Funding Circle Holdings PLC Clarification of Directors' Remuneration Policy (8714Z)
May 22 2019 - 6:58AM
UK Regulatory
TIDMFCH
RNS Number : 8714Z
Funding Circle Holdings PLC
22 May 2019
22 May 2019
Funding Circle Holdings plc
Clarification of Directors' Remuneration Policy (contained in
the 2018 annual report and accounts)
In advance of the first Annual General Meeting ("AGM") of
Funding Circle Holdings plc (the "Company") at 9am on Wednesday 5
June 2019 and following feedback from shareholder advisory bodies,
the Company wishes to clarify an element of the Remuneration Policy
which is being put to a shareholder vote at the 2019 AGM.
The awards granted under the Company's long-term incentive plan
(LTIP) to the CEO and CFO will be subject to the following annual
limits:
-- A maximum of GBP1.98 million for the CEO in each year for the three year period;
-- A maximum of GBP1.12 million for the CFO in each year for the three year period.
This will replace the limit based on the median of the maximum
total direct compensation for the FTSE 250 (excluding the top 50
companies in the FTSE 250). The LTIP represents the sole incentive
under the Remuneration Policy, which has been purposely weighted
towards long-term variable performance related remuneration.
As a result, the disclosure made by the Company in the
Remuneration Policy table on page 68 of the 2018 annual report and
accounts (the "Annual Report") should be amended from "Derived from
the median of maximum total direct compensation for FTSE 250
companies (other than the top 50 companies to ensure peer size is
relevant). For 2019, these awards would be GBP1.98 million for the
CEO and GBP1.12 million for the CFO." to read as follows (amended
wording is under the Maximum Opportunity section and in bold):
Element of Key features Purpose and Maximum opportunity Performance
remuneration link to strategy measures
LTIP Executive Directors Rewards long-term A maximum opportunity Annual revenue
are granted sustainable of GBP1.98 growth average
awards.... performance... million per and annual
annum for the EPS growth
CEO over three
A maximum opportunity years...
of GBP1.12
million per
annum for the
CFO or any
other executive
director
-------------------- ------------------ ----------------------- ----------------
As detailed in the Annual Report, the CEO has waived his
entitlement to a LTIP award in 2019.
There are no other changes to disclosures in the Annual Report.
There is no change to the contents of the AGM Notice, issued on 8
April 2019. A copy of the AGM Notice is available to download from
the Company's website here:
https://corporate.fundingcircle.com/download_file/228/0
Investor Relations:
Funding Circle
David de Koning - Director of Investor Relations and
Communications (020 3667 2245)
About Funding Circle:
Funding Circle (LSE: FCH) is a global SME loans platform,
connecting SMEs who want to borrow with investors who want to lend
in the UK, US, Germany and the Netherlands. Since launching in
2010, investors across Funding Circle's geographies - including
more than 90,000 retail investors, banks, asset management
companies, insurance companies, government-backed entities and
funds - have lent more than GBP7 billion to over 65,000 businesses
globally. Funding Circle is a member of the FTSE 250 Index.
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END
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