Unilever 2014 Annual Report Download - page 33

At the outset of the 2012-2014 performance perod, the ommttee set demandng performance ranges for the long-term ncentve
plans, as shown n the table above Over the past three years, Unlever has delvered very strong fnancal performance aganst these
ranges Underlyng sales growth durng the perod was 47% per annum and core operatng margn mprovement of 037 percentage
ponts per annum over the perod demonstrate management’s commtment to delverng consstent top and bottom lne growth
Unlever has also generated very strong operatng cash flow of 155 bllon over the perod Total shareholder return over the perod
was below the performance of our peers, consequently no part of ths element of the award wll vest The ommttee consders that
these outcomes are a far reflecton of Unlever’s performance over the perod and determned that SIP awards granted to Executve
Drectors n 2012 wll vest at 121% of the ntal award level (e 61% of maxmum) The ommttee also determned that MIP awards
granted to Executve Drectors n 2012 wll vest at 121% of ntal award levels (vestng capped at 150% – e 81% of maxmum awards)
The 2011 SIP performance shares fgure, ncluded n the sngle fgure remuneraton n respect of 2013, has been restated to reflect
the actual number of shares that vested and the market value of the shares on the date of vestng of 14 March 2014 (PL £2369 and NV
2770) and have been translated nto euros usng the exchange rate on the date of vestng 1 = £08351 The fgure ncluded n the 2013
Drectors’ Remuneraton Report was estmated based on the average share prce for the perod from 1 October 2013 to 31 December
2013 as the vestng date was post the publcaton of the 2013 Annual Report and Accounts The actual values at the vestng date were
Paul Polman 3,798,141 (estmated as 3,849,000) and Jean-Marc Hut 2,630,022 (estmated as 2,665,000)
(F) ONDITIONAL SUPPLEMENTAL PENSION (AUDITED)
EO Paul Polman
ondtonal supplemental penson provson agreed wth Paul Polman on hrng, whch s condtonal on hs remanng n employment
wth Unlever to age 60 and subsequently retrng from actve servce or hs death or total dsablty pror to retrement Ths was
£117,123 based on 12% of a capped salary of £976,028 for 2014
FO Jean-Marc Hut
Jean-Marc Hut does not receve a condtonal supplemental penson
() SHARE INENTIVES  DUTH LAW REQUIREMENT (AUDITED)
As per the Dutch requrements, these costs are non-cash costs and relate to the expenses recognsed for the perod followng IFRS 2 Ths s
based on share prces on grant dates, a 98% adustment factor for SIP shares and MIP matchng shares awarded n 2014, 2013 and 2012
OTHER IMPLEMENTATION INFORMATION FOR 2014
SHEME INTERESTS AWARDED IN THE YEAR (AUDITED)
PLAN BASIS OF AWARD MAXIMUM FAE
VALUE OF
AWARDS
THRESHOLD
VESTIN (% OF
TARET AWARD)
PERFORMANE
PERIOD
DETAILS OF
PERFORMANE
MEASURES
MIP
ondtonal
matchng
share award
made on 14
February 2014
Based on the level of
2013 bonus pad n 2014
nvested by the EO
and FO
The followng numbers
of matchng shares
were awarded on 14
February 2014 (a)
EO
PL – 0
NV – 41,775
FO
PL – 4,036
NV – 4,036
Maxmum vestng
results n 150% of
target awards vestng
EO
£1,400,994(b)
FO
£277,562(b)
Four equally weghted
long-term
performance
measures For the
three busness
focused metrcs, 25%
of the target award
vests for threshold
performance For the
TSR measure, 50% of
the target awards vest
for threshold
performance
1 January 2014 –
31 December 2016
Subect to four equally
weghted performance
measures (c)
• Underlyng
sales growth
• ore operatng
margn mprovement
• Operatng cash
flow and
• Relatve total
shareholder return
Further detals are set
out on page 65 to 66
70 Unilever Annual Report and Accounts 2014Governance
DIRETORS’ REMUNERATION
REPORT ONTINUED