Business
Review of Remuneration Policies
Review of Remuneration Policies.
About this update from Naked Wines Plc
[{"type":"text","content":"\n \nRNS Number : 6764A Majestic Wine PLC 09 June 2016 \n\n\n\n\n\nFor Immediate Release\n\n\n9 June 2016\n\n\n\n\n \n \n \nMajestic Wine PLC\n(\"Majestic\" or the \"Group\")\n \nReview of Remuneration Policies\n \nMajestic Wine PLC, a leading wine specialist operating in four divisions; Majestic Retail, Naked Wines, Majestic Commercial and Lay & Wheeler, announces the results of a full review of the Group's remuneration policies and incentives.\n \nIn FY15/16 Majestic Wine Plc acquired Naked Wines and announced a three year transformation plan to deliver sustainable growth for the Group through driving customer loyalty. To underpin this a number of initiatives have been made including; 1) appointment of a new senior management team and 2) a renewed focus on employee engagement. \n \nFollowing these developments the Remuneration Committee has reviewed compensation across the business and developed a new unified approach with three key principles:\n \n· Alignment with the 2019 ambition of the transformation plan\n· Democratic participation benefitting all employees\n· Incentivising sustainable growth by measuring relative Total Shareholder Return\n \nThe changes include: \n \n1) Long Term Incentive Plan\n \nTo incentivise Management and Executives during the period of Transformation of the Group (see below) a new Majestic Wine Long Term Incentive Plan (\"LTIP\") will be introduced to all employees from store manager level upwards, post the announcement of the Group's full year results for the period ending 28 March 2016.\n \nUnder the rules of the LTIP, conditional awards over shares will be made which will typically vest over a three year performance period, subject to continued employment and the satisfaction of a Total Shareholder Return (\"TSR\") performance condition which will compare Company performance relative to a set of 25 listed specialty retailers. 100% vesting requires top quartile performance with a straight line reduction to 25% of the award at median performance. No award will vest for performance below median. \n \nThe Remuneration Committee intends to make a one-time conditional award over shares relat...