Paragon Banking Group PLC Directors' Remuneration Report Correction (3353B)
January 29 2020 - 9:28AM
UK Regulatory
TIDMPAG
RNS Number : 3353B
Paragon Banking Group PLC
29 January 2020
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 Weighting Threshold vesting Maximum Actual performance Vesting
condition for 25% of vesting outcome
maximum award
Relative Upper quartile Above upper
TSR* 50% Median performance performance quartile 100.00%
RPI plus 3% RPI plus RPI plus
EPS growth 25% p.a. 7% p.a. 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
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END
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