Source - LSE Regulatory
RNS Number : 0462V
ContourGlobal PLC
09 April 2021
 

 

 

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 EBITDA
per share growth  p.a.

Health and safety
Lost time incident rate

Growth - Internal Rate of Return (IRR)1

Weighting

50%

25%

25%

100% vesting

25% and above

Zero

IRR for qualifying
projects met

25% vesting

10%

0.09

IRR for qualifying
projects at 90%

0% vesting

Below 10%

 Above 0.09

IRR for qualifying
projects 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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