Unilever 2015 Annual Report Download - page 78

(a)
For the three busness-focused performance measures, 25% of target awards vest for achevng threshold performance 200% of target awards vest (capped
at 150% under the MIP) for maxmum performance
(b) For the relatve TSR measure, Unlever’s TSR s measured aganst a comparator group of other consumer goods companes TSR measures the return
receved by a shareholder, capturng both the ncrease n share prce and the value of dvdend ncome (assumng dvdends are renvested) The TSR results
are measured on a common currency bass to better reflect the shareholder experence
The current TSR peer group s as follows
Avon olgate-Palmolve Henkel L’Oréal Recktt Benckser
Beersdorf Danone Kao Nestlé Shsedo
ampbell Soup eneral Mlls Kellogg’s Pepso
oca-ola Estée Lauder Kmberly-lark Procter & amble
The TSR comparator group conssts of 18 companes (19 ncludng Unlever) No shares n the porton of the award subect to TSR vest f Unlever s ranked
below poston 10 n the peer group at the end of the three-year perod, 50% vests f Unlever s ranked 10th, 100% vests f Unlever s ranked 7th and 200%
(150% under the MIP) vests f Unlever s ranked 3rd or above Straght-lne vestng occurs between these ponts The ommttee may change the TSR
vestng levels set out above f the number of companes n the TSR comparator group changes
ULTIMATE REMEDY/MALUS
rants under the SIP and MIP are subect to ultmate remedy Upon vestng of an award, the ommttee shall have the dscretonary
power to adust the value of the award f the award, n the ommttee’s opnon takng all crcumstances nto account, produces an unfar
result In exercsng ths dscreton, the ommttee may take nto account Unlever’s performance aganst non-fnancal measures The
ommttee wll only adust the value of a vestng SIP and MIP award upwards after obtanng shareholder consent Wth effect from
the 2015 SIP and MIP awards, the ommttee may apply malus to reduce an award or determne that t wll not vest or only vest n
part n the event of a sgnfcant downward restatement of the fnancal results of Unlever, gross msconduct or gross neglgence,
materal breach of Unlever’s ode of Busness Prncples or any of the Unlever ode Polces or conduct by the ndvdual that results
n sgnfcant losses or serous reputatonal damage to Unlever The annual bonus wll also be subect to malus on the same grounds as
apply for SIP and MIP awards
LAWBAK
The ommttee has dscreton to reclam or claw-back some or all of the value of awards of performance-related payments to Executve
Drectors n the event of a sgnfcant downward restatement of the fnancal results of Unlever Ths ncludes the annual bonus together
wth any awards that have been made and/or vested shares under the Share Matchng Plan, the SIP and the MIP Ths claw-back
may be effected up to two years from vestng by reducng outstandng awards or requrng the return of the net value of vested awards
to Unlever
In 2015, the ommttee dd not reclam or claw-back any of the value of awards of performance-related payments to Executve Drectors
SINLE FIURE OF REMUNERATION AND IMPLEMENTATION OF THE REMUNERATION POLIY IN 2015 FOR EXEUTIVE
DIRETORS (AUDITED)
The table below shows a sngle fgure of remuneraton for each of our Executve Drectors, for the years 2014 and 2015
Base salary and fxed allowance are set n sterlng and reman
unchanged from 2014 through 2015, please read the notes below
the table for more nformaton
Paul Polman
EO (UK)
(’000)
Jean-Marc Hut
FO (UK)
(’000)
2015 2014 2015(a) 2014
(A) Base salary 1,392 1,251 738 885
(B) Fxed allowances and other benefts 901 787 273 377
() Annual bonus 2,573 1,652 812 778
Long-term ncentves
(D) MIP matchng shares –
(requred by UK law) 1,972 1,803 382 370
(E) SIP performance shares –
(requred by UK law) 3,404 3,923 1,820 3,022
Long-term ncentves (sub-total) 5,376 5,726 2,202 3,392
(F) ondtonal supplemental penson 161 145 n/a n/a
Total remuneraton pad – (requred by UK law) (A+B++D+E+F) 10,403 9,561 4,025 5,432
() Share awards (requred by Dutch law) 3,274 4,206 573 2,249
Total remuneraton pad – (requred by Dutch law) (A+B++F+) 8,301 8,041 2,396 4,289
(a) The 2015 fgures relate to amounts pad or payable to Jean-Marc Hut for hs servces between 1 January 2015 and 1 October 2015, the date that Jean-Marc
Hut ceased to be FO and an Executve Drector of Unlever Detals regardng hs leavng arrangements can be found on page 78
Where relevant, amounts for 2015 have been translated nto euros usng the average exchange rate over 2015 (1 = £07254) Amounts for
2014 have been translated nto euros usng the average exchange rate over 2014 (1 = £08071), excludng amounts n respect of MIP and
SIP whch have been translated nto euros usng the exchange rate at vestng date of 17 February 2015 (1 = £07383)
We do not grant our Executve Drectors any personal loans or guarantees
71Unilever Annual Report and Accounts 2015 Governance