuneration (audited) The detailed emoluments received by the Executive and Non-Executive Directors for the year ended 31 May 2021 are below:

Salary/ Non-Executive Director fees 1 £000

Total variable pay £000

Pension benefits 3 £000

Total fixed pay £000

Annual

Long-term

Benefits 2 £000

bonus 4 £000

incentive 5 £000

Total £000 138 145

Director

Year ended

31 May 2021 31 May 2020 31 May 2021 31 May 2020 31 May 2021 31 May 2020 31 May 2021 31 May 2020 31 May 2021 31 May 2020 31 May 2021 31 May 2020 31 May 2021 31 May 2020 31 May 2021 31 May 2020

138 145 450 447 284 282

– –

– –

138 145 488 485 343 327

– –

– –

– –

Chris Stone

16 16 31 17

22 22 28 28

414 103

218 273

632 1,120

Adam Palser

376

861

247

137

384

727 383

Tim Kowalski 6

56

56

59 63 53 57 51 50 46 50

– – – – – – – –

– – – – – – – –

59 63 53 57 51 50 46 50

– – – – – – – –

– – – – – – – –

– – – – – – – –

59 63 53 57 51 50 46 50

Chris Batterham

Jonathan Brooks

Jennifer Duvalier 7

Mike Ettling

1,081 1,094

47 33

50 1,178 50 1,177

661 159

355 1,016 2,194

Total

273

313 1,609

1 T he Chair and Non-Executive Directors each receive an allowance paid as part of their base fees of £8,200 and £4,750 respectively, to cover all travel and expenses related to their roles on the Board. In light of Covid-19 and the fact that Board meetings were being held virtually, these allowances were not paid between 1 June 2020 and 31 May 2021. 2 T axable benefits include the provision to every Executive Director of a car or car allowance, payment of private fuel, car insurance, private medical insurance, life assurance and permanent health insurance. In 2020/21, Tim Kowalski switched from receiving a car allowance to a leased vehicle at no additional cost to the Group. The P11D value of the leased vehicle is higher than the monthly cash value of the car allowance which he forfeited. 3 P ension benefits include employer contributions to the Group pension scheme and payments in lieu of pension contributions. The Company provided pension payments in lieu of pension contributions for two Executive Directors during the year ended 31 May 2021. 4 A nnual bonus payments for performance in the relevant financial year; 35% of this bonus is deferred into nominal cost share options for two years. Dividend equivalents accrue on these shares. 5 L ong-term incentive awards vesting under the LTIP. 78,914 shares vested to Adam Palser and 49,773 shares vested to Tim Kowalski with respect to the LTIP granted in 2018 which had a performance period ending on 31 May 2021. These have been valued using a share price of £2.76 which is the three month average share price over March, April and May 2021. These shares were awarded based on a share price of £2.21 on the day before the date of grant. As a result, the change in share price since the date of grant has resulted in an increase in value of £43,402.70 and £27,375.15 respectively. With regard to the LTIP awards with a performance period ending on 31 May 2020, 93,533 shares vested to Adam Palser which have been valued using the share price at the date of vesting of £2.92. 6 Tim Kowalski was appointed as Chief Financial Officer on 23 July 2018. 7 Jennifer Duvalier’s fee was increased by £5,000 with effect from 1 June 2020 to reflect her additional responsibilities for engaging with colleagues on behalf of the Board.

110

NCC Group plc — Annual report and accounts for the year ended 31 May 2021

Made with FlippingBook Converter PDF to HTML5