National Grid - Proxy report - 30/07/2018
Leadership changes
On July 29, 2018, Andrew Bonfield, Finance Director, resigned.
Item 15: Approve the Remuneration Report
The structure is weighted more towards rewarding long-term performance. Thoughslightly mitigated by the salary rate, actual and potential incentive pay is excessive, accelerated vesting in the event of a change of control is possible and there are overlapping performance metrics. Both the STI and LTI use ROE as a performance metric. Additionally, the Value Growth metric used to determine half of the LTI may incentivize acquisitions as it includes goodwill.
National Grid is a holding company. Through its subsidiaries, Co. owns and operates regulated electricity and gas infrastructure networks in the U.K. and the U.S. Co. operates through five business segments: U.K. Electricity Transmission, U.K. Gas Transmission, U.K. Gas Distribution, U.S. Regulated, and Other Activities, primarily relating to non-regulated businesses and other commercial operations not included within the above segments, including: the Great Britain-France electricity interconnector; U.K. based gas metering activities; U.K. property management; a U.K. LNG import terminal; U.S. LNG operations; and U.S. unregulated transmission pipelines, together with corporate activities.
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