National Grid PLC Board Changes (2098Z)
20 May 2021 - 4:00PM
UK Regulatory
TIDMNG.
RNS Number : 2098Z
National Grid PLC
20 May 2021
20 May 2021
National Grid plc ('National Grid' or 'the Company')
Board Changes
National Grid today announces that Nicola Shaw, UK Executive
Director, will step down from the Board at the conclusion of the
Company's Annual General Meeting (AGM) on 26 July 2021. Following
the strategic transactions the Company announced in March and a
move to a more business focused structure, the position of UK
Executive Director will no longer exist in the new operating model.
Nicola has agreed to stay with the Company until after the
conclusion of the RIIO-T2 Competition and Markets Authority (CMA)
appeal process later in the year and continue as Chair of the
Company's subsidiaries, National Grid Electricity Transmission plc
and National Grid Gas plc, to help the new management teams .
John Pettigrew, CEO, commented: 'Nicola has been a key member of
my management team since her appointment as UK Executive Director
in 2016. She has been instrumental in navigating the Company
through the Ofgem regulatory price controls and a visible leader
through the global pandemic. On behalf of the Board I would like to
thank Nicola for her significant contribution and support over the
last 5 years and for the value that she has brought to the Company
in this time and wish her all the best for the future.'
The Company further announces that following a limited extension
upon reaching his nine-years tenure on 1 February 2021, as
indicated in the 2019/20 Annual Report and Accounts, Paul Golby
will not be seeking re-election by shareholders at the next AGM and
will step down from the Board at the conclusion of the AGM on 26
July 2021.
Sir Peter Gershon, Chairman, commented: 'On behalf of the Board
I would like to thank Nicola and Paul for their significant
contributions over the last five and nine years respectively. I
would also like to thank Paul for his contribution as Chair of the
Safety, Environment and Health Committee and a member of the Audit
Committee. I wish both Nicola and Paul every success in their
future endeavours.'
Notes
Summary of Nicola Shaw's remuneration arrangements on exit:
-- Normal salary and associated benefits for her time worked;
Pay in lieu of notice for any unexpired notice period.
-- Annual bonus for 2021/22 pro-rated for time worked up to 31
October 2021 in the performance year.
-- LTPP awards will not be granted hereon and all outstanding
awards to vest at the normal vesting dates (in 2021, 2022 and 2023)
subject to respective performance conditions and pro-rated to her
termination date. Vested LTPP awards will remain subject to a two
year holding period post-vesting.
More information related to Nicola's remuneration for 2020/21
will be detailed in the Directors' Remuneration Report in the
2020/21 Annual Report and Accounts to be published in June 2021.
The remuneration disclosures required pursuant to Section 430 (2B)
of the Companies Act 2006 will also be made available on the
Company's website.
CONTACTS
Investors:
Nick Ashworth +44 (0) 7814 355 590
Media:
Molly Neal +44 (0) 7583 102 727
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
BOAUKUWRANUVAAR
(END) Dow Jones Newswires
May 20, 2021 02:00 ET (06:00 GMT)
National Grid (LSE:NG.)
Historical Stock Chart
From May 2024 to Jun 2024
National Grid (LSE:NG.)
Historical Stock Chart
From Jun 2023 to Jun 2024