Confirmation of details of 2021-2023 Long-term Incentive Plan (LTIP)
This announcement confirms the details of SThree's 2021-2023 LTIP that we noted we would set out following the publication of our Annual Report earlier in the year.
As previously confirmed, and in line with the Remuneration Policy, the LTIP will continue to be based on SThree's performance over three years and subject to a two-year holding period post-vesting.
After considering the current share price, which is tracking at or above pre-pandemic levels, we can confirm that the grant level will be unchanged at 150% of base salary in line with the Remuneration Policy.
The performance measures and their weighting will also remain unchanged at 50% EPS, 30% TSR and 20% strategic measure, which for 2021 will again be the operating profit conversion ratio.
Following the Board's alignment on the Group's long-term business plan, and careful consideration of the current external environment, the Committee are pleased to confirm the target ranges for each measure, which are considered to be appropriately stretching. These are set out below and will also be included in the Directors Remuneration Report for next year.
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LTIP targets
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EPS
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TSR vs. peer group
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Strategic
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2021-2023
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2023 EPS to be between 24.9p (25% vesting) and 38.9p (100% vesting)
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2021 - 2023 performance between median (25% vesting) and upper quartile (100% vesting)
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2023 adjusted operating profit conversion ratio between 14.2% (25% vesting) and 21.0% (100% vesting)
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