POL00458402
POL00458402
Message
From: Henry Staunton
on behalf of I Henry Staunton a
Sent: 20/12/2023 16:
To: Bu
Subject:
Dear All ,
Earlier this week I asked Nick to leave RemCo and discussed what we ought to do about his package. He did
not prompt me but I sensed an issue might arise .
We chatted this afternoon . He noted the management team were pleased with a pay rise ; a 50 % deferred
retention bonus for those who receive a 4 or a 5 personal rating to be paid this Friday ; and now a replacement
for the LTIP 21-24 scheme to pay out at 70 % in the summer .
Isense he feels that similar interest and attention has not been shown in his rem . The above does not apply to
him but he also took the financial and reputational hit ( as he sees it ) for RemCo’s bonus governance failure to
the tune of £54 K . On a basic comparison with an SLG colleague he reckons it has cost him £ 180 K .
He feels this is unfair treatment ..... and all this is before mentioning Rose and being the only Director in a
business as he says is in “ complete crisis “.
My assessment before the RemCo was that he may feel this is discriminative and unfair and , after our chat
today , I would say we have a very very serious risk of losing our CEO . I think he feels tremendously under
valued by the shareholder not only wrt pay and rations . I raised the matter at the beginning of the week and
raise it again now even more seriously . We really are at risk I think of losing him .
I know we might say we should try and find a successor but we should start by making some effort to treat him
in line with how we treat the rest of the team .
Best ,
Henry
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