Directors' Remuneration Report Correction

RNS Number : 3353B

Paragon Banking Group PLC

29 January 2020

 

29 January 2020

Paragon Banking Group PLC ('Paragon'/the 'Company')

Directors' Remuneration Report Correction

The Company announces the correction to an error in the table on page 103 of the published version of the 2019 Annual Report and Accounts ('2019 ARA').

Paragon's TSR performance over the performance period was 'above upper quartile', rather than 'between median and upper quartile' as stated on page 103 of the 2019 ARA.

We have set out below a correct version of the table.  Note that there is no impact on the actual vesting outcomes under the TSR performance condition.

Performance condition	Weighting	Threshold vesting for 25% of maximum award	Maximum vesting	Actual performance	Vesting outcome
Relative TSR*	50%	Median performance	Upper quartile performance	Above upper quartile	100.00%
EPS growth	25%	RPI plus 3% p.a.	RPI plus 7% p.a.	RPI plus 6.56% p.a.	91.74%
Risk	25%	n/a	n/a	90%	90.00%
Total as a % of maximum award					95.44%
Total as a % of salary at grant					190.88%

*The comparator group for TSR purposes agreed at the time of grant was: Aldermore Group PLC, Arrow Global Group PLC, Barclays PLC, Close Brothers Group PLC, CYBG PLC, Lloyds Banking Group PLC, Metro Bank PLC, OneSavings Bank PLC, Provident Financial PLC, Royal Bank of Scotland Group PLC, Shawbrook Group PLC, Secure Trust Bank PLC and Virgin Money Holdings (UK) PLC, rather than the FTSE250 as stated on p103.

The updated 2019 ARA is available on the Paragon website at:

https://www.paragonbankinggroup.co.uk/investor/reports-results-presentations

Enquiries to:
Paragon Banking Group PLC	Pandora Sharp
	Company Secretary
	0121 712 2075

 

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