MITIE Group PLC Section 430(2B) Companies Act 2006 Statement (6257W)

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RNS Number : 6257W

MITIE Group PLC

10 February 2017

10 February 2017

Mitie Group plc ("Mitie")

SECTION 430(2B) COMPANIES ACT 2006 STATEMENT -

SUZANNE BAXTER

Following the announcement on 18 January 2017, Suzanne Baxter has today stepped down as Group Finance Director and as a director of Mitie. The following arrangements will apply in respect of Suzanne's remuneration. These arrangements comply with Mitie's remuneration policy, which was approved by shareholders in 2015.

Payments and benefits

Up to 31 May 2017, Suzanne will be available to support the Board and ensure a smooth transition for the new Chief Financial Officer. She will continue to receive her salary, pension, car allowance and other contractual benefits for that period. A payment of GBP338,457 in respect of her salary, car allowance and pension for the unexpired period of her notice period shall be made in June 2017. This payment is subject to mitigation in the event that Suzanne takes up a remunerated executive position elsewhere prior to 31 January 2018. Mitie will continue to provide her other contractual benefits, including medical insurance until 31 January 2018. The Company will pay Suzanne up to GBP70,000, excluding VAT, towards legal and outplacement fees incurred in connection with her departure, the precise amount of which will be based on the fees actually incurred.

Share incentives

Under Mitie's Long Term Incentive Plans (each an "LTIP"), Suzanne's 2014 LTIP award will vest on 31 May 2017, subject to satisfaction of the relevant performance criteria. In accordance with the rules of the relevant LTIP, accelerated vesting will apply to the 2015 and 2016 LTIP grants, and they will vest on 31 May 2017, subject to satisfaction of the relevant performance criteria. The applicable performance conditions will be tested over the period up to 31 March 2017 and determined by the Remuneration Committee in May 2017. The awards granted in 2015 and 2016 will be pro-rated to 31 May 2017. Any dividend equivalents will be satisfied by a cash payment to be made following the vesting date, in accordance with the rules of the relevant LTIP.

Suzanne's awards under the all-employee SAYE Plan and Share Incentive Plan will be treated in accordance with the terms of the respective plan rules.

Annual bonus payment

Suzanne will have been employed for the entire financial year 2016/2017 and is entitled to participate in Mitie's bonus scheme for that financial year. The amount of bonus will be subject to the satisfaction of the relevant performance criteria and will be determined by the Remuneration Committee in May 2017. Suzanne will not be eligible to participate in Mitie's bonus scheme for the 2017/2018 financial year.

The relevant remuneration details relating to Suzanne Baxter will be included in the Directors' Remuneration Report in the Annual Report and Accounts for the year ended 31 March 2017.

In accordance with section 430(2B) of the Companies Act 2006, the information contained in this document will be made available on the Company's website until the Company's next directors' remuneration report is made available.

-Ends-

For further information, contact:

John Telling

Group Corporate Affairs Director, Mitie Group plc

T: [phone] M: [phone] E: [e-mail]

Lauren Hepburn

Investor and Public Relations Manager, Mitie Group plc

T: [phone] M: [phone] E: [e-mail]

Notes for editors

What is Mitie?

Mitie is a FTSE250 strategic outsourcing company.

We work with people who want to perform better - now and in the future. We help our clients to run more efficient and effective businesses by looking after their facilities, their energy needs and the people they're responsible for.

We're all about developing our people to excel every day, challenge the status quo, and inspire change in the way people live and work.

Find out more at www.mitie.com

This information is provided by RNS

The company news service from the London Stock Exchange

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February 10, 2017 06:56 ET (11:56 GMT)