Unilever 2014 Annual Report Download - page 32

Target bonus: 120% of
base salary = £1,212,000
Unilever’s 2014
performance ratio = 80%
Personal performance
multiplier = 138%
£1,333,200
(132% of base salary)
In determnng bonus outcomes for Jean-Marc Hut, the ommttee also consdered hs personal performance and leadershp, ncludng
the management of Unlever’s fnancal rsk exposure and drvng enterprse wde effcences As a consequence of that revew, Jean-Marc
Hut was awarded a personal performance multpler of 110% Ths resulted n Jean-Marc Hut recevng a bonus of 88% of hs base
salary Ths s calculated as follows
Target bonus: 100% of
base salary = £714,000
Unilever’s 2014
performance ratio = 80%
Personal performance
multiplier = 110%
£628,320
(88% of base salary)
MIP 2015 AWARDS (BASED ON 2014 ANNUAL BONUS OUTOMES)
On 13 February 2015, Paul Polman nvested 60% (£799,920) and Jean-Marc Hut nvested 25% (£157,080) of ther 2014 bonus n MIP
nvestment shares Paul Polman elected to nvest fully n NV shares Jean-Marc Hut elected to receve a 50/50 mx of PL/NV shares
They each receved a correspondng award of performance-related MIP matchng shares (awarded n the same form as the nvestment
shares) MIP matchng awards are subect to the same performance measures as SIP awards Further nformaton on matchng
awards s set out on page 65 to 66
(D) MIP  UK LAW REQUIREMENT (AUDITED)
2014 OUTOMES
Ths ncludes MIP matchng shares granted on 17 February 2012 (based on the percentage of 2011 bonus that Executve Drectors had
nvested n Unlever shares) based on performance n the three-year perod to 31 December 2014 whch vested on 17 February 2015
The values ncluded n the sngle fgure table for 2014 are calculated by multplyng the number of shares granted on 17 February 2012
(ncludng addtonal shares n respect of accrued dvdends through to 31 December 2014) by the level of vestng (121% of target awards)
The share prces on the date of vestng of NV 3704 and PL £2801 have been translated nto euros usng the exchange rate on the date
of vestng 1 = £07383
The award was based on the same performance targets as the SIP and performance aganst targets s outlned n secton E below
(E) SIP  UK LAW REQUIREMENT (AUDITED)
2014 OUTOMES
Ths ncludes SIP performance shares granted on 17 February 2012, based on performance n the three-year perod to 31 December
2014 whch vested on 17 February 2015
The values ncluded n the sngle fgure table for 2014 are calculated by multplyng the number of shares granted on 17 February 2012
(ncludng addtonal shares n respect of accrued dvdends through to 31 December 2014) by the level of vestng (121% of target
awards) The share prces on the date of vestng of NV 3704 and PL £2801 have been translated nto euros usng the exchange rate
on the date of vestng 1 = £07383
The award was equally based on the performance measures outlned n the table below
Performance aganst targets
*Comparator group of 19 companies including Unilever. The comparator group is the same as disclosed on page 66.
25% of target awards vest for threshold performance under the three business focused performance measures. 50% of target awards vest for threshold
performance under the TSR performance measure.
PERFORMANCE
Performance metrics Threshold
Result
vesting
(% of target)
Maximum
Cumulative operating cash flow (25%)
Core operating margin improvement (25%)
Underlying sales growth (pa) (25%)4.7%
€15.5bn
119%7%
€16.0bn€12.0bn
2%
185%
178%
Total shareholder return (25%)* 3rd10th 0%
Overall vesting 121%
14th
0percentage
points 0.37 percentage
points0.4percentage points
69Unilever Annual Report and Accounts 2014 Governance