Paragon Banking Group PLC Directors' Remuneration Report Correction (3353B)

TIDMPAG

RNS Number : 3353B

Paragon Banking Group PLC

29 January 2020

29 January 2020

Paragon Banking Group PLC ('Paragon'/the 'Company')

Directors' Remuneration Report Correction

The Company announces the correction to an error in the table on page 103 of the published version of the 2019 Annual Report and Accounts ('2019 ARA').

Paragon's TSR performance over the performance period was 'above upper quartile', rather than 'between median and upper quartile' as stated on page 103 of the 2019 ARA.

We have set out below a correct version of the table. Note that there is no impact on the actual vesting outcomes under the TSR performance condition.

 
 Performance    Weighting    Threshold vesting          Maximum   Actual performance    Vesting 
  condition                         for 25% of          vesting                         outcome 
                                 maximum award 
 Relative                                        Upper quartile          Above upper 
  TSR*                50%   Median performance      performance             quartile    100.00% 
                                   RPI plus 3%         RPI plus             RPI plus 
 EPS growth           25%                 p.a.          7% p.a.           6.56% p.a.     91.74% 
 Risk                 25%                  n/a              n/a                  90%     90.00% 
 Total as a % of maximum award                                                           95.44% 
 Total as a % of salary at grant                                                        190.88% 
 

*The comparator group for TSR purposes agreed at the time of grant was: Aldermore Group PLC, Arrow Global Group PLC, Barclays PLC, Close Brothers Group PLC, CYBG PLC, Lloyds Banking Group PLC, Metro Bank PLC, OneSavings Bank PLC, Provident Financial PLC, Royal Bank of Scotland Group PLC, Shawbrook Group PLC, Secure Trust Bank PLC and Virgin Money Holdings (UK) PLC, rather than the FTSE250 as stated on p103.

The updated 2019 ARA is available on the Paragon website at:

https://www.paragonbankinggroup.co.uk/investor/reports-results-presentations

 
 Enquiries to: 
 Paragon Banking Group PLC    Pandora Sharp 
                              Company Secretary 
                              0121 712 2075 
 

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January 29, 2020 09:28 ET (14:28 GMT)