Confirmation of ESG LTIP targets
Company confirms ESG targets for 2023 and 2024 long-term incentive plans following Science Based Targets rebaselining.
- 2024 LTIP ESG Target - Scope 1 & 2 carbon emissions FY26 (Threshold) 15,879 tCO2e
- 2024 LTIP ESG Target - Scope 1 & 2 carbon emissions FY26 (Maximum) 15,257 tCO2e
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As disclosed in the 2023 Annual Report and Accounts, the Company committed to confirm the ESG targets for the 2023 and 2024 LTIPs following completion of the rebaselining of our Science Based Targets.
ESG targets for the 2023 LTIP (10% weighting)
Following the rebaselining work set out in the 2023 Annual Report and Accounts, page 48, no changes have been made to the existing 2023 LTIP ESG targets. These remain as stated in the 2022 Annual Report and Accounts, page 110.
ESG targets for the 2024 LTIP (10% weighting)
We now have a greater appreciation of the need to rebaseline frequently due to improving carbon accounting methodology and changes to the business. As a result we have made the decision to assess performance based on absolute carbon emissions, rather than performance relative to our baseline.
Our decarbonisation plan is supported by our improved approach to forecasting emissions. We have also focused the ESG-linked LTIP target on the activities that the Company has most control and influence over, which is the reduction of greenhouse gas emissions from scope 1 and 2 activities.
2024 LTIP ESG Target - Scope 1 & 2 carbon emissions in Financial Year 2026 (tonnes carbon dioxide equivalent (tCO2e)):
| Threshold (20% vesting) | 15,879 tCO 2 e |
| Maximum (100% vesting) | 15,257 tCO 2 e |
Further details on the rebaselining and its impacts will be provided in the 2024 Annual Report.
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