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Severn Trent PLC - Section 430(2B) Companies Act 2006 Statement

RNS Number : 2441A
Severn Trent PLC
22 December 2017
 

22 December 2017

Section 430(2B) Companies Act 2006 Statement

The following information is provided in accordance with section 430(2B) of the Companies Act 2006. 

On 4 September 2017, the Company announced that Emma FitzGerald was stepping down as Managing Director of Wholesale Operations and from the Board of Severn Trent plc

Ms FitzGerald has formally resigned as a Director of Severn Trent plc with effect from 31 December 2017. Her employment will end on 31 July 2018 unless this date is brought forward by mutual agreement. Remuneration arrangements in respect of her departure have been determined by the Group Remuneration Committee in line with the Directors' Remuneration Policy approved by shareholders at the AGM in July 2015.  Further details will be included in Severn Trent's 2018 Annual Report, to be published in May 2018.

Salary, pension and benefits
Ms FitzGerald's salary, pension and benefits will be paid in monthly instalments until the end of her employment.

Should Ms FitzGerald request cessation of her employment earlier than 31 July 2018 she would waive entitlement to payment in lieu of any unexpired notice and she would waive her entitlement to the 2017/18 annual bonus in its entirety.

Incentives
Ms FitzGerald's unvested awards under the Severn Trent deferred annual bonus plan ("ABP") will be released on the cessation of her employment, and remain subject to malus and clawback provisions.

Ms FitzGerald's 2015 award granted under the Severn Trent Long-Term Incentive Plan ("LTIP") will vest subject to the satisfaction of the original performance conditions.

LTIP awards which will be outstanding on the date when Ms FitzGerald's employment is expected to end will be treated as follows:

• Ms FitzGerald's 2016 and 2017 awards granted under the LTIP will vest in line with the original vesting dates, subject to the satisfaction of the original performance conditions and will be pro-rated up to the end of her employment.
• These awards will continue to be subject to malus and clawback provisions. 

Ms FitzGerald will receive an annual bonus for 2017/18. This bonus will be determined based on performance achieved, assessed when the 2017/18 results are known.

Ms FitzGerald will not receive a bonus for 2018/19 and she will not be made a LTIP award in 2018 or any subsequent year. 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Severn Trent

Price: 2479

Market: LSE
Market Cap: £5.91 billion
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