Andrea Rossi’s remuneration arrangements will be in accordance with M&G plc’s Directors’ Remuneration Policy (the “Policy”), which was approved by shareholders at the Annual General Meeting in May 2020.
1. Salary and benefits
A base salary of £875,000.
Standard benefits including eligibility for private family health care, life assurance, disability insurance and an annual health screen.
Pension contribution of 13% of salary, which may be received in part or in full in cash, which is in line with the maximum pension rate applicable to the wider workforce.
2. Incentives
Eligibility to participate in a Short-Term Incentive scheme with a maximum annual entitlement of 250% of base salary, subject to performance conditions. In accordance with the Policy, 50% will be delivered in cash and 50% will be deferred in shares for 3 years. Eligibility will be pro-rated to the appointment date for the 2022 performance period.
Eligibility to participate in a Long-Term Incentive Plan with a maximum annual share award value of 250% of base salary with 3-year vesting, subject to performance conditions. There is a further 2-year holding period on the vested shares. The first award will be granted in 2023.
3. Shareholding requirement
Andrea will be required to build up and maintain a minimum shareholding equal to 300% of base salary. Shareholding requirements must be maintained in full for 2 years post-employment.
4. Notice period
A 12 months’ notice period from either party.
5. Other
Save as disclosed above, no other information is required to be disclosed pursuant to paragraph 9.6.13R of the Listing Rules in respect of Andrea’s appointment.