Experian 2015 Annual Report Download - page 99
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Element and
link to strategy Operation
Maximum potential value
and payment at target
Performance metrics,
weightings, relevant time
period and clawback
PSP
Use of stretching
financial metrics
incentivises
performance.
Aligns with shareholder
interests through delivery
of shares.
Annual award of conditional shares which vest
subject to achieving performance targets tested
over a three-year period.
Dividend equivalents accrue on conditional awards
of shares.
Normal maximum
award levels are 200%
of salary. Awards of up
to 400% of salary may
be made in exceptional
circumstances such as
on recruitment.
Minimum vesting of
awards is zero.
Nothing vests for below-
target performance.
For target performance,
25% of the shares vest.
For maximum
performance, 100%
of the shares vest.
Vesting of up to 25% of
the awards is based on a
share-based metric, with
the balance based on
financial performance.
Awards are also subject
to a financial underpin
whereby vesting is
subject to the Committee
being satisfied that it is
not based on materially
misstated financial results.
The Committee will
exercise its judgment
on whether to vary the
level of vesting, if it
considers that the level
of vesting determined by
measuring performance
is inconsistent with the
Group’s actual underlying
financial and operational
performance.
Clawback provisions apply.
Share Option Plan (‘SOP’)
Provides focus on
increasing Experian’s
share price over the
medium to longer term.
Options are granted with an exercise price equivalent
to the market value of an Experian share at the date
of grant. These vest subject to achieving performance
targets that are tested over a three-year period and
are exercisable for a seven-year period thereafter.
No option grants have been made since 2009 and
the Committee has agreed that no further awards
will be made, unless warranted by exceptional
circumstances such as recruitment.
Normal maximum
awards are 200% of
salary. However, the rules
of the SOP allow awards
of up to 400% of salary.
Minimum vesting of
awards is zero.
Nothing vests for below-
target performance.
For target performance,
25% of the options vest.
For maximum
performance, 100%
of the options vest.
The vesting of options
is based on financial
performance targets.
Clawback provisions apply.
97Governance •Report on directors’ remuneration