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21 Mar 2016 10:00
21 March 2016
Charles Stanley Group PLC
Update
Charles Stanley announced in its interim results statement on 26 November 2015 that the Board was in consultation with the Group's investment management teams regarding rationalising the number of remuneration schemes in existence and rebasing arrangements onto a consistent, profit based model designed to incentivise and reward investment managers while taking account of financial performance, customer outcomes and conduct. It was also indicated that as part of this new alignment of interests the Board was considering seeking shareholder approval for the establishment of share plans for up to 10% of the current issued share capital of the Company.
Further to that announcement, the Board is providing the following update on the consultation process.
The proposals are based on a phased implementation over a three year period. The Board is pleased to announce that interim arrangements that will subsist for the 2016/17 financial year have now been put in place and widely agreed with the investment managers. Details of the new remuneration schemes for the years after 2016/17 remain under discussion. These details include the precise design of the proposed share option awards and the nature of any performance conditions for vesting. The final terms of the proposed share option schemes will be dependent on the modifications to the remuneration arrangements agreed with investment managers. It is expected that discussions will be concluded by the time that the preliminary results for the year ended 31 March 2016 are announced.
Paul Abberley, Chief Executive, commented:
"The complex nature of the Group's existing remuneration arrangements has meant that the consultation process has been detailed and extensive. Together with the many steps being taken within the Group to focus strategy and improve performance, this interim agreement for the next financial year will contribute to improved levels of profitability. I am confident that we will be able to agree arrangements for the long term in the relatively near future and will update shareholders accordingly."
For further information, please contact:Ā
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Charles Stanley Joanne Vowles, Public Relations Manager Via Redleaf | Canaccord Genuity Roger Lambert 020 7523 4619 | Peel Hunt Guy Wiehahn 020 7418 8893 | Redleaf Communications Rebecca Sanders-Hewett Charlie Geller 020 7382 4730 CScapitalmarkets@redleafpr.com |
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