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Vestas sets out share-based incentives scheme

DENMARK: Vestas has restructured the way its board of directors and executive management are rewarded.

Vestas CEO Anders Runevad (pic: EWEA)
Vestas CEO Anders Runevad (pic: EWEA)

Following the company's annual general meeting in March, the board of directors has agreed on a new share-based incentive programme.

The scheme follows the previous programme with restricted performance shares still being awarded.

The performance period will now be three years, instead of the previous one-year. Performance is now measured on financial indicators as well as the group's market share.

A Vestas spokesperson said the reason for the change in performance period was to bring Vestas in line with other companies. "There are a lot of investors and share holders calling for longer term programmes.

"We're also in a situation where we are all through the woods in terms of when we were trying to turn around profits so it just felt natural to extend the performance period," he added.

Three key performance indicators have been set, which include earnings per share and return on investment. If all reach their target, a total of 340,000 shares may be granted to participants over the three years. This currently equates to €15 million based on current share prices.

Vestas' share programme includes 190 participants from the executive management, vice presidents, chief specialists and chief project managers. There are no MHI-Vestas participants in the programme.

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