Unilever 2012 Annual Report Download - page 76
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ABOUT UNILEVER GOVERNANCE FINANCIAL STATEMENTS SHAREHOLDER INFORMATION
73Unilever Annual Report and Accounts 2012 Report of the Directors overnance
2012 outcomes
The performance period for awards granted on 18 March 2010 ran from 1 January 2010 to 31 December 2012. The award was equally
based on the performance metrics outlined in the table below.
Performance aganst targets
The calculations performed in determining these performance outturns have been subject to an independent report.
In addition to the above targets, the performance metrics for underlying sales growth and core operating margin improvement
were required to reach at least the threshold of the performance range for both performance metrics before any shares, subject
to either performance condition, were able to vest. The thresholds for both metrics were met.
The total overall vesting was 109% of target (54.5% of maximum). The Committee considered the level of vesting in the context
of performance against targets, the underlying business performance and performance against key peers and determined that
it was appropriate.
2013 awards
There will be no change to the Executive Directors’ GSIP opportunities for 2013 with the target award for the CEO remaining at 200%
of base salary and the target award for the CFO remaining at 175% of base salary.
Underlyng sales growth
(25%)
ore operatng margn
mprovement (25%)
umulatve operatng cash
flow (25%)
Relatve total shareholder
return (25%)
Both performance conditions must reach threshold
performance, before any payout in respect of either measure
is made.
For the three business-focused metrics, 25% of target awards vest for achieving threshold performance. 200% of target awards
vest (150% under the MCIP) for maximum performance. In addition, the performance metrics for underlying sales growth and core
operating margin improvement must reach the threshold of the performance range for both performance metrics before any shares
subject to either performance condition vest.
For the relative TSR measure, Unilever’s TSR is measured against a comparator group of other consumer goods companies. TSR
measures the return received by a shareholder, capturing both the increase in share price and the value of dividend income (assuming
dividends are reinvested). The TSR results are measured on a common currency basis to better reflect the shareholder experience.
The current TSR peer group is as follows:
Avon Colgate-Palmolive Heinz Kimberly-Clark Procter & Gamble
Beiersdorf Danone Henkel L’Oréal Reckitt Benckiser
Campbell Soup General Mills Kao Nestlé Shiseido
Coca-Cola Estée Lauder Kellogg PepsiCo