REG - Phoenix Grp Hldgs - Phoenix Group Holdings - 2014 Annual Results <Origin Href="QuoteRef">PHNX.L</Origin> - Part 7

Phoenix groupAnnouncement

18/03/2015 07:01

- Part 7: For the preceding part double click  ID:nRSR7166Hf 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                circumstances)ii.  For 2014 onwards, there is a specific multiplier of 80%-120% of the provisional out-turn whereby the         
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Remuneration Committee may adjust the provisional figure (but subject to any over-riding cap) to take account of its broad      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             assessment of performance both against pre-set targets and more generally, of the wider shareholder experience. With respect to 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             financial performance measures, this assessment will include consideration of the quality of how particular outcomes were       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             achievediii. The AIP remains a discretionary arrangement and the Remuneration Committee reserves discretion to adjust the out   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             -turn (from zero to any cap) should it consider that to be appropriate. In particular, the Remuneration Committee may operate   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             this discretion in respect of any risk concerns                                                                                 
 
 
 Element and purpose                                                                                                                                                                                               Policy and operation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Maximum                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Performance measures                                                                                                            
 Long-Term                                                                                                                                                                                                         -  Awards under the LTIP may be in any of the standard forms of awards to receive shares for nil-cost (as described for DBSS above), forfeitable awards of shares or in the form of cash-based 'phantom' awards-  Awards are made following the announcement of annual results in accordance with the LTIP rules-  During the period until vesting of LTIP awards, the number of shares within such awards is cumulatively increased by the value of dividends notionally payable in respect of the vesting shares-  Malus/clawback provisions apply on a basis consistent with the equivalent provisions in the AIP and DBSS-  The Company will honour the vesting of all awards granted under previous policies in accordance with the terms of such awards  -  The formal limit under the LTIP is 300% of base salary per annum (and 400% per annum in exceptional cases)-  The Remuneration Committee expressly reserves discretion to make such awards as it considers appropriate within these limits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             -  The Remuneration Committee may set such performance conditions for LTIP awards as it considers appropriate (whether financial 
 Incentives                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                or non-financial and whether corporate, divisional or individual)-  Once set, performance measures and targets will generally   
 To motivate and incentivise delivery of sustained performance over the long term, and to promote alignment with shareholders' interests, the Group operates the Phoenix Group Holdings Long-Term Incentive Plan