41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 162
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
REMUNERATION COMMITTEE continued
The Committee is not proposing any changes to the performance metrics used for the 2023 LTIP, which will continue to
include the two sustainability metrics introduced last year. Targets for the relative TSR, TAR and operational energy intensity
measures are set out in the table below.
Targets for the EPS and EPC ratings measures will be disclosed in a market announcement no later than the date of grant
for these awards (expected to be in April 2023). The delay to target-setting for the EPS metric reflects the rapidly changing
macroeconomic environment and a revised timetable for the internal sign-off of a new 5-year plan. In respect of the EPC
metric, the Committee is keen to review recent changes to the underlying measurement methodology to ensure the target
range set is both appropriately stretching and reflects our longer-term sustainability ambitions.
Threshold
Stretch
25% vesting
100% vesting
Measure
Weight
2025 Adjusted EPS
28.0%
TSR ranking vs. constituents of the FTSE350
Real Estate Supersector Index (2023–2025)
28.0%
In line with median
In line with upper quartile
TAR per share ranking vs. constituents of the FTSE350
Real Estate Supersector Index (2023–2025)
28.0%
In line with median
In line with upper quartile
Operational energy intensity: cumulative reduction;
2025 vs 2019 baseline (kWh/m2)
8.0%
9.4% cumulative reduction
15.7% cumulative reduction
EPC ratings: % of floorspace A–C rated in 2025
8.0%
To be disclosed no later than the date of grant
To be disclosed no later than the date of grant
No vesting below Threshold; straight-line vesting between Threshold and Stretch.
Any awards vesting for performance will be subject to an additional two-year holding period, during which time clawback
provisions will also apply. Further details of the grant date and number of interests awarded will be disclosed in next year’s report.
Implementation of Non-Executive Director Remuneration Policy for 2023
Chair and Non-Executive Director Fees
During the final quarter of 2022, the Board undertook its annual review of Non-Executive Director fees. Following
consideration of salary increases across the Group and indicative fee increases at sector and FTSE comparators, the Board
determined that the basic fee should be increased by 3.0% from £50,925 to £52,453 and that additional fees should be
increased by a similar rate. The Committee, in considering similar factors, determined that the fee payable to the Chair of
the Board should be increased by a similar rate from £231,750 to £238,703. Each of these fee increases is in line with senior
management and below the average increase applied to the broader employee population.
A summary of the fee increases, which are effective 1 January 2023, is set out in the table below:
Position
2022 fees
2023 fees
£231,750
£238,703
£50,925
£52,453
Senior Independent Director
£5,995
£6,175
Audit & Risk Committee Chair
£10,600
£10,900
£10,600
£10,900
n/a
n/a
Health and Safety Committee Chair
£10,600
£10,900
Sustainability Committee
£10,600
£10,900
Base fees
Chair
Non-Executive Director
Additional fees
Remuneration Committee Chair
Nomination Committee Chair
1. Role is undertaken by the Chair of the Board, with no additional fee payable in respect of chairing this Committee.
Note 1
