MITIE Group PLC Section 430(2B) Companies Act 2006 Statement (6257W)
10 February 2017 - 10:56PM
UK Regulatory
TIDMMTO
RNS Number : 6257W
MITIE Group PLC
10 February 2017
10 February 2017
Mitie Group plc ("Mitie")
SECTION 430(2B) COMPANIES ACT 2006 STATEMENT -
SUZANNE BAXTER
Following the announcement on 18 January 2017, Suzanne Baxter
has today stepped down as Group Finance Director and as a director
of Mitie. The following arrangements will apply in respect of
Suzanne's remuneration. These arrangements comply with Mitie's
remuneration policy, which was approved by shareholders in
2015.
Payments and benefits
Up to 31 May 2017, Suzanne will be available to support the
Board and ensure a smooth transition for the new Chief Financial
Officer. She will continue to receive her salary, pension, car
allowance and other contractual benefits for that period. A payment
of GBP338,457 in respect of her salary, car allowance and pension
for the unexpired period of her notice period shall be made in June
2017. This payment is subject to mitigation in the event that
Suzanne takes up a remunerated executive position elsewhere prior
to 31 January 2018. Mitie will continue to provide her other
contractual benefits, including medical insurance until 31 January
2018. The Company will pay Suzanne up to GBP70,000, excluding VAT,
towards legal and outplacement fees incurred in connection with her
departure, the precise amount of which will be based on the fees
actually incurred.
Share incentives
Under Mitie's Long Term Incentive Plans (each an "LTIP"),
Suzanne's 2014 LTIP award will vest on 31 May 2017, subject to
satisfaction of the relevant performance criteria. In accordance
with the rules of the relevant LTIP, accelerated vesting will apply
to the 2015 and 2016 LTIP grants, and they will vest on 31 May
2017, subject to satisfaction of the relevant performance criteria.
The applicable performance conditions will be tested over the
period up to 31 March 2017 and determined by the Remuneration
Committee in May 2017. The awards granted in 2015 and 2016 will be
pro-rated to 31 May 2017. Any dividend equivalents will be
satisfied by a cash payment to be made following the vesting date,
in accordance with the rules of the relevant LTIP.
Suzanne's awards under the all-employee SAYE Plan and Share
Incentive Plan will be treated in accordance with the terms of the
respective plan rules.
Annual bonus payment
Suzanne will have been employed for the entire financial year
2016/2017 and is entitled to participate in Mitie's bonus scheme
for that financial year. The amount of bonus will be subject to the
satisfaction of the relevant performance criteria and will be
determined by the Remuneration Committee in May 2017. Suzanne will
not be eligible to participate in Mitie's bonus scheme for the
2017/2018 financial year.
The relevant remuneration details relating to Suzanne Baxter
will be included in the Directors' Remuneration Report in the
Annual Report and Accounts for the year ended 31 March 2017.
In accordance with section 430(2B) of the Companies Act 2006,
the information contained in this document will be made available
on the Company's website until the Company's next directors'
remuneration report is made available.
-Ends-
For further information, contact:
John Telling
Group Corporate Affairs Director, Mitie Group plc
T: +44 (0) 203 123 8673 M: +44 (0) 7979 701 006 E:
john.telling@mitie.com
Lauren Hepburn
Investor and Public Relations Manager, Mitie Group plc
T: +44 (0) 203 123 8720 M: +44 (0) 7469 405 426 E:
lauren.hepburn@mitie.com
Notes for editors
What is Mitie?
Mitie is a FTSE250 strategic outsourcing company.
We work with people who want to perform better - now and in the
future. We help our clients to run more efficient and effective
businesses by looking after their facilities, their energy needs
and the people they're responsible for.
We're all about developing our people to excel every day,
challenge the status quo, and inspire change in the way people live
and work.
Find out more at www.mitie.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAFAEFSDXEFF
(END) Dow Jones Newswires
February 10, 2017 06:56 ET (11:56 GMT)
Mitie (LSE:MTO)
Historical Stock Chart
From Apr 2024 to May 2024
Mitie (LSE:MTO)
Historical Stock Chart
From May 2023 to May 2024