Johnston Press PLC Directors' Remuneration Policy (1512F)

TIDMJPR

RNS Number : 1512F

Johnston Press PLC

15 May 2017

FOR IMMEDIATE RELEASE

15 MAY 2017

JOHNSTON PRESS PLC

Directors' Remuneration Policy

The notice of annual general meeting ("AGM") of Johnston Press plc (the "Company") to be held on Monday 22 May 2017 includes at resolution 2 a proposal to adopt a new Directors' Remuneration Policy (the "Policy") which amends the existing Directors' Remuneration Policy.

Following consultations with shareholders, the Company announces that conditional upon the approval of the Policy at the AGM on 22 May 2017, the Directors undertake to operate the new Policy within the following additional parameters:

1. No restricted share awards (i.e. share awards granted without any performance conditions) will be granted to the executive directors of the Company under the Johnston Press Performance Share Plan 2006 ("PSP") or any other long-term incentive plan operated by the Company under which restricted share awards may be granted, whilst the Policy remains in force, unless otherwise approved by the Company's shareholders at a general meeting of the Company after the 2017 AGM.

2. No performance share awards will be granted to the current executive directors of the Company in 2017 under the PSP or under any other long-term incentive plan operated by the Company. Future performance share awards may be made to the executive directors of the Company under the PSP (or any replacement long-term incentive plan approved by shareholders at a general meeting of the Company after the AGM) from 1 January 2018, provided that any such awards are subject to performance conditions to be measured over a three-year period as determined and set by the Remuneration Committee and are otherwise in line with the proposed new Policy.

3. The maximum annual bonus potential for the executive directors will be reduced to the normal policy levels, being 120% of salary in the case of the Chief Executive Officer (rather than the 180% stated in the new Policy) and 100% of salary in the case of the Chief Financial Officer (rather than 165%). These 120% and 100% maximum limits will also apply in any future years to which the proposed Policy applies.

4. One-third of any annual bonus awarded to the Company's executive directors under the new Policy shall be deferred (on a net or gross basis) for three years (rather than two as currently set out in the Policy) under the Company's Deferred Share Bonus Plan, with deferral in the form of shares, other than in exceptional circumstances as determined by the Committee.

These undertakings shall apply for so long as the new Policy remains in force, unless otherwise agreed by the Company's shareholders at a general meeting of the Company after the AGM.

The board would like to remind shareholders that the deadline for receipt of proxy votes is 11.00am on Thursday 18 May. The board hopes that shareholders will be able to support not only the resolution proposing the Company's revised Directors' Remuneration Policy but also the other resolutions being proposed at the annual general meeting.

Camilla Rhodes, Chair of the Remuneration Committee, notes:

"We have engaged with leading shareholders over the last few months and thank them for their helpful comments and feedback. The Remuneration Committee has listened very carefully and reflected shareholders' views in formulating these additional commitments within which the Remuneration Committee will operate the proposed new remuneration policy. The Board believes that the policy, together with these additional undertakings as to how it will be implemented, is fair, ensures there is an appropriate focus on performance and is necessary for retaining the right talent in order to achieve successful outcomes to the challenges facing the business."

ENDS

For more information, contact:

 
 Johnston Press plc 
  Camilla Rhodes, Interim Chairman 
  Peter McCall, Company Secretary                 020 7612 2600 
 Panmure Gordon 
  Charles Leigh-Pemberton                         020 7886 2500 
 Liberum 
  Neil Patel                                      020 3100 2000 
 Powerscourt                                      020 7250 1446 
  Juliet Callaghan / John Elliott      [e-mail] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCGGUMUAUPMGGA

(END) Dow Jones Newswires

May 15, 2017 07:10 ET (11:10 GMT)