Directors Remuneration Report Correction

RNS Number : 2516Z

Legal & General Group Plc

25 May 2016

 

Directors' Remuneration Report - Correction

25 May 2016

Further to the publication of the 2015 Annual Report and Accounts (the "Accounts") for Legal & General Group Plc (the "Company") on 15 March 2016, the Company regrettably advises that there is an error in the 2015 single figure of remuneration table on page 73 of the Accounts.

We apologise for this error, the details of which are as follows:

As disclosed in the 2012 Accounts, an additional Performance Share Plan (PSP) grant of 291,765 options at a share price of 131.27p was made to Nigel Wilson in August 2012 in recognition of his promotion from Group Chief Financial Officer to Group Chief Executive. This followed the original grant of PSP options in April 2012 in respect of his role as Group CFO. The single figure of remuneration for Nigel Wilson shows the number of shares that vested and were exercised on 8 May 2015 at the share price on that date of 269p but omits the additional 291,765 options that vested on 24 August 2015 at the share price of 267.6p. These latter options were exercised in January 2016. The single figure of remuneration should have been calculated based on the vesting dates, not the exercise dates.

The correct 2015 single figure of remuneration for Nigel Wilson should now read £5.497m rather than £4.716m as previously stated. The replacement single figure of remuneration table is set out below.

The table showing the total shareholding of executive directors on page 88 of the Accounts is correct and the additional 291,765 options are disclosed in this table. There is no impact on the Company's profit, balance sheet, earnings per share or other financial information in the Accounts. The Company's auditors have reviewed the error and have agreed with the position of the Company

'Single figure' of remuneration - executive directors (audited)

The following table shows a single total figure of remuneration for each executive director in respect of qualifying services for the 2015 financial year, together with a comparative figure for 2014.

Single figure

Executive director	Salary	Benefits (b)	Pension	Annual variable pay (AVP)	Total remuneration exc.PSP/LTIPs	PSP/LTIPs	Total remuneration
2015
Nigel Wilson	853	72	128	1,113	2,166	3,331	5,497
Mark Gregory	573	57	90	724	1,443	1,908	3,352
Mark Zinkula	573	358	86	917	1,933	998	2,931
John Pollock	233	45	40	142	460	1,918	2,378
2014
Nigel Wilson	808	80	121	1,115	2,124	2,089	4,213
Mark Gregory	560	66	90	726	1,442	1,519	2,961
Mark Zinkula (a)	560	840	88	766	2,254	1,026	3,280
John Pollock	560	69	150	713	1,492	1,563	3,055

Notes

(a) Mark Zinkula's benefits for 2014 include the vesting of shares relating to a legacy award from when he became CEO LGIM and prior to him joining the Board.

For 2014, this accounts for £431,000 of the benefits figure shown above (restated: previously £418,000 disclosed).

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