Strategic Report
Governance Report
Financial Statements
Other Information
A Shepherd
Exercise price (p)
Options at 1 July 2023
Granted during year
Exercised during year
Lapsed during year
Options at 30 June 2024 Vesting date
Expiry date 1
Grant date 21/11/2013
1,452.00
2,067 2,067
– –
(2,067) (2,067)
– –
– –
21/11/2016 21/11/2023
Total
Save As You Earn (“Sharesave”) All Directors are entitled to take part in the HMRC-approved Brooks Macdonald Group Sharesave Scheme on the same terms as all other employees. Annual invitations to participate in the scheme, which commences each year on 1 June, are sent to Directors and
option grants are made at 80% of the closing mid-market price on the day of the offer. Neither Executive Director participated in Sharesave schemes that were either granted or matured in the FY24 reporting period. No benefit values were therefore reportable
for Sharesave gains in the FY24 single figure table of total remuneration shown earlier in this report. The table below confirms that the CEO currently participates in the 2023 Sharesave contract, initiated in the FY23 reporting period and that would ordinarily mature at 1 June 2026. As a good leaver at
the end of FY25, the CEO will be allowed to exercise the options over the value of savings accrued to date and within the six months option window. The value of this benefit will be confirmed in the FY25 annual report.
A Shepherd
Exercise price (p)
Options at 1 July 2023
Granted during year
Exercised during year
Forfeited during year
Options at 30 June 2024 Vesting date
Expiry date 1
Grant date 12/05/2023
1,434.00
1,255 1,255
– –
– –
– –
1,255 1,255
01/06/2026 01/12/2026
Total
• DBP awards will be delivered at full grant value on the normal vesting schedule. • LTIP awards will be subject to service-based pro-ration and reductions will be applied in proportion to the length of the vesting period that is not served.
• Remain eligible for a full FY24 annual bonus opportunity reviewed against the targets established at the beginning of the reporting period and subject to the usual deferral provisions. • Be considered by the Remuneration Committee (on a wholly discretionary basis) for a pro-rata FY25 bonus award, subject to a review of the contribution he delivers in the reporting period. • Remain eligible for the FY21 ED LTIP outturn that will vest in service. • Not be eligible for LTIP grants going forward and will not receive an LTIP grant in September 2024. • Be treated as a Good Leaver for all inflight share awards, in accordance with the remuneration policy, as follows:
Remuneration Arrangements relating to the CEO’s retirement at the end of FY25 As detailed earlier in this report, subject to the successful regulatory approval of his successor, Andrea Montague, the CEO – Andrew Shepherd, will step down from Executive Director responsibilities at the end of September 2024. The Remuneration Committee have determined in alignment with the remuneration policy and standard contractual provisions, that the outgoing CEO will: • Be eligible to be paid salary in lieu of notice until his contractual leave date, as per the standard terms of his employment contract.
No loss of office payments were made to any Director in the FY24 reporting period. As detailed earlier in the report, the performance assessment of the 2021 ED LTIP at 30 June 2024 confirmed a 10% of maximum opportunity pay-out. The former Chief Operating Officer held good leaver status on a pro-rata basis for this award and will receive 699 nil price options when the award vests in September 2024.
The balances will vest on the normal vesting schedule and the standard performance assessments will be made to determine the number of shares paid out. • Not be eligible for any ex-gratia payment as part of his leaving arrangements. Full details of the awards and payments made to the outgoing CEO will be provided in the FY25 Annual Remuneration Report.
Service contracts for Executive Directors
The Group has service contracts with its Executive Directors with a notice period of 12 months and it is Group policy that such contracts should not normally contain notice periods of more than 12 months.
Brooks Macdonald Group plc Annual Report and Accounts 2024
91
Made with FlippingBook - professional solution for displaying marketing and sales documents online