Standard Chartered PLC Update on directors' remuneration
17 Mars 2023 - 09:59AM
UK Regulatory (RNS & others)
TIDMSTAN
RNS Number : 3583T
Standard Chartered PLC
17 March 2023
Standard Chartered PLC
17 March 2023
Update on directors' remuneration
2020-22 Long-term incentive plan (LTIP) performance outcome
In the 2022 directors' remuneration report (DRR), Standard
Chartered PLC (SC) disclosed details of the expected performance
outcome for the 2020-22 LTIP awards which began to vest on 15 March
2023. This showed that the threshold Return on Tangible Equity
(RoTE) target had not been achieved and that the Remuneration
Committee had determined the vesting outcome for the strategic
measures at 22 per cent (out of a maximum 33.3 per cent). It was
also stated in the DRR that performance against the Total
Shareholder Return (TSR) threshold target would be measured in
March 2023 and that at the time of the DRR publication, it was not
expected to be achieved.
Unlike the RoTE and strategic performance measures, which are
assessed on a financial year timeframe, TSR is measured over the
LTIP performance period which starts from the date of grant (i.e.,
9 March 2020 for the 2020-22 LTIP) and ends on the day before the
third anniversary of the grant date. Performance is assessed by
calculating the change in TSR over the three-year performance
period, based on the average over a month at the start and end of
the performance period, and comparing this with SC's disclosed peer
group.
The final TSR performance was assessed on 9 March 2023.
Following improved share price performance relative to the peer
group since the start of 2023, SC ranked above median (i.e., the
target for minimum vesting), resulting in an outcome of 14.8 per
cent (out of a maximum 33.3 per cent) for TSR, and a total
performance outcome of 36.8 per cent, as shown below:
Measure Weighting Performance Performance Assessment Performance
for minimum for maximum of achievement outcome
vesting (25%) vesting (100%)
RoTE in 2022 RoTE 8%
with CET1
underpin One-third 8.5% 11.0% CET1 passed 0.0%
----------- --------------- ---------------- ---------------- ------------
Relative
TSR performance Above median,
against peer below upper
group One-third Median Upper quartile quartile 14.8%
----------- --------------- ---------------- ---------------- ------------
Details of the performance Improved
achieved against the performance
strategic proof points against our
Strategic are set out on page 197 strategic
measures One-third of the 2022 annual report. priorities 22.0%
----------- --------------------------------- ---------------- ------------
Total 2020-22 LTIP performance outcome 36.8%
------------
The Remuneration Committee considered carefully the vesting of
the 2020-22 LTIP awards, taking account of the factors set out in
the DRR and the fact that the TSR measure had been satisfied in
part. The Remuneration Committee considers that the values to be
delivered continue to remain appropriate, and, for the reasons set
out in the DRR, are not a windfall.
Updated single total figure of remuneration for 2022
The projected values disclosed and included in the single total
figure of remuneration table for Bill Winters and Andy Halford in
the DRR were based on 22 per cent vesting of the 2020-22 LTIP
awards, using the three-month average share price to 31 December
2022.
The table below sets out the single total figure of remuneration
for 2022 for Bill Winters and Andy Halford, updated with the final
performance outcome for the 2020-22 LTIP awards. The single total
figures for Bill and Andy represent year-on-year increases of 30
and 27 per cent respectively, reflecting the improved performance
achieved for the 2020-22 LTIP awards.
Bill Winters Andy Halford
GBP000 2022 2021 2022 2021
------- ------ ------- ------
Salary 2,418 2,370 1,546 1,515
------- ------ ------- ------
Pension 245 237 154 152
------- ------ ------- ------
Benefits 297 165 133 107
------- ------ ------- ------
Total fixed remuneration 2,960 2,772 1,833 1,774
------- ------ ------- ------
Annual incentive award 1,499 1,189 945 760
------- ------ ------- ------
Actual vesting of LTIP award
------- ------ ------- ------
Value of vesting awards based
on performance 1,540 779 954 498
------- ------ ------- ------
Value of vesting awards based
on share price growth 173 107
------- ------ ------- ------
Total variable remuneration 3,212 1,968 2,006 1,258
------- ------ ------- ------
Singe total figure of remuneration 6,172 4,740 3,839 3,032
------- ------ ------- ------
Notes to the single total figure of remuneration table are set
out on page 198 of the 2022 annual report.
Enquiries to:
Gregg J Powell, Head of Investor Relations +44 (0) 20 7885 5172
Shaun Gamble, Director, Group Media Relations: +44 (0) 20 7885 5934
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