Last checked at 8 Mar 2016 08:59
International Consolidated Airlines Group, S.A. (the "Company" or "IAG") discloses the following information regarding certain of its share plans pursuant to its obligations under Disclosure Rule 3.1.4(R).
Incentive Award Deferral Plan ("IADP") 2013
Consistent with IAG's remuneration policy, half of any annual incentive award is paid in deferred shares in the Company which vest after three years under the IADP. In accordance with this, the following Executive Directors and Persons Discharging Managerial Responsibilities ("PDMRs"), who were beneficiaries of this plan in 2013, have acquired, after the settlement of income tax and national insurance contributions, ordinary shares of the Company as follows:
Name | Place and Date | Position | Number of shares released1 |
Enrique Dupuy de Lôme | London, 7 March 2016 | Executive Director | 32,988 |
Keith Williams | London, 7 March 2016 | PDMR | 53,605 |
Robert Boyle | London, 7 March 2016 | PDMR | 32,526 |
Ignacio de Torres | London, 7 March 2016 | PDMR | 25,862 |
Chris Haynes | London, 7 March 2016 | PDMR | 16,186 |
Julia Simpson | London, 7 March 2016 | PDMR | 15,579 |
1 No consideration is payable for these shares.
Under the IAG IADP, no other performance conditions apply because it is based on performance conditions already delivered in 2012.
Performance Share Plan ("PSP") 2013
In accordance with the PSP rules, the share awards granted in March 2013 were tested for the performance period 1 January 2013 to 31 December 2015. Fifty per cent of the award was subject to the achievement of the Company's Earnings Per Share (EPS) targets and fifty per cent was subject to a Total Shareholder Return (TSR) performance condition measured against the MSCI European Transportation index. The outcome of these performance conditions was that 100 per cent of the award has vested.
In accordance with the above, the Executive Directors and PDMRs of the Company who were beneficiaries of this plan have received, after the settlement of income tax and national insurance contributions, ordinary shares of the Company as follows:
Name | Place and Date | Position | Number of vested shares1 |
Willie Walsh | London, 7 March 2016 | Executive Director | 362,863 |
Enrique Dupuy de Lôme | London, 7 March 2016 | Executive Director | 131,950 |
Keith Williams | London, 7 March 2016 | PDMR | 214,419 |
Robert Boyle | London, 7 March 2016 | PDMR | 114,797 |
Ignacio de Torres | London, 7 March 2016 | PDMR | 110,838 |
Chris Haynes | London, 7 March 2016 | PDMR | 60,697 |
Julia Simpson | London, 7 March 2016 | PDMR | 66,767 |
1 No consideration is payable for these shares.
Incentive Award Deferral Plan ("IADP") 2016
Consistent with IAG's remuneration policy, half of the overall outcome of the 2015 annual incentive, as detailed in the 2015 Remuneration Report, is payable in deferred shares which vest after three years under the IADP. Consequently, the following Executive Directors and PDMRs have received conditional share awards on 7 March 2016 under the IADP 2016:
Name | Position | Number of shares awarded |
Willie Walsh | Executive Director | 125,693 |
Enrique Dupuy de Lôme | Executive Director | 44,665 |
Stephen Kavanagh | PDMR | 15,095 |
Keith Williams | PDMR | 72,635 |
Luis Gallego | PDMR | 56,279 |
Alex Cruz | PDMR | 38,835 |
Andrew Crawley | PDMR | 12,384 |
Robert Boyle | PDMR | 39,028 |
Ignacio de Torres | PDMR | 33,383 |
Chris Haynes | PDMR | 21,445 |
Julia Simpson | PDMR | 21,650 |
Steve Gunning | PDMR | 32,580 |
The awards under the IADP 2016 may be forfeited if the executive leaves during the three-year deferral period.
Performance Share Plan ("PSP") 2016
As disclosed in the 2015 annual remuneration report, the following Executive Directors and PDMRs have received nil-cost options under the IAG PSP 2016 on 7 March 2016:
Name | Position | Number of shares awarded |
Willie Walsh | Executive Director | 314,233 |
Enrique Dupuy de Lôme | Executive Director | 145,647 |
Stephen Kavanagh | PDMR | 116,542 |
Luis Gallego | PDMR | 140,698 |
Alex Cruz | PDMR | 116,506 |
Andrew Crawley | PDMR | 75,505 |
Robert Boyle | PDMR | 101,811 |
Ignacio de Torres | PDMR | 95,379 |
Chris Haynes | PDMR | 77,634 |
Julia Simpson | PDMR | 59,046 |
Steve Gunning | PDMR | 81,449 |
In accordance with IAG's remuneration policy, the outcome of the PSP 2016 award will be assessed following the three-year performance period ending on 31 December 2018. It is dependent on three performance measures: Total Shareholder Return (TSR) relative to the MSCI European Transportation Index; Earnings Per Share (EPS); and Return on Invested Capital (RoIC). All three performance measures will have a weighting of one-third. At the end of the performance period there is an additional holding period of two years, ending on 31 December 2020, before the vested options can be exercised.
These share plans are more fully described in IAG's 2015 Directors' Remuneration Reports, which can be accessed online at IAG's website: www.iagshares.com.
8 March 2016
IAG Shareholder Services