Directors Remuneration Policy - Clarification

Clarification in respect of the proposed Directors' Remuneration Policy

The 2019 Annual Report includes the proposed directors' remuneration policy for approval by shareholders at the AGM to be held on 25 June.

Relatively few changes are proposed to the policy which were discussed with our largest shareholders and their proxy advisers.  These changes are all highlighted in the Remuneration Committee chairman's summary on pages 80-81 of the 2019 Annual Report.  One of these changes related to the narrowing of the bonus range with a consequent increase in the amount of payment at threshold to one-third of the maximum.  This is also referenced in the overview of the new policy on page 84 but not transcribed on to page 87 where the reference to the previous level of 25% was inadvertently retained.  This should be read as the intended one-third level.  In the narrowing of the range, the effect of the change is to make the overall position more onerous. 

Name of contact and telephone number for queries:

Chris Lee
Group Legal Director & Company Secretary
020 3107 5431