Drax Group PLC 2022 Performance Awards - EPS Condition (5995I)
19 April 2022 - 9:00PM
UK Regulatory
TIDMDRX
RNS Number : 5995I
Drax Group PLC
19 April 2022
19 April 2022
Drax Group plc
("Drax" or the "Group"; Symbol:DRX)
2022 Performance Awards - EPS Condition
At the time of publishing the annual report for the financial
year ended 31 December 2021, Drax advised it would be separately
determining, and thereafter releasing details of, the Cumulative
Adjusted Earnings per Share performance condition which applies to
grants made to PDMRs and other employees in the 2022 financial
year.
The vesting of awards granted are subject to satisfying two
performance criteria over the financial years 2022, 2023 and 2024.
50% of the awards will be measured based on Relative Total
Shareholder Return relative to the FTSE-350, and the remaining 50%
will be measured based on Cumulative Adjusted Earnings per
Share.
Following a meeting of the Remuneration Committee, the proposed
Cumulative Adjusted EPS target for 2022 has been agreed. The EPS
target was set after considering the company's internal forecasts,
market expectations and sector peers.
Threshold Target Maximum
========
239.5p 266.1p 292.7p
========== ======= ========
BASIS OF VESTING
Performance Target % of Award Vesting
(of EPS performance
condition)
-------- ---------------------
Below threshold <239.5p 0%
-------- ---------------------
Threshold 239.5p 25%
-------- ---------------------
Maximum 292.7p 100%
-------- ---------------------
Vesting between the threshold and maximum will be on a
straight-line basis.
The EPS target is 'Adjusted EPS', derived from Adjusted Results
as reported in the Company's audited financial statements.
Instances where such adjustments might apply include acquisition
and restructuring costs, asset obsolescence charges and certain
remeasurements on derivative contracts.
There may arise circumstances during the performance period
where adjustment or discretion is applied by the Remuneration
Committee by reference to exceptional items and the Remuneration
Policy. The application of such adjustments would be considered
during and upon completion of the performance cycle. In making
their assessment, the Remuneration Committee will take into account
appropriate advice (for example from our auditors, Remuneration
Committee advisers or the Audit Committee) and also give due
consideration to the shareholder experience. The Remuneration
Committee would also take into account exceptional and unforeseen
circumstances, including wider considerations such as the
prevailing market environment, in assessing the appropriate level
of vesting judged against the performance of the Company and
management at the end of the performance period.
Total Shareholder Return relative to the FTSE-350 will be
measured over the three-year period (2022-2024) consistent with the
approach previously approved by shareholders.
The Remuneration Committee of Drax considers that attaining
outturn at the top end of the range would represent strong
performance considering the uncertain economic circumstances and
the challenges to the broader economy.
Ends
Enquiries:
Drax Investor Relations: Mark Strafford
mark.strafford@drax.com
+44 (0) 7730 763 949
Brett Gladden, Group Company Secretary
brett.gladden@drax.com
+44 (0)7936 362586
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END
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