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. 

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Food & Beverage - United Kingdom

Associated British Foods plc is an international food, ingredients and retail company. The Company's segments include grocery, sugar, agriculture, ingredients and retail. Its geographical segments include the United Kingdom, Europe and Africa, the Americas and Asia Pacific. The grocery segment manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, herbs and spices, and meat products, which are sold to retail, wholesale and foodservice businesses. The sugar segment is engaged in growing and processing of sugar beet and sugar cane for sale to industrial users. The agriculture segment manufactures animal feeds and the provision of other products and services for the agriculture sector. The ingredients segment manufactures bakers yeast, bakery ingredients and enzymes, among others. The retail segment buys and merchandises value clothing and accessories through the Primark and Penneys retail chains.

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