REG - Paragon Banking Grp - Directors' Remuneration Report Correction

Paragon BankingAnnouncement

29/01/2020 14:30

RNS Number : 3353B
Paragon Banking Group PLC
29 January 2020
 


29 January 2020
 
Paragon Banking Group PLC ('Paragon'/the 'Company')
Directors' Remuneration Report Correction
 
The Company announces the correction to an error in the table on page 103 of the published version of the 2019 Annual Report and Accounts ('2019 ARA').
 
Paragon's TSR performance over the performance period was 'above upper quartile', rather than 'between median and upper quartile' as stated on page 103 of the 2019 ARA.
 
We have set out below a correct version of the table.  Note that there is no impact on the actual vesting outcomes under the TSR performance condition.
 



Performance
condition


Weighting


Threshold vesting for 25% of maximum award


Maximum
vesting


Actual performance


Vesting
outcome




Relative TSR*


50%


Median performance


Upper quartile performance


Above upper quartile


100.00%




EPS growth


25%


RPI plus 3% p.a.


RPI plus 7% p.a.


RPI plus 6.56% p.a.


91.74%




Risk


25%


n/a


n/a


90%


90.00%




Total as a % of maximum award


95.44%




Total as a % of salary at grant


190.88%



 
*The comparator group for TSR purposes agreed at the time of grant was: Aldermore Group PLC, Arrow Global Group PLC, Barclays PLC, Close Brothers Group PLC, CYBG PLC, Lloyds Banking Group PLC, Metro Bank PLC, OneSavings Bank PLC, Provident Financial PLC, Royal Bank of Scotland Group PLC, Shawbrook Group PLC, Secure Trust Bank PLC and Virgin Money Holdings (UK) PLC, rather than the FTSE250 as stated on p103.
 
The updated 2019 ARA is available on the Paragon website at:
 
https://www.paragonbankinggroup.co.uk/investor/reports-results-presentations
 
 



Enquiries to:








Paragon Banking Group PLC


Pandora Sharp








Company Secretary








0121 712 2075



 




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