Rathbone Brothers Plc : Directorate change

Rathbone Brothers Plc - Board Change

Rathbone Brothers PLC announces that Paul Chavasse will step down as an Executive Director of Rathbone Brothers plc (the "Company") on 3 November 2016 and will leave the Company by reason of redundancy on 31 March 2017 ("Termination Date").

Philip Howell, Chief Executive, commented:
"We would like to thank Paul for his significant contribution to Rathbones over many years. As a member of the Group Executive team and the Board of Directors, he has played an important role in helping steer the Company through a period of growth and success. We wish Paul the best for the future".

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

Paul Chavasse is entitled to 12 months' notice from the Company under his contract of employment and will therefore continue to receive his current salary (£293,550 per annum), pension allowance (£35,426 per annum) and other benefits until the Termination Date. He will be on garden leave from 31 December 2016.  During this notice period he will remain available to ensure an orderly transition.

The Rathbone Brothers Plc Remuneration Committee ("the Committee") has determined that the following terms will relate to Mr. Chavasse's departure which are consistent with the Directors' remuneration policy and Mr. Chavasse's contract of employment.

1              Pay in lieu of notice

 Mr. Chavasse will receive 7 months' pay in lieu of notice (to include salary, pension allowance and benefits) subject to claw back for mitigation in the period to 30 September 2017. 
               
2              Statutory redundancy payment

Mr. Chavasse will be paid a statutory redundancy payment based on his length of service to the Termination Date and subject to the statutory earnings cap.  This amounts to £9,819.

3              Executive Incentive Plan (EIP)

The Committee has determined that Mr Chavasse will remain eligible to be considered for a pro rated 2016 award under the EIP for time in role as Head of Investment (i.e. up to the date of the commencement of his garden leave), subject to an assessment of the relevant performance measures relating to his 2016 award and the general discretion of the Committee.

Mr. Chavasse will not be eligible to be considered for a 2017 award under the EIP.

The Remuneration Committee has exercised (or, in respect of the 2016 award, will exercise) its discretion under the EIP to allow the unvested portions of Mr Chavasse's 2015 and 2016 Awards as at the Termination Date to vest in full on their Normal Vesting Dates. Vested shares under both awards remain subject to the 5 year holding period under the EIP.

4              Deferred Profit Share (DPS) - Bonus Scheme

The outstanding DPS Award which is due to vest on 31 December 2017 will vest as normal in accordance with the plan rules.

5              SAYE

Under the terms of the SAYE plan rules, Mr. Chavasse will be able to exercise his SAYE option in part for a period of 6 months from the Termination Date.  He will only be able to exercise his SAYE option using the savings in his linked SAYE savings account as at the date of exercise. 

6              Share Incentive Plan (SIP)

In accordance with the terms of the SIP, all shares allocated to Mr. Chavasse can be withdrawn from the SIP trust following the Termination Date.

7              Withholding and recovery

Mr. Chavasse has agreed that the Deferred Profit Share Award (as well as other awards that vest from today's date but prior to the Termination Date) will be subject to the same provisions in respect of withholding (unvested awards) and recovery (vested awards) as currently apply to awards under the EIP as set out in the Directors' remuneration policy.  For the avoidance of doubt, the 2015 and 2016 awards under EIP also remain subject to these withholding and recovery provisions.

8             Legal Fees and outplacement

Consistent with market practice, the Company will make a contribution towards Mr. Chavasse's legal fees in obtaining advice on the termination of his employment and outplacement support.

END

For further information, please contact:

Rathbone Brothers Plc

Tel: [phone]

Philip Howell, Chief Executive

Ali Johnson, Company Secretary

Shelly Chadda, Investor Relations Manager

Camarco
Ed Gascoigne-Pees
Tel: [phone]

Rathbone Brothers Plc
Tel: [phone]

Philip Howell, Chief Executive
Ali Johnson, Company Secretary

Shelly Chadda, Investor Relations Manager

Rathbone Brothers Plc
Rathbone Brothers Plc is a leading provider of high-quality, personalised investment and wealth management services for private clients, charities and trustees. This includes discretionary investment management, unit trusts, tax planning, trust and company management, pension advice and banking services.
www.rathbones.com

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Source: Rathbone Brothers Plc via Globenewswire