47153 AG Barr Annual Report 2025 AW4 SQ WEB - Flipbook - Page 98
A.G. BARR p.l.c. Annual Report and Accounts 2025
D I R E C TO R S ’
R E M U N E R ATI O N R E P O R T
CO N TI N U ED
Long term incentives for 2025/26
LTIP awards granted in 2025 will be granted with a maximum opportunity of 150% of base salary for the executive directors. These LTIP awards will be based
60% on a cumulative EPS performance measure, 30% on a relative TSR performance measure and 10% on an environmental sustainability performance
measure for 2025/26, 2026/27 and 2027/28.
EPS is a key performance indicator for the Company and shareholders, and remains a highly credible measure of long term performance.
TSR is a relative performance measure which creates strong alignment between the executive directors and shareholders. The TSR performance of the
Company will be compared over the three years to the TSR of the FTSE 250 index (excluding investment trusts and financial services companies). 20% of
the maximum award will vest for achieving threshold performance and 100% of the maximum award will vest for achieving maximum performance.
There will be straight-line vesting between the points and no vesting below threshold performance.
The environmental sustainability performance measure for the LTIP awards granted in 2025 will be based around the Group’s No Time To Waste
environmental sustainability programme.
The EPS and environmental sustainability performance targets are considered commercially sensitive at this time on the basis that they give competitors
insight into the Company’s longer term forecasts, which the Board considers confidential. The EPS and environmental sustainability performance targets
will be disclosed in next year’s Annual Report on Remuneration.
Total pension entitlements – audited information
With the exception of Euan Sutherland, the executive directors are all members of the 2008 Scheme or the A G Barr Retirement Plan. The 2008 Scheme has a
defined benefit section and a defined contribution section. The defined benefit section was closed to new entrants from 14 August 2003 and to future accrual
from 1 May 2016. All assets held in the defined contribution section of the 2008 Scheme were transferred to the A G Barr Retirement Plan in September 2021.
Roger White is a deferred member of the defined benefit section of the 2008 Scheme and ceased his accrual on 5 April 2011.
The movement in value of executive director pensions (which exclude any pension contributions made in respect of an individual under the Company’s
salary sacrifice arrangement) are detailed in the following table. This movement is made up of Company pension contributions, changes in the value of
defined benefit pension scheme accrual and pension cash equivalents:
Year ended 25 January 2025
Pension cash
equivalent
£000
Total
£000
Euan Sutherland*
34
34
Stuart Lorimer
77
77
Roger White**
27
27
Executive director
Jonathan Kemp***
19
19
Total
158
158
* Prorated for the period from 1 May 2024 up to and including 25 January 2025, reflecting his appointment date and continuing tenure as a member of the Board.
** Prorated for the period from 29 January 2024 up to and including 30 April 2024, being the period that Roger White was a member of the Board.
*** Prorated for the period from 29 January 2024 up to and including 31 May 2024, being the period that Jonathan Kemp was a member of the Board
Details of the entitlement accruing to the director who is a deferred member of the defined benefit section are detailed in the table below:
Executive director
Roger White
*
96
Accrued pension as
at 25 January 2025
£000
Normal
retirement age
88
63*
The normal retirement age specified in the 2008 Scheme rules for Roger White is age 63, however he is also entitled under the 2008 Scheme rules to retire at age 60 without an actuarial reduction to his
pension benefits and without any consent required. Roger White is a deferred member of the 2008 Scheme.
