1 May 2020 16:41
1 May 2020
RECKITT BENCKISER GROUP PLC
DIRECTOR/PDMR SHAREHOLDINGS
Reckitt Benckiser Group plc (the "Company" or "RB") announces the following changes in the interests of Directors and Persons Discharging Managerial Responsibility ("PDMR") in ordinary shares of 10 pence each in the share capital of the Company ("Shares").
2015 Long Term Incentive Plan ("LTIP")
Grant of Performance Share Awards and Share Options
On 1 May 2020, the grant of performance share awards and share options were made under the LTIP to the Directors and PDMRs listed below:
Name | Director/PDMR | Number of share options | Number of shares under performance award |
Laxman Narasimhan | Director and PDMR | 150,000 | 75,000 |
Jeff Carr | Director and PDMR | 80,000 | 40,000 |
Harold van den Broek | PDMR | 50,000 | 25,000 |
Aditya Sehgal | PDMR | 50,000 | 25,000 |
The number of Shares and options shown is the maximum available if the stretching performance conditions for the three-year performance period ending on 31 December 2022 are satisfied in full.
As we set out in the Company's 2019 Annual Report, at the time of publication of the report the performance conditions for the 2020 LTIP award were still under review by the Remuneration Committee, following the announcement of the findings of the CEO's strategic review in late February. The Committee wanted to ensure that the 2020-2022 LTIP performance measures and targets aligned with the updated strategic priorities.
Following the strategic announcement, the Remuneration Committee determined the appropriate performance measures and targets and carried out a comprehensive consultation with shareholders on the proposals. The Committee duly considered the feedback from shareholders before finalising the performance conditions.
The performance conditions that will apply to the 2020 LTIP awards for the 2020-2022 performance period are set out below. In line with the Directors' Remuneration Policy, for Executive Directors there is a further two-year holding period after the end of the performance period.
Performance Condition | Proportion of 2020 Award subject to Performance Condition | Target to achieve threshold (20%) vesting | Target to achieve maximum (100%) vesting |
1. Like-for-like Net Revenue p.a. (3 year CAGR) | 50% | 2% | 5% |
2. EPS (final year) on a constant foreign exchange basis | 12.5% | 323 pence | 360 pence |
3. EPS (final year) on an actual foreign exchange basis | 12.5% | 302 pence | 337 pence |
4. ROCE (final year) | 25% | 11.8% | 13.1% |
Vesting between achievement of threshold and maximum performance is on a straight-line basis. In addition to the above performance conditions, the Remuneration Committee has an overriding discretion to adjust vesting outcomes where, acting fairly and reasonably, it considers the formulaic outcome to be inappropriate.
Options will be exercisable at £65.20 per share. No consideration was paid for the grant of these awards.
The following notifications are made in accordance with DTR 3.1.2-A, incorporating article 19(1) of the Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM |
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Laxman Narasimhan | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Director - Chief Executive Officer | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan of
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
n/a | ||||||
e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Jeff Carr | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | Director - Chief Financial Officer | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan of
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
n/a | ||||||
e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Harold van den Broek | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR - Chief Operating Officer, Hygiene Home | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan | ||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
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e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
n/a | ||||||
e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Aditya Sehgal | ||||||
2 | Reason for the notification | |||||||
a) | Position/status | PDMR - Chief Operating Officer, Health | ||||||
b) | Initial notification/Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Reckitt Benckiser Group plc | ||||||
b) | LEI | 5493003JFSMOJG48V108 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan of
| ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
| ||||||
e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares | ||||||
b) | Nature of the transaction | Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
| ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
n/a | ||||||
e) | Date of the transaction | 2020-05-01 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
For further Information:Rupert Bondy
Company Secretary
Tel +44 (0)1753 217 800
John Dawson
SVP, Investor Relations
Tel. +44 (0)7408 809474
About RB
RB* is driven by its purpose to protect, heal and nurture in a relentless pursuit of a cleaner, healthier world. We fight to make access to the highest-quality hygiene, wellness and nourishment a right, not a privilege, for everyone.
RB is proud to have a stable of trusted household brands found in households in more than 190 countries. These include Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite, Air Wick and more. 20 million RB products a day are bought by consumers globally.
RB's passion to put consumers and people first, to seek out new opportunities, to strive for excellence in all that we do, and to build shared success with all our partners, while doing the right thing, always is what guides the work of our 40,000+ diverse and talented colleagues worldwide.
For more information visit www.rb.com
*RB is the trading name of the Reckitt Benckiser group of companies
Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108