Glanbia PLC Doc re. 2021 Share Awards (1706Z)

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RNS Number : 1706Z

Glanbia PLC

19 May 2021

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                        Weighting                        Threshold                       Maximum 
       CONDITION                                                       (25% vesting)*                (100% vesting)* 
 
    Group Adjusted                         50%                        Equal to 6%                  Equal to or greater 
         EPS**                                                         CAGR                         than 11% CAGR 
  -----------------  -----------------------------------  ---------------------------  ------------------------------- 
      GROUP ROCE                           30%                        Equal to 8%                  Equal to or greater 
                                                                                                    than 11% 
  -----------------  -----------------------------------  ---------------------------  ------------------------------- 
         TSR                               10%                        Ranked half                  Ranked in the top 
     (STOXX Europe                                                     way                          quartile 
      600 Food & 
    Beverage Index) 
  -----------------  -----------------------------------  ---------------------------  ------------------------------- 
         ESG                     10%, comprised of: 
  -----------------  ------------------------------------------------------------------------------------------------- 
                             Renewable Energy -           Equal to a                   Equal to or greater 
                                     5%;                   30% conversion               than 40% conversion 
                                                           of existing                  of existing non-renewable 
                                                           non-renewable                energy utilisation 
                                                           energy utilisation           by December 2023. 
                                                           by December 
                                                           2023. 
  -----------------  ----------------------------------- 
                             Energy Efficiency -          Audits completed             Completion of planned 
                                     2.5%                  and plans approved           actions within the 
                                                           within the                   performance period. 
                                                           performance 
                                                           period. 
                     -----------------------------------  ---------------------------  ------------------------------- 
                                     Waste and Water      Base lining                  Completion of planned 
                                       Utilisation         completed and                actions within the 
                                         - 2.5%            plans approved               performance period. 
                                                           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 [phone]

Liam Hennigan, Group Director of Strategic Planning & Investor Relations: [phone]

Martha Kavanagh, Head of Corporate Communications: [phone]

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May 19, 2021 07:25 ET (11:25 GMT)