Experian 2016 Annual Report Download - page 90

As these awards had not vested at the date this Report was finalised, the reported value of the awards is based on the average share
price in the last three months of the financial year to 31 March 2016, which was £11.67. The value of the awards, included in the
single total figure of remuneration, is as follows:
CIP PSP Value of
shares
vesting1
’000
Value of
dividend
equivalent
payments2
’000
Total
value of
shares
vesting
’000
Shares
awarded
Shares
vesting
Shares
awarded
Shares
vesting
Brian Cassin 113,0 08 53,791 76,827 8,700 £729 £45 £774
Kerry Williams 105,278 50,112 58,606 6,636 US$947 US$64 US$1,011
1 The value of the shares has been converted into US dollars for Kerry Williams at a rate of £1:US$1.4304, which is the average rate during the last three
months of the financial year.
2 Dividend equivalents of 113.25 US cents per share will be paid on vested shares. These represent the value of the dividends that would have been paid to the
owner of one share between the date of grant and the date of vesting.
Buyout awards for Lloyd Pitchford
As previously disclosed, Lloyd Pitchford was granted a number of replacement share incentive awards (‘buyout awards’) on joining
Experian in 2014 to compensate him for the long-term incentive awards he forfeited upon leaving his previous employer.
Whilst the Committee aimed to replicate as closely as possible the structure and vesting dates of the share awards forfeited, it was
also mindful of shareholders’ views that vesting periods should be a minimum of 12 months and that performance conditions should
be applied to awards. Full details of the awards granted are disclosed in the 2015 Report on directors’ remuneration. As disclosed in
the table below, two tranches of these awards vested during the year:
Shares awarded Shares vesting Vesting date Share price
on vesting
Value on vesting
£’000
Value of dividend
equivalent
payments
£’0001
Total value of
shares vesting
£‘000
38,394 38,394 1 October 2015 £10.69 410 10 420
29,123 29,123 5 March 2016 £12.14 354 10 364
764 20 784
1 Dividend equivalents of 39.25 US cents per share and 51.75 US cents per share were payable on the awards vesting in October 2015 and March 2016
respectively. These represent the value of the dividends that would have been paid to the owner of one share between the date of grant and the date
of vesting.
The vesting of these awards was subject to satisfactory financial and business performance over the vesting period and the
achievement of personal objectives. Prior to approving the vesting of these awards, the Committee considered Lloyd Pitchford’s
performance in relation to his personal objectives since appointment, as well as the Group’s general financial and business
performance (which is summarised in the Remuneration at a glance section of this Report), and determined that both of these
conditions had been achieved. Full vesting of these awards was therefore considered appropriate.
Update to 2015 disclosure
The value of the share awards realised by Brian Cassin and Kerry Williams in 2015 was originally calculated using the average
share price from 1 January 2015 to 31 March 2015, in accordance with the prescribed single figure methodology. This has now
been revised to reflect the actual share price on vesting, as follows:
Three-month
average share price to
31 March 2015
Estimated value of long-
term incentive awards
Share price on vesting Actual value of long-term
incentive awards
Brian Cassin £11.5 4 £0.498m £12.25 £0.527m
Kerry Williams US$2.458m US$2.698m
Annual report on remuneration continued
88 Governance •Report on directors’ remuneration