Annual Report & Accounts 2026
35
OUR GOVERNANCE
Component and Purpose
Operation Maximum Performance LONG TERM INCENTIVE PLAN (“LTIP”)
Incentivises long-term shareholder value creation and employee retention
The LTIP consists of an award of the Company’s shares which vest, subject to performance criteria being satisfied, after a three-year period and are then subject to a one-year holding period, during which the beneficiary is able to sell shares sufficient to pay the tax liability which arises upon vesting.
Malus and claw-back provisions apply.
100% of base salary.
Performance metrics are
1. 80% of the value of the award is assessed against EPS growth targets approved at the time the award is made.
2. 20% of the value of the award is assessed by comparing the TSR delivered by the Group over the assessment period compared to the TSR of the comparator group. NON-EXECUTIVE DIRECTORS
The table below summarises the main elements of remuneration packages for Non-executive Directors:
Component and Purpose
Operation Maximum Performance FEES
Non-executive Director fees take into account external market conditions to ensure it is possible to attract and retain the necessary talent Fees are normally set with reference to factors such as market positioning.
Fees take into account the level of responsibility, experience and dedication required.
No prescribed maximum. However, the Board takes account of the general increase in the market for Non-executive roles and aligns with the overall increase in Company’s employee salaries.
Not applicable.
Non-executive Directors are not eligible to participate in performance related pay arrangements.
OUR GOVERNANCE
Component and Purpose
Operation Maximum Performance LONG TERM INCENTIVE PLAN (“LTIP”)
Incentivises long-term shareholder value creation and employee retention
The LTIP consists of an award of the Company’s shares which vest, subject to performance criteria being satisfied, after a three-year period and are then subject to a one-year holding period, during which the beneficiary is able to sell shares sufficient to pay the tax liability which arises upon vesting.
Malus and claw-back provisions apply.
100% of base salary.
Performance metrics are
1. 80% of the value of the award is assessed against EPS growth targets approved at the time the award is made.
2. 20% of the value of the award is assessed by comparing the TSR delivered by the Group over the assessment period compared to the TSR of the comparator group. NON-EXECUTIVE DIRECTORS
The table below summarises the main elements of remuneration packages for Non-executive Directors:
Component and Purpose
Operation Maximum Performance FEES
Non-executive Director fees take into account external market conditions to ensure it is possible to attract and retain the necessary talent Fees are normally set with reference to factors such as market positioning.
Fees take into account the level of responsibility, experience and dedication required.
No prescribed maximum. However, the Board takes account of the general increase in the market for Non-executive roles and aligns with the overall increase in Company’s employee salaries.
Not applicable.
Non-executive Directors are not eligible to participate in performance related pay arrangements.