Business
Implementation of new long-term incentive plan
Implementation of new long-term incentive plan.
About this update from Fintel Plc
[{"type":"text","content":"\n\nCertain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014), as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018) (\"MAR\") prior to its release as part of this announcement and is disclosed in accordance with the Company's obligation under Article 17 of those regulations.\n \n17 August 2023\n \nFintel plc\n(\"Fintel\" or the \"Company\", or the \"Group\")\nImplementation of new long-term incentive plan,\ngrant of awards and PDMR dealing\n \nFintel plc (AIM: FNTL) is pleased to announce the implementation of a new long-term incentive plan, its Growth Share Plan (the \"Plan\") and a number of initial grants of awards under the Plan to certain employees (\"2023 Awards\")\n \nThe current Value Builder Plan\n \nThe Company's current Value Builder Plan (\"VB Plan\") was intended to operate as an LTIP and be issued annually. The only award under this plan was announced on 30 November 2021, and no further awards are to be expected to be made.\n \nBackground and rationale to the new Growth Share Plan\n \nThe Plan has been designed as a longer term replacement to the VB Plan, with a scheme that the Remuneration Committee believe to be more appropriately structured. The Plan includes a wider participation amongst the senior management at the Company.\n \nIt is the view of the Remuneration Committee (\"RemCo\") that there is little or no current value in the existing VB Plan, which therefore renders it ineffective as an incentive mechanism to the key personnel who have successfully delivered against business objectives in a challenging macro environment and who collectively remain responsible for driving future business performance and delivering against the Company's future strategic objectives.\n \nThe new Plan has been subject to an extensive shareholder consultation process with a number of the Company's largest shareholders. This exercise provided valuable feedback which has been considered by RemCo in finalising the terms of the Plan.\n \nThe Plan has been designed to deliver a repeatable incentive structure on which annual awards are expected to be made under the program as part of a balanced and holistic remuneration review.\n \nThe Plan creates a dis...