Hargreaves Lansdown PLC Directors' Remuneration Report 2018 - Correction

Fecha : 25/09/2018 @ 05:02
Fuente : UK Regulatory (RNS & others)
Emisora : Hargreaves Lansdown Plc (HL.)
Cotización : 1779.5  -10.5 (-0.59%) @ 06:08
Hargreaves Lansdown Cotización de acciones Gráfica

Hargreaves Lansdown PLC Directors' Remuneration Report 2018 - Correction

Hargreaves Lansdown (LSE:HL.)
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RNS Number : 8647B

Hargreaves Lansdown PLC

25 September 2018

25 September 2018

Hargreaves Lansdown plc

Directors' Remuneration Report Correction

Further to the publication of the 2018 Report and Financial Statements (the "2018 Annual Report") for Hargreaves Lansdown plc (the "Company") on 30 August 2018, the Company announces that there is an error in the 2018 single figure of remuneration table on page 78 for Chris Hill, Chief Executive Officer of the Company, within the Directors' Remuneration Report. This error has also been reflected, in part, in the corresponding information in the Directors' Remuneration Reports in the Report and Financial Statements for the years ended 30 June 2017 and 30 June 2016 (the "2017 Annual Report" and "2016 Annual Report" respectively).

We apologise for this error, which primarily relates to the treatment of Chris Hill's buy-out awards upon joining Hargreaves Lansdown. We have set out below the original and corrected figures, with further details set out in the Notes to Editors of this announcement. There is no impact on the Company's profit, balance sheet, earnings per share or other audited financial information in the 2018 Annual Report. The Company's auditors have reviewed the error and have agreed with the position of the Company.

The original disclosed amounts for Chris Hill in each of the years are as follows:

 
                                                                   Deferred    Gain 
   All figures                     Gross      Other                 element     on historic 
   in                              basic      cash         Cash     of bonus    options 
   GBP'000s              Year      salary     benefits     bonus    shares      vesting         Pension     Totals 
   Name of Director 
 Chris Hill            2018           600           23     1,020         680            164          11      2,498 
                      --------  ---------  -----------  --------  ----------  -------------  ----------  --------- 
 Chris Hill            2017           503            5       825         550            344           6      2,233 
                      --------  ---------  -----------  --------  ----------  -------------  ----------  --------- 
 Chris Hill            2016           179       -            263         112        -                 4        558 
                      --------  ---------  -----------  --------  ----------  -------------  ----------  --------- 
 

The corrected amounts for Chris Hill, with new columns added to show the effects of each change individually, should be:

 
                                                        Deferred 
  All                    Gross     Other                element 
  figures                basic     cash         Cash    of bonus    Buy-out     LTIP      SAYE 
  in            Year     salary    benefits     bonus   shares      award       award     awards    Pension     Totals 
  GBP'000s 
  Name of 
  Director 
 Chris Hill      2018       600          23     1,020        680      -         120        -             11      2,454 
             --------  --------  ----------  --------  ---------  ---------  --------  ---------  ---------  --------- 
 Chris Hill      2017       503           5       825        550      -          -         -              6      1,889 
             --------  --------  ----------  --------  ---------  ---------  --------  ---------  ---------  --------- 
 Chris Hill      2016       179       -           263        112     494         -             5          4      1,057 
             --------  --------  ----------  --------  ---------  ---------  --------  ---------  ---------  --------- 
 

Contacts:

Hargreaves Lansdown

For media enquiries: For analyst enquiries:

   Danny Cox, Head of Communications                       James Found, Head of Investor Relations 
   +44(0)117 317 1638                                                               +44(0)117 988 9898 

Notes to Editors

Following his appointment to the Board of Directors as Chief Financial Officer in February 2016, Chris Hill was awarded three tranches of share awards. Two of these awards were nil-cost options awarded under an arrangement to which Listing Rule 9.4.2 applies in respect of the buy-out of the share option arrangements he forfeited on leaving his previous employments (together, the 'Buy-Out Awards'). The Buy-Out Awards were previously disclosed in the Directors' Remuneration Report of the 2015 Report and Financial Statements. The third award was made under the Hargreaves Lansdown Unapproved Share Option Plan 2012 (the "LTIP Award"). The LTIP Award was made in line with that made to other Directors/PDMRs in October 2015, with the number of shares under award pro-rated for the period of time Chris Hill was employed during the performance period. The grant of the Buy-Out Awards and LTIP Award was disclosed in an RNS announcement to the market dated 4 March 2016.

The Buy-Out Awards, given that they were nil-cost options with no performance criteria, should have been recognised in the single figure table of remuneration within the 2016 Annual Report at grant, however they were incorrectly recognised in the 2018 Annual Report and 2017 Annual Report based on the dates at which Chris Hill exercised the awards. The amount that should have been recognised in the 2016 Annual Report was GBP493,608, being the 39,300 combined total of the two share awards multiplied by the share price at the date of grant, which was GBP12.56. The amounts recognised in the 2018 Annual Report and 2017 Annual Report in respect of the Buy-Out Awards should have been nil.

The LTIP Award had a performance period ending 30 June 2018. The estimated gain on the vested shares under the award based on the performance criteria should have been included in the single figure table of remuneration within the 2018 Annual Report under the column 'LTIP' but had been omitted in error. The amount which should have been recognised in the 2018 Annual Report is GBP120,048, being the 19,680 shares vesting multiplied by the average daily closing share price for the quarter ending 30 June 2018 of GBP18.66 less the exercise price of GBP12.56.

Chris Hill also participated in the 2016 grant under the Company's Save As You Earn Plan, and therefore an amount of GBP4,638 also should have been recognised in the 2016 Annual Report in respect of the 1,750 options granted in April 2016.

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.

END

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