REG - Future PLC - Director/PDMR Shareholding

FutureAnnouncement

12/09/2022 07:00

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RNS Number : 0225Z  Future PLC  12 September 2022

Date: 12 September 2022

 

Future plc

(the "Company")

 

Director/PDMR holding

 

Following our recent consultation with shareholders regarding remuneration, an
adjustment has been made to Penny Ladkin-Brand's 2019 Performance Share Plan
(PSP) as detailed below.

 

When Penny stepped down as Chief Financial Officer (CFO) in 2020  to become
Chief Strategy Officer (CSO), she became part-time, with a time commitment of
three days per week rather than the five days per week she had worked as CFO.
Accordingly, it was agreed at the time of her stepping down from the Board
that her 2019 PSP award would be reduced pro-rata to reflect her reduced
working hours over the remainder of the performance period for this award.
When Penny stepped down, her award was adjusted as follows:

 

 Role  % FTE worked  From              To                % of performance period in role  Applied to original award

(A)
(B)
(41,337 x A x B)
 CFO   100%          25 November 2019  31 May 2020       17.25%                           7,130
 CSO   60%           1 June 2020       25 November 2022  82.75%                           20,524
                                                         Reduced award =                  27,654

 

When Penny was re-appointed as CFO in November 2021, she stepped back into a
full-time role. To reflect this increased time commitment, and in the
interests of adhering to the same principles the Remuneration Committee has
agreed to partially reinstate some of the 2019 PSP awards. The calculation for
the readjustment is as follows:

 

 Role  % FTE worked  From              To                % of performance period in role  Applied to original award

(A)
(B)
(41,337 x A x B)
 CFO   100%          25 November 2019  1 June 2020       17.25%                           7,130
 CSO   60%           1 June 2020       31 October 2021   47.25%                           11,719
 CFO   100%          1 November 2021   25 November 2022  35.50%                           14,675
                                                          Revised award =                 33,524

                                                                                          (+5,870 shares)

 

To the extent this adjusted award vests, it will then be subject to a
mandatory two-year holding period.

 

The Remuneration Committee believes this adjustment is fair and equitable for
both Penny and the Company's shareholders. The Committee views it as a strong
signal that the Company will support employees who wish to return to full-time
work and is a true application of our Diversity and Inclusion policy. The
Remuneration Committee has sought the views of shareholders regarding this
adjustment as part of the recent wider consultation on remuneration policy. An
overwhelming majority of investors are supportive of the change being made.

 

 

 

 

 

 

Enquiries:

 

 Future plc                                    Tel: +44 (0)1225 442244

 Zillah Byng-Thorne, Chief Executive Officer

Penny Ladkin-Brand, Chief Financial Officer

 Marion Le Bot, Head of Investor Relations

 Headland Consultancy (Financial PR)           Tel: +44 (0)20 3805 4822

 Stephen Malthouse

Rob Walker

Charlie Twigg

future@headlandconsultancy.com

 

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