TIDMLAND
RNS Number : 8203B
Land Securities Group PLC
04 February 2020
Land Securities Group PLC - Board change
4 February 2020
CEO appointment
Land Securities Group PLC ("Landsec" or the "Company") is
pleased to announce that Mark Allan will start as its Chief
Executive Officer ("CEO") and a Director with effect from 1 May
2020. Mr Allan's appointment as CEO was announced on 22 November
2019, together with details of his remuneration.
Robert Noel will step down as CEO and a Director of Landsec with
effect from 31 March 2020. Mr Noel's intention to step down was
announced on 11 July 2019. For the period from 1 April to 30 April
2020, Martin Greenslade will be acting CEO in addition to his role
as Chief Financial Officer.
Section 430(2B) Companies Act 2006 Statement - Robert Montague
Noel
The following information is provided in accordance with section
430(2B) of the Companies Act 2006.
The following arrangements will apply in respect of Mr Noel's
remuneration. These arrangements comply with Landsec's Remuneration
Policy, which was approved by shareholders at the Annual General
Meeting in July 2018.
1. Salary and benefits
Mr Noel will continue to receive his normal remuneration in
terms of basic salary, pension allowance, car allowance and company
benefits, in accordance with his service agreement, up to 10 July
2020. The total value of these for the period from 1 April to 10
July is GBP292,227 (less all necessary deductions).
2. Bonus
The Remuneration Committee has determined that Mr Noel will be
eligible to receive a bonus in respect of the Company's financial
year ending 31 March 2020. He will have been employed for the full
2019/20 financial year.
The amount of any bonus will be subject to Landsec's Bonus Plan
Scheme Rules and the satisfaction of the relevant performance
criteria and will be determined by the Remuneration Committee in
May, following the review of the performance of the year to 31
March 2020. In accordance with Landsec's Remuneration Policy, any
bonus amount in excess of 50% of salary will be deferred into
shares for one year and any bonus amount in excess of 100% of
salary will be deferred into shares for two years. The remainder
will be paid on the normal bonus payment date.
No bonus will be paid to Mr Noel in respect of the Landsec Bonus
Plan for the financial year commencing on 1 April 2020.
3. Deferred Share Bonus Plan awards
The Remuneration Committee has determined that Mr Noel will be
treated as a good leaver in respect of his outstanding unvested
options under the Landsec Deferred Share Bonus Plan 2015 (the
"DSBP"). Mr Noel's outstanding unvested DSBP options over 25,076
shares will vest in full and become exercisable for a six-month
period commencing on the normal vesting date, 25 June 2020, subject
to the rules of the DSBP.
As reported above, Mr Noel may receive a further award under the
DSBP in respect of a proportion of any bonus he receives for the
Company's financial year ending 31 March 2020.
Any shares acquired on the exercise of the options (if exercise
occurs) will be subject to the Remuneration Committee's right under
the DSBP to apply malus and clawback provisions.
4. Share incentives
The Remuneration Committee has determined that Mr Noel will be
treated as a good leaver in respect of his outstanding unvested
share options under the Landsec Long-Term Incentive Plan 2015 (the
"LTIP"). In accordance with the rules of the LTIP, Mr Noel's
outstanding unvested LTIP share options will vest on the normal
vesting dates, subject to satisfaction of the relevant performance
conditions and on a time pro-rated basis as detailed below:
Award Number of shares Maximum number Vesting date
subject to award of shares which
could vest[1]
2017 LTIP share
option granted
on 26 June 2017 228,583 228,583 26 June 2020
------------------ ----------------- -------------
2018 LTIP share
option granted
on 25 June 2018 251,880 167,920 25 June 2021
------------------ ----------------- -------------
2019 LTIP share
option granted
on 25 June 2019 297,950 99,316 25 June 2022
------------------ ----------------- -------------
In accordance with the rules of the LTIP, Mr Noel will be
required to retain and shall not be permitted to transfer or
otherwise dispose of any shares that have vested under the LTIP for
a period of two years after the vesting date shown in the table
above.
Any shares acquired on the exercise of the options will be
subject to the Remuneration Committee's right under the LTIP to
apply malus and clawback provisions.
5. Further Information
The relevant remuneration details relating to Mr Noel will be
included in the Directors' Remuneration Report in the Annual Report
and Accounts for the year ended 31 March 2020.
Other than the amounts disclosed above, Mr Noel will not be
eligible for any remuneration payments or payments for loss of
office.
In line with best practice, Mr Noel is contractually bound to
hold no less than 100,000 ordinary shares in Landsec for a period
of two years. These may include vested shares under the LTIP. Such
holding period will commence on 1 April 2020.
In accordance with section 430(2B) of the Companies Act 2006,
the information contained in this document will be made available
on Landsec's website until its next Directors' Remuneration Report
is made available.
About Landsec
At Landsec, we believe great places are for people to experience
and are made with the experience of great people.
As one of the largest real estate companies in Europe, our
GBP13.4 billion portfolio spans 24 million sq ft of well-connected,
experience-led retail, leisure, workspace and residential hubs,
with a growing focus on London. From the iconic Piccadilly Lights
in the West End and the regeneration of London's Victoria, to the
creation of retail destinations at Westgate Oxford and Trinity
Leeds, we own and manage some of the most successful and memorable
real estate in the UK.
We aim to lead our industry in critical long-term issues - from
diversity and community employment, to carbon reduction and climate
resilience. We deliver value for our shareholders, great
experiences for our customers and positive change for our
communities. At Landsec, everything is experience.
Find out more at landsec.com
For further information, please contact:
Press Investors
Bobby Leach Ed Thacker
+44 (20) 7024 5472 +44 (20) 7024 5185
bobby.leach@landsec.com edward.thacker@landsec.com
[1] This reflects time pro-rating, but the number of shares
which vest will be subject to the achievement of the relevant
performance conditions.
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END
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