21 Dec 2021 09:00
MARKS AND SPENCER GROUP PLC
2021 PSP AWARD TARGETS
Marks and Spencer Group plc ("M&S") is providing this notification following the grant of conditional awards under the Company's Performance Share Plan on 29 June 2021 ("2021 PSP Award"). Awards under the 2021 PSP will vest in 2024 to the extent that the performance conditions are met. The awards must then be held for a further two years and are not released to participants until 2026. Further, malus, clawback and shareholding guidelines apply to these awards.
As stated in the RNS announcement on 30 June 2021 and in the Company's 2021 Annual Report, due to the continued uncertainty in trading and the financial environment, target setting for the 2021 PSP Awards had to be delayed until appropriately stretching but realistic goals could be set. Targets for the awards were to be announced no later than 31 December 2021.
Having reviewed M&S's long-term business plan in view of the Covid-19 impact over the medium- and long-term and following consultation with stakeholders, the targets for the 2021 Performance Share Plan award have been confirmed as follows:
Measure | Weighting | Details | |
Threshold | Maximum | ||
Adjusted EPS in final year of 3-yr performance period | 30% | 15p | 24p |
ROCE in final year of 3-yr performance period | 30% | 10.5% | 13.5% |
Relative TSR | 20% | Median | Upper Quartile |
Strategic measures | 20% | M&S.com growth Food like-for-like sales Store staff cost to sales ratio | |
For performance between Threshold and Maximum targets, awards vest on a straight-line basis.
The specific targets for the strategic measures are deemed too commercially sensitive to disclose at this time. These will be disclosed, where possible, on vesting.
-Ends-
For more information, please call:
M&S Corporate PR 0208 718 1919
Marks & Spencer (MKS)