Experian 2016 Annual Report Download - page 102
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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
Pension
Provides
competitive
retirement
provision.
In the UK, the Group operates a defined
contribution plan with company
contributions set as a percentage of base
salary. An individual may elect to receive
a cash allowance instead.
The Group also operates a defined benefit
plan which is now closed to new entrants,
except in the exceptional circumstance
that this was necessary, for example, to
recruit an executive director to the Board.
In the USA, executive directors are eligible
to join a defined contribution plan.
As agreed on his appointment to the Board
in 2006, a supplementary unfunded defined
benefit arrangement was provided in the
USA for Don Robert, which broadly mirrors
the pension that would have been provided
through the UK defined benefit plan.
In the UK, the cash payment or
pension contribution for executive
directors is normally equal to
20% of annual gross salary but
may be increased if market
practice changes.
In the USA, the contribution rate is
equivalent to 4% of earnings, up to
an annual compensation limit set
by the Internal Revenue Service.
None.
Annual bonus
Motivates and
rewards the
achievement of
specific financial
objectives, linked
to Experian’s
strategy to
drive profitable
growth.
The Committee approves the performance
targets at the start of each financial year.
At the end of the financial year, the
Committee determines the extent to
which these have been satisfied, based
on audited results, and agrees the
level of bonus.
Payment is made as soon as practicable
after the financial year-end, unless the
executive director elects to defer some or
all of their bonus into the CIP.
Minimum payout is zero.
For below-target performance, a
payout would generally only be
made if the Committee judges that
circumstances justify it.
Bonus of 100% of salary is payable
for target performance.
Bonus of 200% of salary is payable
for maximum performance.
The annual bonus
is entirely based on
financial performance.
The Committee will
exercise its judgment on
whether to vary the level
of payout, if it considers
that the payout determined
by measuring performance
is inconsistent with the
Group’s actual underlying
financial and operational
performance.
Clawback provisions apply.
Directors’ remuneration policy continued
100 Governance •Report on directors’ remuneration