22nd May 2019 15:06
LONDON (Alliance News) - Funding Circle Holdings PLC clarified its director pay policy Wednesday following "feedback from shareholder advisory bodies".
The small and medium enterprise loan platform said the amount granted in each year for a three year period under the company's long-term incentive plan to can now no longer exceed GBP2.0 million and GBP1.1 million for the company's chief executive and chief financial officer, respectively.
This will replace the old limit - set when the peer-to-peer lender listed last September - which was based on the median of the maximum total direct compensation offered by fellow FTSE 250 constituents.
"The long-term incentive plan represents the sole incentive under the remuneration policy, which has been purposely weighted towards long-term variable performance related remuneration," added the company.
Funding Circle said Chief Executive Samir Desai has waived his entitlement award for 2019. The company's annual general meeting is scheduled for June 5.
Shares in Funding Circle were down 0.4% Wednesday at 255.00 pence each.
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