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 condition |
Weighting |
Threshold vesting for 25% of maximum award |
Maximum vesting |
Actual performance |
Vesting outcome |
Relative TSR* |
50% |
Median performance |
Upper quartile performance |
Above upper quartile |
100.00% |
EPS growth |
25% |
RPI plus 3% p.a. |
RPI plus 7% p.a. |
RPI plus 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 |
