BKG Berkeley Group Holdings

Etude l' AG du 06/09/2017

The Company has paid a dividend in respect of the financial year, however no resolution to approve the distribution has been proposed at the general meeting.
Item 2: Approve the Remuneration Report. The remuneration structure is not considered acceptable.  The maximum variable remuneration is excessive.  The LTIP is fully determined by shareholder returns which are under the control of executives and as such the Company’s dividend policy does not appear to be driven by underlying performance conditions. Case in point is FCF which was not able to cover the dividend payment and share buybacks during the year. These were funded through £300m in increased borrowing.  
Item 3: Re-elect the Executive Chairman. He serves as Executive Chairman and was formerly Managing Director. ECGS does not recommend that the Managing Director become Chairman unless the appointment is temporary and adequately justified.
Item 8: Re-elect the Lead Independent Director.  He is not considered independent due to tenure on the Board. Given the importance of the Lead Independent Director in providing leadership to the non-executive directors on the Board, ECGS does not recommend support for Lead Directors who are not independent.

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Consumer Cyclical - United Kingdom
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