Hargreaves Lansdown PLC Directors' Remuneration Report 2018 - Correction (8647B)
September 25 2018 - 6:02AM
UK Regulatory
TIDMHL.
RNS Number : 8647B
Hargreaves Lansdown PLC
25 September 2018
25 September 2018
Hargreaves Lansdown plc
Directors' Remuneration Report Correction
Further to the publication of the 2018 Report and Financial
Statements (the "2018 Annual Report") for Hargreaves Lansdown plc
(the "Company") on 30 August 2018, the Company announces that there
is an error in the 2018 single figure of remuneration table on page
78 for Chris Hill, Chief Executive Officer of the Company, within
the Directors' Remuneration Report. This error has also been
reflected, in part, in the corresponding information in the
Directors' Remuneration Reports in the Report and Financial
Statements for the years ended 30 June 2017 and 30 June 2016 (the
"2017 Annual Report" and "2016 Annual Report" respectively).
We apologise for this error, which primarily relates to the
treatment of Chris Hill's buy-out awards upon joining Hargreaves
Lansdown. We have set out below the original and corrected figures,
with further details set out in the Notes to Editors of this
announcement. There is no impact on the Company's profit, balance
sheet, earnings per share or other audited financial information in
the 2018 Annual Report. The Company's auditors have reviewed the
error and have agreed with the position of the Company.
The original disclosed amounts for Chris Hill in each of the
years are as follows:
Deferred Gain
All figures Gross Other element on historic
in basic cash Cash of bonus options
GBP'000s Year salary benefits bonus shares vesting Pension Totals
Name of Director
Chris Hill 2018 600 23 1,020 680 164 11 2,498
-------- --------- ----------- -------- ---------- ------------- ---------- ---------
Chris Hill 2017 503 5 825 550 344 6 2,233
-------- --------- ----------- -------- ---------- ------------- ---------- ---------
Chris Hill 2016 179 - 263 112 - 4 558
-------- --------- ----------- -------- ---------- ------------- ---------- ---------
The corrected amounts for Chris Hill, with new columns added to
show the effects of each change individually, should be:
Deferred
All Gross Other element
figures basic cash Cash of bonus Buy-out LTIP SAYE
in Year salary benefits bonus shares award award awards Pension Totals
GBP'000s
Name of
Director
Chris Hill 2018 600 23 1,020 680 - 120 - 11 2,454
-------- -------- ---------- -------- --------- --------- -------- --------- --------- ---------
Chris Hill 2017 503 5 825 550 - - - 6 1,889
-------- -------- ---------- -------- --------- --------- -------- --------- --------- ---------
Chris Hill 2016 179 - 263 112 494 - 5 4 1,057
-------- -------- ---------- -------- --------- --------- -------- --------- --------- ---------
Contacts:
Hargreaves Lansdown
For media enquiries: For analyst enquiries:
Danny Cox, Head of Communications James Found, Head of Investor Relations
+44(0)117 317 1638 +44(0)117 988 9898
Notes to Editors
Following his appointment to the Board of Directors as Chief
Financial Officer in February 2016, Chris Hill was awarded three
tranches of share awards. Two of these awards were nil-cost options
awarded under an arrangement to which Listing Rule 9.4.2 applies in
respect of the buy-out of the share option arrangements he
forfeited on leaving his previous employments (together, the
'Buy-Out Awards'). The Buy-Out Awards were previously disclosed in
the Directors' Remuneration Report of the 2015 Report and Financial
Statements. The third award was made under the Hargreaves Lansdown
Unapproved Share Option Plan 2012 (the "LTIP Award"). The LTIP
Award was made in line with that made to other Directors/PDMRs in
October 2015, with the number of shares under award pro-rated for
the period of time Chris Hill was employed during the performance
period. The grant of the Buy-Out Awards and LTIP Award was
disclosed in an RNS announcement to the market dated 4 March
2016.
The Buy-Out Awards, given that they were nil-cost options with
no performance criteria, should have been recognised in the single
figure table of remuneration within the 2016 Annual Report at
grant, however they were incorrectly recognised in the 2018 Annual
Report and 2017 Annual Report based on the dates at which Chris
Hill exercised the awards. The amount that should have been
recognised in the 2016 Annual Report was GBP493,608, being the
39,300 combined total of the two share awards multiplied by the
share price at the date of grant, which was GBP12.56. The amounts
recognised in the 2018 Annual Report and 2017 Annual Report in
respect of the Buy-Out Awards should have been nil.
The LTIP Award had a performance period ending 30 June 2018. The
estimated gain on the vested shares under the award based on the
performance criteria should have been included in the single figure
table of remuneration within the 2018 Annual Report under the
column 'LTIP' but had been omitted in error. The amount which
should have been recognised in the 2018 Annual Report is
GBP120,048, being the 19,680 shares vesting multiplied by the
average daily closing share price for the quarter ending 30 June
2018 of GBP18.66 less the exercise price of GBP12.56.
Chris Hill also participated in the 2016 grant under the
Company's Save As You Earn Plan, and therefore an amount of
GBP4,638 also should have been recognised in the 2016 Annual Report
in respect of the 1,750 options granted in April 2016.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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