BT Group PLC Confirmation of 2020 long-term incentive awards (6705Q)
June 22 2020 - 6:40AM
UK Regulatory
TIDMBT.A
RNS Number : 6705Q
BT Group PLC
22 June 2020
22 June 2020
BT Group plc
Confirmation of Directors' 2020 long-term incentive awards
Subject to shareholder approval at the Annual General Meeting
2020 of the new Directors' Remuneration Policy ("Policy") and the
new Restricted Share Plan ("RSP"), the BT Remuneration Committee
("Committee") will grant the first RSP award for executive
directors in August 2020 at a reduced level.
Under the new Policy, RSP awards will normally be granted at
200% of salary. In the Report on Directors' Remuneration in the
Annual Report 2020 published on 21 May 2020, it was stated that the
Committee would make a decision on the size of the first RSP award
closer to the grant date but this would not exceed 175% of salary.
It was further advised that in determining the award level of the
first RSP award, the Committee would consider BT's share price
performance and feedback from consultations with some of our
largest shareholders.
We are pleased to advise that the majority of shareholders we
have consulted are supportive of the new Policy and the move to the
RSP as our long-term incentive plan. Following this consultation,
and taking into account BT's share price performance over the last
12 months and the Board's decision to suspend and re-base future
dividends, the Committee has determined that the first RSP award
will be granted at 160% of salary for executive directors. In
addition to reducing the size of the award granted, the Committee
will also look at the vesting outcomes of the first RSP award to
assess whether any "windfall gains" have been realised as a result
of any Covid-19 "bounce back".
We will make the required announcement confirming the RSP award
grants in early August 2020.
ENDS
Enquires
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END
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