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MKS Marks And Spencer Group Plc

274.10
0.20 (0.07%)
Last Updated: 10:48:42
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Marks And Spencer Group Plc LSE:MKS London Ordinary Share GB0031274896 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.20 0.07% 274.10 273.80 274.10 276.10 273.70 275.10 548,537 10:48:42
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Misc General Mdse Stores 11.93B 363.4M 0.1842 14.93 5.43B

Marks & Spencer Group PLC 2020 PSP Award Targets (2480J)

21/12/2020 9:00am

UK Regulatory


Marks And Spencer (LSE:MKS)
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RNS Number : 2480J

Marks & Spencer Group PLC

21 December 2020

Marks and Spencer Group PLC

2020 PSP AWARD TARGETS

Marks and Spencer Group plc ("M&S") is providing this notification following the grant of conditional share awards under the Company's Performance Share Plan on 6 July 2020 ("2020 PSP Award"). The PSP is designed to deliver sustainable value creation and encourage long-term shareholding and alignment with shareholders' interests.

As stated in the RNS announcement on 6 July 2020 and in the Company's 2020 Annual report, due to the unprecedented trading and financial environment target setting for the 2020 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 2020.

These awards will vest in 2023 to the extent the performance conditions are met. They must then be held for a further two years, not being released to the participants until 2025. Further, malus, clawback, and shareholding guidelines apply to these awards.

As communicated in the 2020 Annual Report, and in recognition of the impact that Covid-19 had on the profitability of the Group. The 2020 PSP Award grant was reduced from 250% of salary to 175% to mitigate the risk of windfall gains.

Additionally, the Company is not operating a bonus scheme for Executive Directors in 2020/2021 and no bonus payments were made in respect of 2019/2020.

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 2020 PSP Award have been confirmed as follows:

 
 Measure                      Weighting             Details 
                                          Threshold        Maximum 
                                         -----------  ---------------- 
 Adjusted EPS in final 
  year of 3-yr performance 
  period                         30%         13p             22p 
---------------------------  ----------  -----------  ---------------- 
 ROCE in final year 
  of 3-yr performance 
  period                         30%          9%             12% 
---------------------------  ----------  -----------  ---------------- 
 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, 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 

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 rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFEDFDSESSEFE

(END) Dow Jones Newswires

December 21, 2020 04:00 ET (09:00 GMT)

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