Source - LSE Regulatory
RNS Number : 2678W
Marks & Spencer Group PLC
21 December 2021
 

MARKS AND SPENCER GROUP PLC

2021 PSP AWARD TARGETS

 

Marks and Spencer Group plc ("M&S") is providing this notification following the grant of conditional awards under the Company's Performance Share Plan on 29 June 2021 ("2021 PSP Award"). Awards under the 2021 PSP will vest in 2024 to the extent that the performance conditions are met. The awards must then be held for a further two years and are not released to participants until 2026. Further, malus, clawback and shareholding guidelines apply to these awards.

As stated in the RNS announcement on 30 June 2021 and in the Company's 2021 Annual Report, due to the continued uncertainty in trading and the financial environment, target setting for the 2021 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 2021.

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 2021 Performance Share Plan award have been confirmed as follows:

Measure

Weighting

Details

Threshold

Maximum

Adjusted EPS in final year of 3-yr performance period

30%

15p

24p

ROCE in final year of 3-yr performance period

30%

10.5%

13.5%

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 targets, 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

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