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Legal & General Grp - 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

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