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9 Apr 2021 17:22
ContourGlobal plc
Long Term Incentive Plan (LTIP): Performance measures and targets for 2021
In line with our Directors' Remuneration Policy, the President & CEO and Chief Financial Officer will be granted performance share awards under the LTIP of 100% and 200% of base salary, respectively, in 2021.
At the time of sign-off of the Annual Report & Accounts, the Remuneration Committee was still in the process of reviewing LTIP performance measures and targets to ensure these remained appropriate.
Following this review, it was determined that the Growth measure would be adjusted so that it would be based wholly on Growth IRR, rather than a combination of Growth IRR and Growth Milestones as has previously been the case. This change was made in the context of the Group's forward-looking strategy. The weighting of the Growth measure would remain at 25%. No other changes are proposed.
LTIP awards granted in 2021 will therefore vest subject to achievement of the following performance conditions over a three-year period. Vesting is calculated on a straight-line basis between the points shown.
Adjusted EBITDAper share growth p.a. | Health and safetyLost time incident rate | Growth - Internal Rate of Return (IRR)1 | |
Weighting | 50% | 25% | 25% |
100% vesting | 25% and above | Zero | IRR for qualifyingprojects met |
25% vesting | 10% | 0.09 | IRR for qualifyingprojects at 90% |
0% vesting | Below 10% | Above 0.09 | IRR for qualifyingprojects below 90% |
1. Qualifying projects means such projects approved by the Board during the performance period and in respect of which the Board has specified a target IRR for the performance period. | |||
As a leading global platform of contracted Thermal and Renewable power generation, the Committee considers the importance of environmental, social and governance (ESG) measures in driving sustainable growth. The performance condition above continues to include Health & Safety as a key ESG measure for ContourGlobal. The Committee will continue to review whether it will be appropriate to include additional ESG measures for future awards.
A two-year additional holding period will apply to any shares vesting for Executive Directors.
Further details of LTIP awards granted in 2021 will be provided in next year's Directors' Remuneration Report.
For further information, please contact:
Company Secretariat:
Link Company Matters Limited
Phone: +44 (0) 333 300 1950
Email: cm-contourglobal@linkgroup.co.uk
Investor Relations:
Alice Heathcote
Tel: +44 (0) 203 626 9077
alice.heathcote@contourglobal.com
Media Relations: Brunswick
Charles Pretzlik/William Medvei
Tel: +44 (0) 207 404 5959
Contourglobal@brunswickgroup.com
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