41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 160
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
REMUNERATION COMMITTEE continued
Scheme interests awarded in 2022 (audited)
LTIP
In April 2022, Executive Directors were granted awards under the LTIP with a face value of 200% of their respective salaries.
Any awards vesting for performance will be subject to an additional two-year holding period.
Executive
Date of grant
Shares over which
awards granted
Market price at
date of award
Face value
Note 1
Richard Smith
93,672
10 April 2022
Joe Lister
73,823
1,121.0p
£1,050,063
£827,556
1. Combination of HMRC-approved options under the ESOS (535) and nil cost options under the PSP calculated using a share price of 1,121.0p, being the closing midmarket price on the day the awards were calculated.
Vesting of these awards is dependent on the achievement of three-year performance targets set out in the table below. In
addition to absolute Adjusted EPS, relative TAR and relative TSR, the Committee introduced two sustainability metrics linked
to the Group’s strategy for awards made in 2022, with the rationale set out in last year’s report.
Measure
Weight
Threshold (25% vesting)
Stretch (100% vesting)
2024 Adjusted EPS
28.0%
48.5 pence
53.6 pence
TSR ranking vs. constituents of the FTSE350 Real Estate
Supersector Index (2022–2024)
28.0%
In line with median
In line with
upper quartile
TAR per share ranking vs. constituents of the FTSE350 Real
Estate Supersector Index (2022–2024)
28.0%
In line with median
In line with
upper quartile
Operational energy intensity: cumulative reduction; 2024
vs 2019 baseline (kWh/m2)
8.0%
6.3% cumulative
reduction
12.6% cumulative
reduction
EPC ratings: % of floorspace A–C rated in 2024
8.0%
67% of floorspace
79% of floorspace
No vesting below Threshold; straight-line vesting between Threshold and Stretch.
The Committee retains overarching discretion under the Remuneration Policy to approve the vesting of these awards.
Any payout will be scrutinised by the Committee to ensure it reflects the underlying performance of the Company and the
experience of stakeholders over the period.
Deferred annual bonus
Reflecting the previous policy under which the 2021 annual bonus operated, and having already reached their respective
share ownership guidelines, Executive Directors each received the first 100% of salary of their 2021 bonus awards in cash,
with the remainder (2.6% of salary) deferred in shares for two years, as follows:
Executive
Richard Smith
Joe Lister
Date of grant
24 February 2022
Shares over which
awards granted
1,235
1,005
Market price at
date of award
Date of vesting
977.0p
24 February 2024
SAYE
During 2022, Richard Smith entered into a new savings contract under the SAYE plan. Details of all outstanding awards under
this plan are included in the table on page 163.
Exit payments made in the year (audited)
There have been no exit payments during the year ended 31 December 2022.
Payments to past Directors (audited)
There have been no payments (2021: £nil) in excess of the de minimis threshold to former Directors during the year ended
31 December 2022 in respect of their former roles as Directors. The Company has set a de minimis threshold of £5,000
under which it would not report such payments.
