Share Name Share Symbol Market Type Share ISIN Share Description
British American Tobacco Plc LSE:BATS London Ordinary Share GB0002875804 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +9.50p +0.32% 2,981.50p 2,979.50p 2,980.50p 3,016.50p 2,934.00p 2,973.50p 4,381,369 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Tobacco 24,492.0 8,351.0 264.0 11.3 63,535.57

British American Tobacco PLC Disclosure Section 430(2B), Companies Act 2006

04/04/2019 7:00am

UK Regulatory (RNS & others)

British American Tobacco (LSE:BATS)
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2 Months : From Mar 2019 to May 2019

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RNS Number : 0288V

British American Tobacco PLC

04 April 2019

British American Tobacco p.l.c. (the "Company")

Retirement of Nicandro Durante: disclosures required by section 430(2B), Companies Act 2006

Further to the announcement by the Company on 20 September 2018, Nicandro Durante has retired from the Company as Chief Executive with effect from 1 April 2019.

As required by section 430(2B) of the Companies Act 2006, the elements of Nicandro Durante's remuneration which are consequent upon his retirement, and which will be paid at or following the date of his retirement, are stated below; he will not receive any payment for loss of office or any other payments in relation to the cessation of his employment. Mr Durante's remuneration arrangements are in accordance with the Company's current shareholder approved Directors' Remuneration Policy. Further details will be included in the relevant Directors' Remuneration Reports in the Company's Annual Report and Accounts.

 Short-term incentives:         Determined by the Remuneration Committee on 25 
  Deferred Share Bonus           February 2019 as a 'good leaver' with reference 
  Scheme (DSBS) - outstanding    to the rules of the DSBS; he will receive full 
  awards of shares               and immediate vesting of all outstanding DSBS 
                                 awards as at 1 April 2019 amounting to 114,175 
                                 ordinary shares. 
 Short-term incentives:         Annual performance-related bonus (IEIS) for the 
  International Executive        year ending 31 December 2019 - cash award of GBP408,253 
  Incentive Scheme               receivable; award for the period from 1 January 
  (IEIS)                         2019 to 1 April 2019 made on the basis of 'on-target' 
  Year ending 31 December        performance in accordance with the rules of the 
  2019                           IEIS. 
  100% cash only; no 
  award of shares under 
-----------------------------  ------------------------------------------------------------- 
 Long-term incentives:          Determined as a 'good leaver' by the Remuneration 
  Long-term incentive            Committee on 25 February 2019 with reference to 
  plan (LTIP) - outstanding      the rules of the LTIP; Nicandro Durante's outstanding 
  awards of shares               LTIP awards at the date of his retirement (1 April 
                                 2019) are affected as follows: 
                                  *    LTIP Award: 12 May 2016 (performance period: 1 
                                       January 2016 - 31 December 2018) - vests on 12 May 
                                       2021 at 70.5% amounting to 99,072 ordinary shares. 
                                  *    LTIP Award: 27 March 2017 (performance period: 1 
                                       January 2017 - 31 December 2019) and LTIP Award: 26 
                                       March 2018 (performance period: 1 January 2018 - 31 
                                       December 2020) - actual vesting percentages will be 
                                       determined by the Remuneration Committee based on the 
                                       achievement of the performance conditions over the 
                                       relevant three-year performance period; time pro 
                                       rating, based on the number of months worked in each 
                                       performance period will apply. Any vesting under the 
                                       2017 and 2018 awards would only occur two years after 
                                       the end of the performance period. 
                                 Nicandro Durante did not receive any new awards 
                                 under the LTIP in 2019. 
-----------------------------  ------------------------------------------------------------- 
 Pension-related benefits:      Following his retirement, Nicandro Durante will 
  British American               be in receipt of a pension (and may take part 
  Tobacco UK Pension             or all of his entitlement as a lump sum) in accordance 
  Fund                           with the provisions of the UK UURBS which will 
  Unfunded unapproved            generate an initial annual pension (before any 
  retirement benefit             commutation) of approximately GBP181,693 which 
  scheme (UK UURBS)              will increase in future years in line with the 
                                 provisions of the UK UURBS. A pension in payment 
                                 from Fundacao Albino Souza Cruz (FASC) S.A., a 
                                 Brazilian registered wholly-owned subsidiary of 
                                 the Group has been in payment since April 2012 
                                 and will continue to be paid. This currently amounts 
                                 to GBP445,905 per annum, after adjusting for currency 
                                 exchange, reflecting his 31 years' service at 
                                 Souza Cruz. 
-----------------------------  ------------------------------------------------------------- 
 Other emoluments               Nicandro Durante is eligible to be reimbursed 
                                 for reasonable relocation and shipment costs, 
                                 up to a maximum of GBP200,000. Any income tax 
                                 and national insurance contributions payable on 
                                 such reimbursement will also be paid on Mr Durante's 
                                 behalf. The total estimate of Mr Durante's relocation 
                                 and shipment costs is GBP56,920, excluding any 
                                 applicable income tax or national insurance contributions. 
                                 He is also eligible to be reimbursed to an amount 
                                 not exceeding GBP30,000 for any international 
                                 tax advice he may receive. 
-----------------------------  ------------------------------------------------------------- 
                                Cash dividend equivalent (DSBS): cash sum of GBP25,330, 
                                 equivalent to the dividend on the after-tax position 
                                 on all unvested ordinary shares comprised in the 
                                 share awards held by Nicandro Durante in the DSBS 
                                 at the May quarterly interim dividend record date 
                                 (22 March 2019) for the year ended 31 December 
                                 2018; payable on or after the payment date for 
                                 the quarterly dividend, 8 May 2019. 
-----------------------------  ------------------------------------------------------------- 
                                Cash dividend equivalent (LTIP): Nicandro Durante 
                                 will be eligible to receive cash sums with equivalent 
                                 value to the aggregated dividends he would have 
                                 received as a shareholder over the vesting periods 
                                 applicable to his outstanding LTIP Awards, which 
                                 in each case will be paid on or shortly following 
                                 the vesting of the relevant LTIP Award. 
-----------------------------  ------------------------------------------------------------- 
 All Employee Share             Share Incentive Plan (Share Reward Scheme and 
  Plans                          UK Employee Share Ownership Plan): up to 2,486 
                                 shares held may be released in accordance with 
                                 the terms of the plan. 
                                 Sharesave: up to 625 options may be exercised 
                                 in accordance with the Sharesave Scheme rules 
                                 and the applicable HMRC requirements. 
-----------------------------  ------------------------------------------------------------- 

Name of duly authorised officer of issuer responsible for making notification:

B Creegan

Deputy Secretary

British American Tobacco p.l.c.

4 April 2019


British American Tobacco Press Office

+44 (0) 20 7845 2888 (24 hours) | @BATPress

Investor Relations

Mike Nightingale / Rachael Brierley / John Harney

+44 (0) 20 7845 1180 / 1519 / 1263

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



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April 04, 2019 02:00 ET (06:00 GMT)

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