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Rotork Discloses Details Of 2020 LTIPs Awards

Rotork plc. (ROR.L) discloses details of its 2020 LTIPs awards and provides an update on its proposed Remuneration Policy, amid the Covid-19 pandemic.

The company has already announced a postponement of salary increases for 2020, including for the Board.

The company noted that 2020 LTIP awards were granted to Executive Directors on the 7th April under the existing Remuneration Policy and at the same multiples of salary as 2019. The Remuneration Committee considered in detail whether it should scale back these 2020 LTIP awards in light of economic issues triggered by Covid-19 and the resulting impact on the share price.

The Remuneration Committee concluded that having regard to both the good share price performance in the past 12 months, and an estimated decline in the share price as a result of Covid-19 of around 20%, that it was not appropriate to scale back these awards.

The Remuneration Committee did explicitly note that it would consider whether to exercise its discretion on vesting in 2023 to ensure that the level of vesting remained appropriate.

The company is seeking shareholder approval for a new Directors Remuneration Policy at the AGM on 24 April 2020.

The Remuneration Committee has decided that, should the new Remuneration Policy be approved at the AGM, it would not implement any of proposed increases in variable compensation for 2020.

It would however continue with the proposed arrangements to scale back pension allowances for incumbent Executive Directors to provide alignment with the wider UK workforce by the end of 2022. The proposed Remuneration Policy covers the next 3 years.

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