|MEDTRONIC PLC filed this Form DEFR14A on 10/11/2017|
This Compensation Discussion and Analysis (“CD&A”) describes the compensation program and compensation decisions made by the Compensation Committee in regard to the compensation of the following named executive officers (“NEOs”) for Fiscal Year 2017:
Fiscal Year 2017 Highlights
During Fiscal Year 2017, we achieved solid results across all of our business groups and geographies. At the same time, we produced meaningful operating profit growth based on our synergy capture from the Covidien integration and our operating excellence initiatives. Performance with respect to our differentiated growth platforms was as follows: (i) revenue growth was mid-single digit range on a constant currency, constant week basis, (ii) diluted non-GAAP EPS growth was in the double digits on a constant currency, constant week basis, and (iii) free cash flow was $5.6 billion. Nevertheless, our performance fell slightly below the financial goals we set for Fiscal Year 2017, as illustrated below. As a result, our payout for the annual incentive plan was below target and paid out at 94.41%.
The Company is committed to deliver mid-single digit constant currency revenue growth and double-digit constant currency EPS growth over the long-term. With our diverse growth platforms and leadership in growth markets, we expect to create long-term value growth for our shareholders.
The Compensation Committee made the following compensation decisions for Fiscal Year 2017:
In addition, award payouts for the annual incentive plan and the three-year long-term performance plan were at 94.41% and 100% of target award opportunities, respectively, as summarized below.
MEDTRONIC PLC 2017 Proxy Statement 32