ABF Associated British Foods plc

Etude de l'AG du 08/12/2017

Item 2: Approve the Remuneration Report. The disclosure of the remuneration package is poor and alignment with performance has not been definitively demonstrated, as no bonus targets are disclosed.  The structure is not weighted more heavily towards short-term performance; the STI and LTI are equally weighted though 25% of the bonus is deferred.  Finally, awarded amounts are high in relation to index and sector comparisons.
Item 4: Re-elect as a director, Emma Adamo. The director is affiliated due to a material business relationship with a significant shareholder.  In particular, she serves as a director of the major shareholder, Wittington investments, which owns 59.15% of the share capital.
Item 7: Re-elect the Lead Independent Director, Javier Ferrán. ECGS policy does not support the re-election of a Lead Independent Director who is not independent regardless of the level of independence on the Board due to the significance of the role in providing leadership to other independent directors. 

20/11/2017
55 pages
EN

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Underlying

Consumer Non-Cyclical - United Kingdom
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