2020 Directors' Remuneration Report

RNS Number : 6356Z

Diageo PLC

21 September 2020

 

 

Diageo plc

LEI: 213800ZVIELEA55JMJ32

2020 Directors' Remuneration Report

Further to the publication of the Annual Report for the year ended 30 June 2020 for Diageo plc ("the Company") on 7 August 2020, it has come to the Company's attention that there is a transposition error in the details of the long-term incentive performance measures on page 104 of the Annual Report on Remuneration.  This is not part of one of the auditable sections of the Annual Report.

The section of the Annual Report on Remuneration entitled 'Looking ahead to 2021' contains a description of the long-term incentive awards to be granted to the Executive Committee on 3 September 2020 and the associated performance measures and weightings.  As explained in the Annual Report, the award will include a measure based on cumulative free cash flow and a measure based on growth in adjusted earnings per share.  This is correct, but the element of the award to which each of these measures are to be allocated was transposed.  The intended position is that the cumulative free cash flow measure is to apply to the 'share options' element (rather than the 'performance shares elements' as stated in the Annual Report) and the growth in adjusted earnings per share measure is to apply to the 'performance shares' element (rather than the 'share options' element).  The original and corrected tables are shown below:

ORIGINAL TABLE: Long term incentive awards to be made in the year ending 30 June 2021

	Performance shares			Share options
	Organic net sales growth	Cumulative free cash flow	ESG measure	Growth in adjusted earnings per share	Relative total shareholder return
Weighting (% of total)	40%	40%	20%	50%	50%

CORRECTED TABLE: Long term incentive awards to be made in the year ending 30 June 2021

	Performance shares			Share options
	Organic net sales growth	Growth in adjusted earnings per share	ESG measure	Cumulative free cash flow	Relative total shareholder return
Weighting (% of total)	40%	40%	20%	50%	50%

We apologise for this transposition error.  

Shareholders are reminded that the deadline for submitting votes by proxy on resolutions at the 2020 Annual General Meeting is 2:30pm on Thursday 24 September 2020.

James Edmunds

Deputy Company Secretary

21 September 2020

 

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