41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 144
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
REMUNERATION COMMITTEE continued
Function
Operation
Opportunity
Performance metrics
Annual bonus
Performance measures,
targets and weightings are set
at the start of the year.
For Executive Directors, the maximum
annual bonus opportunity is 140% of
base salary.
Performance is assessed
on an annual basis, as
measured against specific
objectives set at the start
of each year.
To incentivise and
reward strong
performance
against financial
and non-financial
annual targets, thus
delivering value to
shareholders and
being consistent with
the delivery of the
strategic plan.
At the end of the year, the
Remuneration Committee
determines the extent to which
targets have been achieved.
Up to 30% of maximum will be paid for
Threshold performance under each
measure and up to 50% of maximum will Financial measures will
be paid for on-target performance.
make up at least 70% of
the total annual bonus
From the 2022 annual bonus
A payment equal to the value of
opportunity in any given
onwards, 50% of any bonus
dividends which would have accrued on
year. The remainder will be
payable will be deferred for
vested deferred bonus shares will be
split between non-financial
two years.
made following the release of awards
metrics and personal/
to participants, either in the form of
Deferral is generally by an
team objectives according
cash or as additional shares. It is the
allocation of shares in the
to business priorities, with
Committee’s current intention to make
Company, which are generally
the weighting on the latter
any dividends payments in the form
held in the Employee Share
being no more than 20%
of shares.
Ownership Trust.
of the total annual bonus
opportunity.
Awards under the Performance
Related Annual Bonus are
The Committee has
subject to malus and clawback
discretion to adjust the
provisions, further details of
formulaic bonus outcomes
which are included as a note to
both upwards (within the
the policy table.
plan limits) and downwards
(including down to zero) to
ensure alignment of pay
with performance, e.g.,
in the event of one of the
targets under the bonus
being significantly missed or
unforeseen circumstances
outside management
control. The Committee also
considers measures outside
the bonus framework (e.g.
Health & Safety) to ensure
there is no reward for failure.
For 2023, financial metrics
and non-financial metrics
will make up 70% and 30%
of the total annual bonus
opportunity respectively.
Further details of the
measures, weightings
and targets applicable are
provided on page 159.
