Director/PDMR Shareholding

RNS Number : 7224L

Reckitt Benckiser Group PLC

01 May 2020

 

1 May 2020

RECKITT BENCKISER GROUP PLC

DIRECTOR/PDMR SHAREHOLDINGS

Reckitt Benckiser Group plc (the "Company" or "RB") announces the following changes in the interests of Directors and Persons Discharging Managerial Responsibility ("PDMR") in ordinary shares of 10 pence each in the share capital of the Company ("Shares").

2015 Long Term Incentive Plan ("LTIP")

Grant of Performance Share Awards and Share Options

On 1 May 2020, the grant of performance share awards and share options were made under the LTIP to the Directors and PDMRs listed below:

Name	Director/PDMR	Number of share options	Number of shares under performance award
Laxman Narasimhan	Director and PDMR	150,000	75,000
Jeff Carr	Director and PDMR	80,000	40,000
Harold van den Broek	PDMR	50,000	25,000
Aditya Sehgal	PDMR	50,000	25,000

The number of Shares and options shown is the maximum available if the stretching performance conditions for the three-year performance period ending on 31 December 2022 are satisfied in full. 

As we set out in the Company's 2019 Annual Report, at the time of publication of the report the performance conditions for the 2020 LTIP award were still under review by the Remuneration Committee, following the announcement of the findings of the CEO's strategic review in late February.  The Committee wanted to ensure that the 2020-2022 LTIP performance measures and targets aligned with the updated strategic priorities.

Following the strategic announcement, the Remuneration Committee determined the appropriate performance measures and targets and carried out a comprehensive consultation with shareholders on the proposals.  The Committee duly considered the feedback from shareholders before finalising the performance conditions.

The performance conditions that will apply to the 2020 LTIP awards for the 2020-2022 performance period are set out below.  In line with the Directors' Remuneration Policy, for Executive Directors there is a further two-year holding period after the end of the performance period.

Performance Condition	Proportion of 2020 Award subject to Performance Condition	Target to achieve threshold (20%) vesting	Target to achieve maximum (100%) vesting
1. Like-for-like Net Revenue p.a. (3 year CAGR)	50%	2%	5%
2. EPS (final year) on a constant foreign exchange basis	12.5%	323 pence	360 pence
3. EPS (final year) on an actual foreign exchange basis	12.5%	302 pence	337 pence
4. ROCE (final year)	25%	11.8%	13.1%

Vesting between achievement of threshold and maximum performance is on a straight-line basis. In addition to the above performance conditions, the Remuneration Committee has an overriding discretion to adjust vesting outcomes where, acting fairly and reasonably, it considers the formulaic outcome to be inappropriate.

Options will be exercisable at £65.20 per share. No consideration was paid for the grant of these awards.

The following notifications are made in accordance with DTR 3.1.2-A, incorporating article 19(1) of the Market Abuse Regulation.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Laxman Narasimhan
2	Reason for the notification
a)	Position/status	Director - Chief Executive Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Reckitt Benckiser Group plc
b)	LEI	5493003JFSMOJG48V108
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan of
c)	Price(s) and volume(s)	Price(s) Volume(s) £65.20 150,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total £65.20 150,000 £9,780,000
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 75,000
d)	Aggregated information -  Aggregated volume -  Price	n/a
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jeff Carr
2	Reason for the notification
a)	Position/status	Director - Chief Financial Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Reckitt Benckiser Group plc
b)	LEI	5493003JFSMOJG48V108
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan of
c)	Price(s) and volume(s)	Price(s) Volume(s) £65.20 80,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total £65.20 80,000 £5,216,000
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 40,000
d)	Aggregated information -  Aggregated volume -  Price	n/a
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Harold van den Broek
2	Reason for the notification
a)	Position/status	PDMR - Chief Operating Officer, Hygiene Home
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Reckitt Benckiser Group plc
b)	LEI	5493003JFSMOJG48V108
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) £65.20 50,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total £65.20 50,000 £3,260,000
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 25,000
d)	Aggregated information -  Aggregated volume -  Price	n/a
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Aditya Sehgal
2	Reason for the notification
a)	Position/status	PDMR - Chief Operating Officer, Health
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Reckitt Benckiser Group plc
b)	LEI	5493003JFSMOJG48V108
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of share options for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan of
c)	Price(s) and volume(s)	Price(s) Volume(s) £65.20 50,000
d)	Aggregated information -  Aggregated volume -  Price	Aggregate Price Aggregate Volume Aggregate Total £65.20 50,000 £3,260,000
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of 10p each in Reckitt Benckiser Group plc GB00B24CGK77 - ID code for ordinary shares
b)	Nature of the transaction	Grant of performance share awards for nil consideration under the Reckitt Benckiser Group plc 2015 Long-Term Incentive Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 25,000
d)	Aggregated information -  Aggregated volume -  Price	n/a
e)	Date of the transaction	2020-05-01
f)	Place of the transaction	Outside a trading venue

For further Information:
Rupert Bondy

Company Secretary

Tel [phone]

John Dawson

SVP, Investor Relations

Tel. [phone]

About RB

RB* is driven by its purpose to protect, heal and nurture in a relentless pursuit of a cleaner, healthier world. We fight to make access to the highest-quality hygiene, wellness and nourishment a right, not a privilege, for everyone.

RB is proud to have a stable of trusted household brands found in households in more than 190 countries. These include Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite, Air Wick and more.  20 million RB products a day are bought by consumers globally.

RB's passion to put consumers and people first, to seek out new opportunities, to strive for excellence in all that we do, and to build shared success with all our partners, while doing the right thing, always is what guides the work of our 40,000+ diverse and talented colleagues worldwide.

For more information visit  www.rb.com

*RB is the trading name of the Reckitt Benckiser group of companies

Reckitt Benckiser Group plc's LEI code is 5493003JFSMOJG48V108

 

END

 

 

DSHBUGDUCXGDGGB