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Last checked at 
12 Sep 2022 07:00
Date: 12 September 2022
Future plc
(the "Company")
Director/PDMR holding
Following our recent consultation with shareholders regarding remuneration, an adjustment has been made to Penny Ladkin-Brand's 2019 Performance Share Plan (PSP) as detailed below.
When Penny stepped down as Chief Financial Officer (CFO) in 2020 to become Chief Strategy Officer (CSO), she became part-time, with a time commitment of three days per week rather than the five days per week she had worked as CFO. Accordingly, it was agreed at the time of her stepping down from the Board that her 2019 PSP award would be reduced pro-rata to reflect her reduced working hours over the remainder of the performance period for this award. When Penny stepped down, her award was adjusted as follows:
Role | % FTE worked(A) | From | To | % of performance period in role(B) | Applied to original award(41,337 x A x B) |
CFO | 100% | 25 November 2019 | 31 May 2020 | 17.25% | 7,130 |
CSO | 60% | 1 June 2020 | 25 November 2022 | 82.75% | 20,524 |
Reduced award = | 27,654 |
When Penny was re-appointed as CFO in November 2021, she stepped back into a full-time role. To reflect this increased time commitment, and in the interests of adhering to the same principles the Remuneration Committee has agreed to partially reinstate some of the 2019 PSP awards. The calculation for the readjustment is as follows:
Role | % FTE worked(A) | From | To | % of performance period in role(B) | Applied to original award(41,337 x A x B) |
CFO | 100% | 25 November 2019 | 1 June 2020 | 17.25% | 7,130 |
CSO | 60% | 1 June 2020 | 31 October 2021 | 47.25% | 11,719 |
CFO | 100% | 1 November 2021 | 25 November 2022 | 35.50% | 14,675 |
Revised award = | 33,524 (+5,870 shares) |
To the extent this adjusted award vests, it will then be subject to a mandatory two-year holding period.
The Remuneration Committee believes this adjustment is fair and equitable for both Penny and the Company's shareholders. The Committee views it as a strong signal that the Company will support employees who wish to return to full-time work and is a true application of our Diversity and Inclusion policy. The Remuneration Committee has sought the views of shareholders regarding this adjustment as part of the recent wider consultation on remuneration policy. An overwhelming majority of investors are supportive of the change being made.
Enquiries:
Future plc Zillah Byng-Thorne, Chief Executive OfficerPenny Ladkin-Brand, Chief Financial Officer Marion Le Bot, Head of Investor Relations
| Tel: +44 (0)1225 442244 |
Headland Consultancy (Financial PR) Stephen MalthouseRob WalkerCharlie Twiggfuture@headlandconsultancy.com | Tel: +44 (0)20 3805 4822
|
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