UPDATE ON LONG TERM INCENTIVE PLAN PERFORMANCE CONDITION RANGES
19 May 2021 - Glanbia plc ("Group" or "Company") the Global Nutrition Group is publishing its long term incentive plan performance condition ranges for the three year period from the 2021 financial year. This is the first time the Company has included environmental targets in remuneration metrics and represent an important milestone towards execution of the Company's ESG strategy. Taking account of the continued volatility arising from the Covid-19 pandemic, and to allow for greater visibility of market conditions, the Company deferred the finalisation of the performance condition ranges in respect of the 2021 share awards granted on 16 March 2021 to a date to be no later than six months from the date of grant of the award.
The Company confirms that the performance condition measures and targets in respect of the 2021 share awards made on 16 March 2021 are as set out below:
| | PERFORMANCE CONDITION | Weighting | Threshold (25% vesting)* | Maximum (100% vesting)* |
| Group Adjusted EPS** | 50%
| Equal to 6% CAGR | Equal to or greater than 11% CAGR | |
| GROUP ROCE | 30% | Equal to 8% | Equal to or greater than 11% | |
| TSR (STOXX Europe 600 Food & Beverage Index) | 10% | Ranked half way | Ranked in the top quartile | |
| | ESG | 10%, comprised of: | ||
| | Renewable Energy - 5%; | Equal to a 30% conversion of existing non-renewable energy utilisation by December 2023.
| Equal to or greater than 40% conversion of existing non-renewable energy utilisation by December 2023.
| |
| | Energy Efficiency - 2.5% | Audits completed and plans approved within the performance period.
| Completion of planned actions within the performance period.
| |
| | Waste and Water Utilisation - 2.5% | Base lining completed and plans approved within the performance period.
| Completion of planned actions within the performance period.
| |
* Straight line vesting between threshold performance and maximum performance.
** Group Adjusted EPS performance condition will continue to be measured using constant currency to reflect more accurately underlying earnings performance and remove any distortionary effect of currency volatility.
For further information contact
Glanbia plc +353 (0)56 777 2200
Liam Hennigan, Group Director of Strategic Planning & Investor Relations: +353 (0)86 046 8375
Martha Kavanagh, Head of Corporate Communications: +353 (0)87 646 2006
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