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The FY24 reporting period was the financial performance measurement period for the 2021 Executive Director LTIP award. The performance measures approved by the Remuneration Committee for the award prior to its grant in 2021 were, underlying, diluted earnings per share (“EPS”), representing 90% of maximum opportunity, complemented by a basket of defined ESG policy development goals, forming the remaining 10% of maximum opportunity. The CEO and former Chief
Operating Officer (Lynsey Cross) are the only two executives holding 2021 ED LTIP awards. The Remuneration Committee’s assessment of ESG performance, the targets for which were the satisfactory implementation and embedding of a basket of ESG-related policies, concluded that the stated ESG policy goals had been fully satisfied. Fully satisfied being the standard for which full pay-out of the ESG portion was dependent. The Remuneration Committee assessment also
noted that the Group had delivered additional ESG achievements within the performance period, demonstrated by its meeting of the certification standard required for B Corp certification. The Committee therefore approved pay-out of the maximum 10% award value for ESG deliverables. No discretion was applied by the Remuneration Committee in relation to the EPS nil vesting outturn and the overall 2021 ED LTIP pay-out was approved at 10% of the number
of BRK share options originally granted. For the CEO, this means that 3,309 of the originally granted 33,086 share options will become available to him when the award formally vests at 30 September 2024. Lynsey Cross, the former Chief Operating Officer, who holds a pro-rated FY2021 Executive Director LTIP award, as part of her Good Leaver stats, will also be eligible for the same percentage outturn.
Face value of awards made to Executive Directors under LTIP and deferred element of annual bonus during FY24
FY23 deferred bonus £’000 1
FY24 LTIPs £’000 2
One-off award £’000
Total £’000
Name
Andrew Shepherd, CEO Andrea Montague, CFO
140.00
865.00 750.00
– – –
1,005.00
–
750.00
Total
140.00
1,615.00
1,755.00
1 The CFO did not serve the FY23 performance period and was not eligible for an FY23 bonus award.
2 The values shown reflects the maximum opportunity available. The number of shares delivered, and realised value of the award, will be determined by performance delivered against the performance metrics. Deferred bonus share awards granted during the FY24 reporting period One-third of the FY23 bonus was awarded to the Chef Executive in the form of deferred nil price share options. These awards will vest over three years in three equal tranches at 12, 24 and 36 months from date of award.
Face value of awards £’000 1
Name
Basis of award Date of award No. of awards
Vesting date 28 Sept 2024/2025/2026
Andrew Shepherd
1/3 of annual bonus
28 Sep 2023
8,001
140
1 Based on a share price of £17.56, being the average mid-market closing price over the five-day period prior to 28 September 2023. LTIP awards granted during the FY24 reporting period
Face value of awards £’000 1
Performance period end date
End of holding period
Name
Basis of award Date of award No. of awards
Vesting date
Andrew Shepherd Andrea Montague
200% of salary 200% of salary
23-Oct-23 23-Oct-23
49,318 42,748
865 750
30-Jun-26 30-Jun-26
23-Oct-26 23-Oct-26
23-Oct-28 23-Oct-28
1 Based on a share price of £17.545, being the average mid-market closing price over the five-day period prior to 23 October 2023.
Brooks Macdonald Group plc Annual Report and Accounts 2024
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