41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 152
150
THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
REMUNERATION COMMITTEE continued
Advisors
Ellason LLP was appointed as the independent remuneration advisor to the Committee effective 1 January 2021 and retained
during the year. The Committee undertakes due diligence periodically to ensure that Ellason is independent and that the
advice provided is impartial and objective. During 2022, Ellason provided independent advice including updates on the
external remuneration environment, performance testing for long-term incentive plans and Directors’ Remuneration Report
drafting support. Ellason reports directly to the Chair of the Remuneration Committee and does not advise the Company on
any other issues. Their total fees for the provision of remuneration services to the Committee in 2022 were £37,050 (2021:
£43,113) on the basis of time and materials.
Ellason is a member and signatory of the Code of Conduct for Remuneration Consultants, details of which can be found at
www.remunerationconsultantsgroup.com. None of the individual Directors have a personal connection with Ellason.
Summary of shareholder voting at AGMs
The following table shows the results of the advisory vote on the 2021 Annual Report on Remuneration and the binding vote
on the Directors’ Remuneration Policy at the 2022 AGM:
2021 Annual Report on Remuneration
For (including discretionary)
Against
Total votes cast (excluding withheld votes)
Votes withheld
Total votes cast (including withheld votes)
Directors’ Remuneration Policy
354,173,687
97.05%
357,032,859
97.83%
10,765,117
2.95%
7,905,945
2.17%
364,938,804
364,938,804
1,761,682
1,761,682
366,700,486
366,700,486
Single total figure of remuneration for Executive Directors (audited)
The table below sets out a single figure for the total remuneration received for 2021 and 2022 by each Executive Director
who served in the year ended 31 December 2022:
Salary
£
R Smith
J Lister
Taxable
benefits
Pension
Annual
bonus
LTIP
Other
Note 1
Note 2
Note 3
Note 4
Note 5
4,498
2022
522,500
16,123
59,550
263,340
0
2021
472,313
17,242
65,613
484,688
387,898
2022
411,250
16,854
46,918
207,270
0
2021
384,441
17,269
53,406
394,513
315,748
Total single
figure
Total
fixed
Total
variable
866,011
598,173
267,838
0 1,427,754
555,168
872,586
0
682,292
475,022
207,720
2,483 1,167,860
455,117
712,744
1. Taxable benefits for 2022 consist primarily of company car or car allowance and private health care insurance. The figures above include car benefits of £15,000
for Messrs. Smith and Lister.
2. Pension figures include contributions to the UNITE Group Personal Pension Scheme and cash allowances, where applicable. Pension contributions were reduced
to a maximum of 14% of salary with effect from 1 January 2022.
3. Annual bonus figures reflect the full amount earned in respect of the relevant financial year, including any amounts which are required to be deferred.
4. 2021 figures: Vesting of 2019 awards was confirmed as 36.8% of maximum following the publication of comparator full-year results. The LTIP figures shown are
based on the market price on the date of vesting (24 July 2022) of 1,207.0p. These amounts have been revised from last year’s report to reflect the actual vesting
outcome and share price on the date of vesting.
2022 figures: For the 2020 awards, vesting of the relative TAR element will be finalised following the publication of comparator results over the coming months,
with Unite currently estimated to rank below median. Overall anticipated vesting of the 2020 awards used in this single figure is therefore 0% of maximum. See
following sections for further details.
2021 LTIP figures include the value of dividends for vested awards which will be paid as additional shares. Awards in the form of HMRC-approved options are
valued based on the embedded gain at vesting (i.e. subtracting the applicable exercise price) and attract no dividends.
5. “Other” includes the embedded value of SAYE options at grant.
