3 January
2017
SECTION 430(2B)
COMPANIES ACT 2006 STATEMENT
Wolfgang Sondermann
Further to the announcement made on 14
December 2016, the Company announces that Wolfgang Sondermann has stepped down as a
Director of the Company with effect from 31
December 2016.
In accordance with Section 430(2B) of the Companies Act 2006,
the following arrangements will apply in respect of Wolfgang’s
remuneration which are in accordance with the Remuneration Policy
approved by the Company's shareholders at its 2014 Annual General
Meeting.
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Wolfgang will remain an employee of Keller Holding GmbH until
30 April 2017 when he will
retire.
-
Until 30 April 2017, he will
continue to receive his contractual salary, benefits in kind and
pension contributions. Wolfgang will use all of his outstanding
leave before his employment contract terminates.
-
Following his retirement from Keller Holding GmbH, Wolfgang will
serve in an advisory capacity for two days per month representing
Keller Holding GmbH as Chairman of the Board of the German
Geotechnical Society. He will be paid €1,000 per day of service by
Keller Holding GmbH.
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Wolfgang will be treated as a "Good Leaver" under the Group’s
Performance Share Plan (“PSP”). His 2014 and 20161
awards under the PSP will vest based to the extent the applicable
performance conditions have been achieved over the full performance
period and the proportion of the performance period worked.
-
Any bonus payable for the 2016 performance year will be
determined by the Remuneration Committee following Company’s
results announcement in February
2017.
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Other than the amounts disclosed above, Wolfgang will not be
eligible for any pay in lieu of notice or severance as a result of
his retirement.
Details of the above payments will be disclosed in the
Directors' Remuneration Report for the year ending 31 December 2016.
Venu
Raju
Also, further to the Company’s announcement on 14 December 2016 regarding the appointment of
Venu Raju as Executive Director
(Engineering & Operations) with effect from 1 January 2017, Venu’s remuneration is set out
below. Venu will continue to be based in Singapore during 2017 employed by his current
employer, Keller Foundations (SE
Asia) PTE Ltd, and is expected to relocate to Europe during 2018 at which point he will be
employed by Keller Group plc.
Base pay
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Salary: £280,000 per annum.
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Pension: 18% of salary per annum. While based in Singapore, Venu will remain in the Central
Provident Fund (CPF), which is the statutory authority that
administers Singapore's public
pension system.
-
Benefits: Venu will receive a car allowance of £12,000 per
annum, private health care, life assurance and long-term disability
insurance.
Performance related pay
The remuneration package meets the criteria set out in the
Company’s approved 2014 Remuneration Policy.
For further information, please contact:
Kerry Porritt
Company Secretary
Tel: 020 7616 7575
Notes to Editors:
Keller is the world’s largest geotechnical contractor, providing
technically advanced geotechnical solutions to the construction
industry. With annual revenue of around £1.8bn, Keller has
approximately 10,000 staff world-wide.
Keller is the clear market leader in the US, Canada, Australia and South
Africa; it has prime positions in most established European
markets and a strong profile in many developing markets.
1 As announced in the 2015 Directors Remuneration
Report, the Committee approved an award of shares to Wolfgang under
the PSP in 2016 in lieu of an award in 2015. An award was not made
in 2015 due to his then announced retirement. Wolfgang’s
retirement date was subsequently postponed to April 2017 at the request of the Board and the
Committee made an award in 2016 on the basis of an award received
in 2015: the 2016 award was based on a lower number of shares with
a performance period of 1 January
2015 to 31 December 2017 (the
same as for other participants in the 2015-17 cycle). The award
will vest three years from grant, i.e. not before 2019, and will be
pro-rated over the period from the date of grant to the date of
Wolfgang’s retirement.