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

Research Provider

Proxinvest Subscriptions Available
Expert Corporate Governance Service (ECGS)

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Read more

Underlying

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.

Read more

ResearchPool Subscriptions

Get the most out of your insights

Get in touch