Business
Clarification of Directors' Remuneration Policy
Clarification of Directors' Remuneration Policy.
About this update from Funding Circle Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 8714Z Funding Circle Holdings PLC 22 May 2019 \n\n22 May 2019\nFunding Circle Holdings plc\nClarification of Directors' Remuneration Policy (contained in the 2018 annual report and accounts)\n\nIn advance of the first Annual General Meeting (\"AGM\") of Funding Circle Holdings plc (the \"Company\") at 9am on Wednesday 5 June 2019 and following feedback from shareholder advisory bodies, the Company wishes to clarify an element of the Remuneration Policy which is being put to a shareholder vote at the 2019 AGM. \nThe awards granted under the Company's long-term incentive plan (LTIP) to the CEO and CFO will be subject to the following annual limits:\n· A maximum of £1.98 million for the CEO in each year for the three year period;\n· A maximum of £1.12 million for the CFO in each year for the three year period.\nThis will replace the limit based on the median of the maximum total direct compensation for the FTSE 250 (excluding the top 50 companies in the FTSE 250). The LTIP represents the sole incentive under the Remuneration Policy, which has been purposely weighted towards long-term variable performance related remuneration. \nAs a result, the disclosure made by the Company in the Remuneration Policy table on page 68 of the 2018 annual report and accounts (the \"Annual Report\") should be amended from \"Derived from the median of maximum total direct compensation for FTSE 250 companies (other than the top 50 companies to ensure peer size is relevant). For 2019, these awards would be £1.98 million for the CEO and £1.12 million for the CFO.\" to read as follows (amended wording is under the Maximum Opportunity section and in bold):\n \n\n\n\n\nElement of remuneration\n\n\nKey features\n\n\nPurpose and link to strategy\n\n\nMaximum opportunity\n\n\nPerformance measures\n\n\n\n\nLTIP\n\n\nExecutive Directors are granted awards….\n\n\nRewards long-term sustainable performance…\n\n\nA maximum opportunity of £1.98 million per annum for the CEO \nA maximum opportunity of £1.12 million per annum for the CFO or any other executive director\n\n\nAnnual revenue growth average and annual EPS growth over three years… \n\n\n\n\n \nAs detailed in the Annual Report, the CEO has waived his entitlement to a LTIP award...