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Pin to quick picksMarks & Spencer Regulatory News (MKS)

Share Price Information for Marks & Spencer (MKS)

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Share Price: 273.80
Bid: 272.20
Ask: 272.40
Change: -3.00 (-1.08%)
Spread: 0.20 (0.073%)
Open: 276.70
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Low: 272.10
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2020 PSP Award Targets

21 Dec 2020 09:00

RNS Number : 2480J
Marks & Spencer Group PLC
21 December 2020
 

 

Marks and Spencer Group PLC

2020 PSP AWARD TARGETS

 

Marks and Spencer Group plc ("M&S") is providing this notification following the grant of conditional share awards under the Company's Performance Share Plan on 6 July 2020 ("2020 PSP Award"). The PSP is designed to deliver sustainable value creation and encourage long-term shareholding and alignment with shareholders' interests.

As stated in the RNS announcement on 6 July 2020 and in the Company's 2020 Annual report, due to the unprecedented trading and financial environment target setting for the 2020 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 2020.

These awards will vest in 2023 to the extent the performance conditions are met. They must then be held for a further two years, not being released to the participants until 2025. Further, malus, clawback, and shareholding guidelines apply to these awards.

As communicated in the 2020 Annual Report, and in recognition of the impact that Covid-19 had on the profitability of the Group. The 2020 PSP Award grant was reduced from 250% of salary to 175% to mitigate the risk of windfall gains.

Additionally, the Company is not operating a bonus scheme for Executive Directors in 2020/2021 and no bonus payments were made in respect of 2019/2020.

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 2020 PSP Award have been confirmed as follows:

Measure

Weighting

Details

Threshold

Maximum

Adjusted EPS in final year of 3-yr performance period

30%

13p

22p

ROCE in final year of 3-yr performance period

30%

9%

12%

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, 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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCFEDFDSESSEFE
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