Business
Update on directors' remuneration
Update on directors' remuneration.
About this update from Standard Chartered Plc
[{"type":"text","content":"\n \n \n \n Standard Chartered PLC\n \n \n \n \n 17 March 2023\n \n \n \n \n \n \n \n \n \n Update on directors' remuneration\n \n \n \n \n 2020-22 Long-term incentive plan (LTIP) performance outcome\n \n \n \n In the 2022 directors' remuneration report (DRR), Standard Chartered PLC (SC) disclosed details of the expected performance outcome for the 2020-22 LTIP awards which began to vest on 15 March 2023. This showed that the\n threshold Return on Tangible Equity (RoTE) target had not been achieved and that the Remuneration Committee had determined the vesting outcome for the strategic measures at 22 per cent (out of a maximum 33.3 per cent). It was also stated in the DRR that performance against the Total Shareholder Return (TSR) threshold target would be measured in March 2023 and that at the time of the DRR publication, it was not expected to be achieved.\n \n \n Unlike the RoTE and strategic performance measures, which are assessed on a financial year timeframe, TSR is measured over the LTIP performance period which starts from the date of grant (i.e., 9 March 2020 for the 2020-22 LTIP) and ends on the day before the third anniversary of the grant date. Performance is assessed by calculating the change in TSR over the three-year performance period, based on the average over a month at the start and end of the performance period, and comparing this with SC's disclosed peer group.\n \n \n The final TSR performance was assessed on 9 March 2023. Following improved share price performance relative to the peer group since the start of 2023, SC ranked above median (i.e., the target for minimum vesting), resulting in an outcome of 14.8 per cent (out of a maximum 33.3 per cent) for TSR, and a total performance outcome of 36.8 per cent, as shown below:\n \n \n \n \n \n \n \n Measure\n \n \n \n \n \n \n Weighting\n \n \n \n \n \n \n Performance for minimum vesting (25%)\n \n \n \n \n \n \n Performance for maximum vesting (100%)\n \n \n \n \n \n \n Assessment of achievement\n \n \n \n \n \n \n Performance outcome\n \n \n \n \n \n \n \n RoTE in 2022 with CET1 underpin\n \n \n \n \n One-third\n \n \n \n \n 8.5%\n \n \n \n \n 11.0%\n \n \n \n \n RoTE 8%\n \n \n \n \n \n CET1 passed\n \n \n \n \n 0.0%\n \n \n \n \n \n \n Relative TSR performance against peer group\n \n \n \n \n One-third\n \n \n \n \n Median\n \n \n \n \n Upper ...