41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 137
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
OTHER INFORMATION
Overview of Unite remuneration policy and implementation
Base salary
Pension,
benefits
Annual
bonus
REMUNERATION IN RESPECT OF 2022
OVERVIEW OF REMUNERATION POLICY
IMPLEMENTATION OF POLICY IN 2023
•
•
•
Salaries increased with effect
from 1 January 2022, as follows:
−
CEO = £522,500 (+10.6%)
−
CFO = £411,250 (+7.0%)
Salaries increased with effect
from 1 January 2023, as follows:
−
CEO = £538,175 (+3.0%)
−
CFO = £423,588 (+3.0%)
See page 150
See page 141
See page 159
•
Pension contributions (or
equivalent cash allowance) at a
maximum of 14% of salary for
CEO and CFO.
•
•
•
Benefits in line with policy.
For existing Executive Directors:
commitment to phase down
contributions (or equivalent cash
allowance) to the workforce rate
by 1 January 2023.
Pension contributions (or
equivalent cash allowance)
reduced to a maximum of 11%
of salary for CEO and CFO with
effect from 1 January 2023.
•
For new Executive Director
appointees: company pension
contributions aligned with
the broader workforce (currently
11% of salary).
•
No change to benefits for 2023.
•
Benefits typically consist of the
provision of a company car or a
car allowance, and private health
care insurance.
See page 150
See page 141
See page 159
•
•
Maximum annual bonus
opportunity for all Executive
Directors of 140% of salary.
•
Maximum annual bonus
opportunities of 140% of salary.
•
•
2023 bonuses to be based:
Performance measures typically
include both financial and
non-financial metrics, as well as
the achievement of individual
objectives.
•
Annual bonuses of 50.4%
of salary for each Executive
Director (36.0% of maximum
opportunity).
50% of these amounts will be
deferred in Unite shares for
two years.
•
•
LTIP
Reviewed from time to time,
with reference to salary levels
for similar roles at comparable
companies, to individual
contribution to performance;
and to the experience of each
Executive.
50% of any bonus earned is
deferred in shares for two years.
Malus and clawback provisions
apply.
−
25.0% on adjusted EPS
−
25.0% on TAR per share
−
20.0% on Loan to Value
−
7.5% on customer satisfaction
−
7.5% on university reputation
−
7.5% on employee
engagement
−
7.5% on GRESB rating
See page 152
See page 142
See page 159
•
2019 LTIP final vesting confirmed
at 36.8%.
•
•
•
2020 LTIP final vesting to be
finalised once comparator TAR
results are published. Expected
total vesting of 0% based on:
Awards of up to 200% of salary
to be made to each Executive
Director in 2023.
•
Performance to be measured
over the period 1 January 2023 to
31 December 2025. Awards based:
−
Relative TSR ranking just
below median compared
to the constituents of the
FTSE350 Real Estate Index
−
2022 adjusted EPS below
the threshold target
−
Estimated relative TAR ranking
just below median compared
to the constituents of the
FTSE350 Real Estate Index
See page 153
•
•
Maximum award size for all
Executive Directors of 200% of
salary in normal circumstances
(up to 300% of salary in
exceptional circumstances).
Awards vest subject to
performance over a threeyear period. Vested shares are
typically subject to an additional
two-year holding period.
Malus and clawback provisions
apply.
See page 143
−
28% on adjusted EPS
−
28% on relative TAR
−
28% on relative TSR
−
8% on operational energy
intensity
−
8% on EPC ratings
−
Two-year holding period will
apply to all vested shares
See page 159
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