REG - GSK PLC - Director/PDMR Shareholding

GSKAnnouncement

12/02/2024 15:45

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RNS Number : 8657C  GSK PLC  12 February 2024

GSK plc (the 'Company')

 

2024 Performance Share Plan Award and 2024 Performance Measures

2024 Performance Share Plan Award

 

On 8 February 2024, the Company granted conditional share awards to the
Persons Discharging Managerial Responsibilities ('PDMRs') and their Persons
Closely Associated ('PCAs') listed below under the GlaxoSmithKline 2017
Performance Share Plan ('the Plan'). The Plan was approved by shareholders on
4 May 2017 and allows a performance-related opportunity in the form of
conditional awards to be granted to senior executives in the Group, including
the Executive Directors and other PDMRs.

 

Under the terms of the Plan, conditional awards are granted over a specific
number of Ordinary Shares or American Depositary Shares ('ADS'), and the
percentage of awards that ultimately vests is dependent on the level of
achievement against performance targets set by the Remuneration Committee.

 

2024 Performance Measures

 

In accordance with the Remuneration Policy and company growth focus, the
awards will be based on the following five measures:

 

 Performance Measure                      Proportion of

                                          each award
 Relative Total Shareholder Return (TSR)  30%

 Total Sales Growth                       20%

 Adjusted Operating Profit Growth         20%

 Pipeline Progress                        20%

 ESG: Environment                         10%

 

The performance period for the awards is the three financial years from 1
January 2024 to 31 December 2026.

 

Relative TSR measure

 

This measure compares the TSR of the Company's Ordinary Shares over the
performance period with the TSR of the shares of nine (9) other global
pharmaceutical companies (i.e. a comparator group of ten (10) companies
including the Company). This TSR comparator group remains unchanged. The
companies in the TSR comparator group are AstraZeneca, Bristol-Myers Squibb,
Eli Lilly, Johnson & Johnson, Merck & Co, Novartis, Pfizer, Roche
Holdings, Sanofi and GSK.

 

In a group of 10 companies, the median (position 5.5) falls between two
companies. The vesting schedule for the 2024 awards is as follows:

 Ranking position            Vesting Schedule
 1st, 2nd or 3(rd)           100%
 4(th)                       70%
 5th                         40%
 Median (Threshold vesting)  25%
 6th or below                0%

 

Total Sales & Profit measures

 

The Total Sales and Profit measures recognise the importance of the commercial
ambitions in our Investor Update ('IU') and the Committee has set targets that
reinforce those commitments.  The targets for the Total Sales and Profit
measures are of their nature commercially sensitive at the time of grant. At
the end of the performance period, we will provide full disclosure of what has
been achieved. Reflecting our growth agenda, the Threshold for vesting for
both measures is 99% of target.

 

Both the Total Sales and Profit measures in the 2024 award will vest as
follows:

 

                  Performance vs Target  Proportion Vesting
 Below Threshold  <99% of Target         Nil
 Threshold        99% of Target          25%
 Target           100% of Target         50%
                  103% of Target         75%
 Maximum          105% of Target         100%

 

The proportions vesting between the above vesting levels will be calculated on
a straight-line basis.

 

Pipeline Progress measure

 

The Pipeline Progress measure, introduced in 2020, reflects our emphasis on
Innovation and seeks to reward acceleration and strengthening of the pipeline.
The measure is based on two equally weighted elements of our key assets or
indications:

 

 Proportion of award

                      Pipeline Progress - Sub-measure
 10%                  Pivotal trial starts, which focus mainly on phase III registrational trial
                      starts, but may also include phase II starts (for example, in oncology)
 10%                  Major regulatory approval milestones

 

Points will be allocated to the successful assets in each sub-measure based
upon their forecast commercial value (peak year sales) at the end of the
performance period.

 

The points vesting scales for these sub-measures of the 2024 award will be
published as part of the 2023 Annual Report.

 

Due to commercial sensitivity, the Remuneration Committee remains of the view
that the Pipeline Progress measure targets cannot be published at the time of
grant.  At the end of the performance period we will provide full disclosure
of what has been achieved, in terms of both milestones and aggregate points,
along with a narrative commentary on performance.

 

ESG: Environment measure

 

The ESG Environment measure was introduced in 2022, based upon our Trust
priority and goal of having a Nature Net Positive and Climate Net Zero impact
by 2030, details of which are provided on our website. The ESG Environment
measure includes six key performance indicators (KPIs), three towards our
Climate ambitions and three towards our Nature ambitions.  To achieve 75%
vesting, all six measures must have met their targets by the end of 2026.  To
achieve 100% vesting, two of the six measures, at least one in Climate and one
in Nature, must have exceeded their targets six months in advance of target
date or as over delivery of the target performance level.

 

Notes

 

1.   To the extent that each element of a conditional award does not vest at
the end of the three-year performance period, it will lapse.

 

2.   The PDMRs in the transaction notifications below were each granted a
conditional award under the terms of the GlaxoSmithKline 2017 Performance
Share Plan.  Awards granted are of Ordinary Shares or ADS.

 

3.   Dividends will accrue on the conditional award of Ordinary Shares or
ADS during the performance period but will only vest to the extent that the
awards themselves vest at the end of the performance period. These dividends
are not included in the figures below.

 

4.   For Executive Directors, the award is subject to an additional vesting
period of two years (the 'Holding Period') from the normal vesting date, i.e.
five years in total.  During the additional Holding Period, the relevant
Ordinary Shares or ADS would only be forfeited in the event that the
Executive Director was terminated for cause, and the Ordinary Shares or ADS
will continue to carry rights to dividend equivalents.

 

 

 

 

 

 

Transaction notification

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Emma Walmsley
 b)  Position/status                          Chief Executive Officer
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan
 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              468,449

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Julie Brown
 b)  Position/status                          Chief Financial Officer
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan
 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              236,763

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Diana Conrad
 b)  Position/status                          Chief People Officer
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan
 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              98,326

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     James Ford
 b)  Position/status                          SVP and Group General Counsel, Legal and Compliance
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan
 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              161,390

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Sally Jackson
 b)  Position/status                          SVP, Global Communications and CEO Office
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              67,846

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Luke Miels
 b)  Position/status                          Chief Commercial Officer
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              248,092

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Shobie Ramakrishnan
 b)  Position/status                          Chief Digital and Technology Officer
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  American Depositary Shares ('ADS')

                                              ISIN: US37733W2044
 b)  Nature of the transaction                A conditional award of ADS under the Company's 2017 Performance Share Plan
 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   $42.02               57,636

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     David Redfern
 b)  Position/status                          President, Corporate Development
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              172,957

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Regis Simard
 b)  Position/status                          President, Global Supply Chain
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              174,970

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Philip Thomson
 b)  Position/status                          President, Global Affairs
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              79,771

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Deborah Waterhouse
 b)  Position/status                          CEO, ViiV Healthcare and President, GSK Global Health
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              164,524

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Anthony Wood
 b)  Position/status                          Chief Scientific Officer
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan
 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              221,977

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 1.  Details of PDMR/person closely associated with them ('PCA')
 a)  Name                                     Victoria Whyte
 b)  Position/status                          Company Secretary
 c)  Initial notification/                    Initial notification

     amendment
 2.  Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                     GSK plc
 b)  LEI                                      5493000HZTVUYLO1D793
 3.  Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transaction(s) has been conducted
 a)  Description of the financial instrument  Ordinary shares of 31 ¼ pence each ('Ordinary Shares')

                                              ISIN: GB00BN7SWP63
 b)  Nature of the transaction                A conditional award of Ordinary Shares under the Company's 2017 Performance
                                              Share Plan

 c)  Price(s) and volume(s)                                        Price(s)             Volume(s)
                                                                   £16.726              11,800

 d)  Aggregated information                   N/A (single transaction)

     Aggregated volume Price
 e)  Date of the transaction                  2024-02-08
 f)  Place of the transaction                 N/A

 

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