The Group provides other cash benefits and benefits in kind to directors as well as sick pay and life insurance. This performance resulted in a vesting of 98.4% under the plan. It is the Committee's intention to use its discretion to not prorate in circumstances where there is an appropriate business case which will be explained in full to shareholders. The Committee believes that the Policy table clearly sets out how each element of remuneration links to the delivery of strategy and that the disclosure of BIP performance targets provides a clear link between individual awards and the long-term performance of the Company. No change to maximum opportunity: 200% of base salary for CEO, 150% of base salary for CFO. Given the strength of our strategic implementation and the extent to which this has been reflected in financial performance, the outcome under the personal measure of 80% for the CEO and 70% for the CFO are appropriate in the context of the overall performance of the Business. The address of the registered office is given in the Board of Directors . We received an overwhelmingly positive response, recognising the success of our historic remuneration framework in driving exceptional business performance over the last three-year period and the alignment of our new proposals with investor expectations and corporate governance requirements. A new Executive Director who is being moved to market positioning over time. In the event that an Executive Director leaves the Company, the Committee's policy for exit payments is to consider the reasons for cessation and consequently whether any exit payments other than those contractually required are warranted. 08/31. The table below sets out a summary of shares vesting for BIP awards made in 2016 for S.C. Harris. U. This section provides details of remuneration outcomes for Executive Directors who served during the financial year ending 31 December 2017. Due to the nature of the Company's activities the Committee consider ROCE to provide shareholders with an appropriate measure of how well the Company is performing and is being managed, while headline EPS provides a measure of the level of value created for shareholders. In determining the appropriate fee level the Committee considered market benchmarking against the FTSE 250 and other companies of comparable size and complexity in line with the policy approved at the 2016 AGM. The fee for the Chair is set by the Remuneration Committee. Creating value: The incentives are calibrated to reward participants for delivering exceptional performance. www.bodycote.com. Use Adobe Acrobat Reader® and Liquid Mode for best reading experience. Wrocław, woj. Prague, Czech Republic. During 2018 the Committee was chaired by E. Lindqvist. View the Bodycote annual report 2020 below. Bodycote Imt's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. D. Yates appointed Chief Financial Officer on 2 January 2017. If a link on AnnReports doesn't work, please let us know in an email to service@annpreports.com. . The Committee may also exercise operational and administrative discretions under relevant plan rules approved by shareholders as set out in those rules. PR. Ball: Springwood Court, Macclesfield, SK10 2XF Tel: 01625 505300. Annual variable element is the annual bonus both cash and deferred shares. At least 70% of the bonus will be based on the achievement of Group financial targets. The Company's principal long-term incentive, the Bodycote Incentive Plan (BIP) is based on performance against return on capital employed (ROCE) and earnings per share (EPS) targets over a three year period. S.C. Harris has held the position of Non-Executive Director of Mondi plc since 1 March 2011 and in accordance with Group policy he retained fees for the year of £97,174. The Committee has not set a maximum level of benefit, given that the cost of certain benefits will depend on the individual's particular circumstances. See insights on Bodycote including office locations, competitors, revenue, financials, executives, subsidiaries and more at Craft. Experienced in supporting large multinational customers and their supply chains, as well as local niche specialists, Bodycote provides a vital link in the manufacturing process for virtually every market sector including aerospace and defence, automotive, power generation . to vest deferred shares at the end of the original deferral period or at the date of cessation. Holding range: Number of shareholders % Number of shares % 1 to 1,000: 861: 43.1: 358,576: 0.2: 1,001 to 10,000: 743: 37.2: 2,291,930: 1.2: 10,001 to 100,000: 217: 10 . But you can easily search the internet using the following search term: "COMPANY annual report YEAR filetype:pdf". 02 Bodycote plc annual report for the year ended 31 December 2015. 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Archive 2021 Title PDF HTML 2021 Interim results Download Trading update - 27th May 2021 Download 2021 Notice of AGM Download 2020 Title PDF HTML 2020 Annual Report Download […] The Strategic report of this Annual Report. The Company's Policy is that the Chair and Non-Executive Directors receive a fixed fee for their services as members of the Board and its Committees. No payments for loss of office were made in the year. Recommend and monitor the level and structure of remuneration for senior management. Company has right to terminate on payment of a termination payment with agreement of executive, Company has right to terminate on payment of a termination payment, During employment and for 12 months thereafter, Compensation for loss of office in service contracts, Treatment of cash element of the bonus under Plan rules, Treatment of unvested deferred bonus awards under Plan rules. This section of the report is audited and subject to an advisory vote by shareholders at the 2019 AGM. The table below displays the voting results on the remuneration resolution at the 2018 AGM as well as the result of the Remuneration Policy at the 2017 AGM: Bodycote's Executive Remuneration Policy is to attract and motivate our senior executive team to execute our strategy and deliver value to our shareholders while ensuring the Group pays no more than is necessary. . Such payments may take into account remuneration relinquished when leaving the former employer and would reflect the nature, time horizons and performance requirements attached to that remuneration. The performance measures and their relative weightings also remain unchanged: 50% ROCE and 50% headline EPS. Base salaries are reviewed on an annual basis. Respect and responsibility: The Committee has recourse to recover sums where appropriate. Executive directors and other senior executives are expected, within five years of appointment, to build up a shareholding in the Company. Awards consisting of conditional shares were granted to both Executive Directors, equivalent in value to 175% of their base salaries on 18 May 2018, and will vest after three years in March 2021. This is reflected in the 89.3% of max vesting of the BIP. Visit bodycote.com for more information. The Committee may also include in such payments reasonable reimbursement of professional fees in connection with such agreements. For the avoidance of doubt, this 450% variable pay limit excludes the value of any 'buyout' payments or awards associated with forfeited awards. Incorporating a formal two year post-vest holding period for the BIP into our policy. BODYCOTE PLC BOY Company page - Search stock, chart, recent trades, company information, trading information, company news, fundamentals The company offers thermal processing services, including heat treatments and metal joining, hot isostatic pressing, and surface engineering. 1. This year, in accordance with regulatory requirements, we will bring a new policy to shareholders at the 2019 AGM, at which point our previous policy (as approved at the 2016 AGM), expires. . Unfortunately some files are larger than this. Operating an international network of facilities, Bodycote is the world's leading provider of thermal processing services. Over the three-year period, the Group achieved absolute TSR growth of 34.1%. When recruiting new Executive Directors, the Company's Policy is to pay what is necessary to attract individuals with the skills and experience appropriate to the role to be filled, taking into account remuneration across the Group, including other senior executives, and that offered by other FTSE 250 companies and other companies of similar size and complexity. * Certain other expenses incurred in pursuit of bona fide business activities are, under UK tax regulations, treated as a taxable benefit in kind, and the director has received grossed up compensation for this in order to leave him/her in a neutral position. Profit margin: 10.0% (up from net loss in 1H 2020). Any external appointment must not conflict with the Directors' duties and commitments to Bodycote plc. View summary of company credit check, director search and other financial reports It is the Committee's intention to use discretion to not prorate in circumstances where there is an appropriate business case which will be explained in full to shareholders. Under all other circumstances no bonus will be earned on cessation of employment (other than set out above in the legacy arrangements for the CEO). PwC were appointed by the Remuneration Committee in July 2015 following a competitive tender process. Bodycote's annual report and accounts This Complaint relates to the Bodycote Annual Report and Accounts 2017, which cover the financial year ending 31 December 2017 (Annual Report). BIP awards made in 2016 had a three-year performance period ending on 31 December 2018, after which they will vest immediately, with 50% of the award subject to satisfaction of a ROCE target and 50% subject to the headline earnings per share (EPS) target. The face value of the award to S.C. Harris was £921,624. However, reflecting feedback received from shareholders, we have decided to amend our original decision and Stephen Harris will instead receive an inflationary increase of 3%, in line with the average increase of the wider UK workforce. This is reviewed on an annual basis. annual report 2013. The Committee reserves the right to make any remuneration payments and payments for loss of office notwithstanding that they are not in line with the Policy where the terms of the payment were agreed (i) before the Policy came into effect or (ii) at a time when the relevant individual was not a Director of the Company and, in the opinion of the Committee, the payment was not in consideration for the individual becoming a Director of the Company. This is a review of the development of the Group's businesses, the financial performance during the year ended 31 December 2018, key performance indicators and a description of the principal risks and uncertainties facing the Group. The same general approach applies to all employees, although contribution levels vary by seniority. Over the three-year period, the Group achieved absolute annual TSR growth of 11.6%. Normal awards will be made under the BIP in line with the Remuneration Policy. $288M Initial portion of U.S. government contract awarded in 2021 for nitrile rubber patient exam gloves, with potential contract value up to $576M $220M Healthcare contracts awarded in 2020 by U.S. government agencies for Powered Air Purifying Respirator (PAPR) Systems In instances where the Committee determines that award should not lapse in full, awards will normally vest at the normal vesting date, prorated for time served and subject to the achievement of the original performance conditions. The Committee documents all remuneration related comments made at the Company's AGM and feedback received during consultation with shareholders throughout the year. In the Complaint (draft included with this letter), we submit that by failing to refer to climate change or the low carbon transition in relevant sections of its Annual Report . There are now no shares subject to performance condition under the CIP. Discovery of a material misstatement resulting in an adjustment in the audited accounts of the Group or any Group Company; The assessment of any performance condition or condition was based on error, or inaccurate or misleading information; The discovery that any information used to determine the cash payment under the bonus or the number of shares subject to deferral was based on error, or inaccurate or misleading information; Action or conduct of a participant which amounts to fraud or gross misconduct; or. Certain other expenses incurred in pursuit of bona fide business activities are, under UK tax regulations, treated as a taxable benefit in kind, and the directors have received grossed up compensation for this in order to leave him/her in a neutral position. Revenue, at constant exchange rates, was ahead 4% and we achieved further improvement in margin and return on capital employed, in addition to strong cash generation.". Furthermore for now Liquid Mode can convert only up to 200 pages and a file size of less than 10 MB. ROCE and headline EPS are our top two KPIs as shown in the Highlights of this Annual Report. Our ongoing focus on operating efficiency, margins, and targeted investments in high growth markets has supported earnings development over the three year period despite the challenging environment, resulting in an outcome of 100% under this measure. Bodycote PLC ADR BDCYY Morningstar%2c Inc . Actual achievement of succession planning in the year exceeded this, with the next level of management in these departments also refreshed. BODYCOTE PLC BOY Fundamentals - Search stock, chart, recent trades, company information, trading information, company news, fundamentals. The remuneration package for the Executive Directors is designed to provide an appropriate balance between fixed and variable performance-related components. Any adjustments or discretion applied by the Committee will be fully disclosed in the following year's Remuneration Report. COMPANY TYPE. Following strong performance in the year the bonus paid out at 68.5% for the CEO and 67.2% for the CFO, 35% of the award will be deferred in shares for both the CEO and the CFO. The CFO shared an objective with the CEO around the review of the Enterprise Resource Planning (ERP) programme. Consequently PwC resigned as Remuneration Committee consultant on 31 December 2018. The Policy has been revised in order to ensure continued alignment between remuneration and the evolving strategic direction of our business, as well as to ensure alignment with the new UK Corporate Governance Code. As described in Section B: Directors' Remuneration Policy, the Board operates a shareholding retention policy under which Executive Directors and other senior executives are expected, within five years of appointment, to build up a shareholding in the Company. Bodycote's Annual Report does I would welcome your views on our policy, the content of this report or any other items you would like to discuss and I look forward to meeting you and answering any questions you may have at the AGM. Under the terms of the Chief Financial Officer's contract, the contract is terminable by one year's notice by the employer at any time, and by payment of one year's basic salary and other fixed benefits in lieu of notice by the employer. The Committee will make this determination depending on the type of good leaver reason resulting in the cessation. The number and value of shares which vested for S.C. Harris is set out on in the Annual report on remuneration. Any external appointment must not conflict with the Directors' duties and commitments to Bodycote plc. 2019 Annual Report and Audited Financial Statements. Legal advice was provided by Eversheds. The Committee in particular consulted with the Group Chief Executive and received recommendations from him in respect of his direct reports. The Committee concluded that there are two principal approaches to mitigate these risks: to ensure that remuneration arrangements do not offer the potential for excessive rewards; and to ensure the Committee has recourse to recover sums where appropriate. The table below sets out the 2016 BIP outcome for S.C Harris. The Policy also provides the Committee with discretion to adjust incentive outcomes so that reward fairly and accurately reflects the performance of the Company over the relevant period. BODYCOTE SAS has 17 employees at this location and generates $131.75 million in sales (USD). 2017 Annual Report and Audited Financial Statements. The 2018 figures relate to BIP awards made in 2016 with performance periods ending on 31 December 2018. This includes a viability If the company is not listed, we can not help you. Progress required in 2018 was met. The Group operates a defined contribution scheme. During the year, the Committee reviewed the BIP Structure and measures in the context of our strategic priotities over the coming years. The performance period will end on 31 December 2020. Our headline operating cash flow has also grown by 15% to £128.7m, supporting our ability to return cash to our shareholders. The Committee's Policy is that it will prorate bonus for time. Awards are subject to continued employment and the achievement of ROCE and headline EPS growth performance targets, as summarised in the table below. For the purposes of this requirement, only beneficially owned shares and the value of deferred shares under the annual bonus will be counted. The Board operates a shareholding retention policy under which Executive Directors are expected, within five years from appointment, to build up a shareholding in the Company. The Policy on Non-Executive Director (NED) and Chair fees is set out below. The table below provides the details of the annual bonus awards received in respect of the Group and individual performances in the 2018 financial year. We will however make a number of small amendments to ensure we are aligned with the relevant areas of best practice, including: In reviewing our policy we consulted extensively with our largest shareholders together with proxy agencies, and discussed the rationale for our proposals. The Committee retains discretion in exceptional circumstances to change performance measures and targets and the weightings attached to performance measures part way through a performance year if there is a significant and material event which causes the Committee to believe the original measures, weightings and targets are no longer appropriate. Strong returns have also been delivered, helped by the focus on capital investment in specialist markets, and ROCE performance was 78.5% of maximum. An estimated share price of £9.11 at close of markets on 5 March 2018 was used to estimate the value in the 2017 Annual Report. We also recognise the commentary in the Code that relates to incentive arrangements, and the views of investors and proxy bodies on different models of pay and package structure. Role, experience and performance of the executive. All future appointments to the Board will comply with this requirement. The annual bonus potential for the period to 31 December 2018 for Executive Directors was split 77% in respect of Group headline operating profit, 10% on Group headline operating cash flow and 13% on personal strategic objectives. All rights reserved. Reckitt Annual Report and Accounts 2020 01 SRATEGIC REPORT GOVERANCE FINANCAL ATEMENTS Financial highlights Society Environment Net Revenue £14.0 bn +11.8% LFL growth 4 Reported growth +8.9% Adjusted Operating Margin23.6 4 %-260bps Reported Operating Margin 15.4 % nm 3 Net Revenue from more sustainable products 1, 2, 4 30.4 % Number of people . Collecting requirements from the site and country managers. The Annual Report makes no reference to 'climate change'. The discovery that any information used to determine the number of shares subject to an award was based on error, or inaccurate or misleading information; Reimbursement of expenses (if satisfactory evidence provided), Entitlement to receive an annual performance-related bonus award, Entitlement to participate in a long-term incentive plan, Entitlement to a reasonable relocation package if D. Yates relocates within 30 months of starting date of 1 November 2016. to determine that an Executive is a good leaver. The exercise of this discretion may result in a downward or upward movement in the amount of bonus earned resulting from the application of the performance measures. In line with the new Corporate Governance Code provision for remuneration policies to enable the use of discretion to override formulaic outcomes, the Committee has discretion in several areas of Policy as set out in this report. Leave your email address in the field above the table with annual reports. Download. 2016 Sustainability Report. Home - Bodycote plc annual report 2017. The Committee has appointed E&Y as interim Remuneration Consultants as of 1 January 2019. Malus and/or clawback may be applied in the following scenarios: The Committee believes that the rules of the Plan provide sufficient powers to enforce malus and clawback where required. This objective was achieved, and we believe that through this IR strategy the Group will maintain strong relationships and continue productive two-way dialogue with our shareholders. Under the terms of the Chief Executive's contract, the Company may at its choice, in lieu of giving notice, terminate his service contract by making a payment equivalent to: one year's annual base salary, 25% of base salary in respect of all other remuneration and benefits (other than annual bonus and incentives) and annual bonus equal to the average bonus paid up to three years prior to the date of notice. The Committee is satisfied that the composition and structure of the remuneration package is appropriate, clearly supports the Company's strategic ambitions and does not incentivise inappropriate risk taking. Based in Macclesfield, England. Our long-term targets reflect the continued challenges in the wider commercial environment and the improved growth we expect to see following our emphasis on operational efficiency and the expansion of our footprint in rapid growth territories. Long-term variable element is the BIP award and dividend equivalents. Pension contribution levels will be considered by the Committee in light of the new recruit's package as a whole, market practice at the time and in line with the new provision that Executive Director pension contributions will be in line with Bodycote contribution rates applicable to other employees. Clawback provisions apply to amounts for two years following vesting. The chart below sets out illustrations of the impact of share price appreciation on the composition and value of each Executive Director's remuneration package, should they achieve minimum, at-target or maximum performance. Fixed elements are salary, benefits and pension. If headline EPS at the end of the performance period was below 27p, then no awards will vest. ", "The Group delivered another good performance in 2014. A. Thomson retired as Chairman and Non-Executive director on 31 December 2017. Annual report on remuneration. BODYCOTE PLC. This Policy is intended to apply for three years from the date of the 2019 AGM and is set out below. U. This report has been structured to support the reader in quickly and easily accessing relevant information. Thirty-five per cent of any bonus earned is deferred into shares for three years, conditional on continued employment until the vesting date. Executive Directors were invited to purchase shares up to 40% of basic salary (net of tax) against which performance based matching shares are granted on a 1:1 basis. In developing the proposed Remuneration Policy for 2019 and beyond the Remuneration Committee engaged extensively with the Company's key shareholders and their representative bodies. PwC's fees for the year, based on the quantity and complexity of the work undertaken, amounted to £51,000. Shares vested as the targets were achieved at 156.2% out of 175% (equivalent to 89.3% of maximum opportunity). In the case of non-UK executives,the Committee may consider providing additional allowances in line with relevant market practice, including expatriate benefits. Source: 2019 company annual report. For an external appointment, although there are no plans to offer additional cash and/or share-based payments on recruitment, the Committee reserves the right to do so when it considers this to be in the best interests of the Company and shareholders. The maximum potential is 200% of base salary for the CEO and 150% of base salary for the CFO and other Executive Directors. The targets for the performance measures are reviewed on an annual basis to ensure alignment to strategy and are set to be in line with budget. As such his personal objectives required him to transition the leadership of a number of key departments in the year, which was achieved. The performance measures and their relative weightings also remain unchanged: 77% operating profit, 10% operating cash management and 13% personal objectives. The interests in ordinary shares of directors and their connected persons as at 31 December 2018, including any interests awarded under the annual bonus, CIP or BIP, are presented below along with whether Executive Directors have met the shareholding guidelines.
bodycote annual report 2021