BRBY Burberry Group

Etude l' AG du 13/07/2017

Item 2: Approve the Remuneration Policy. 
The Remuneration Report was only approved by 86.7% of shareholders in the previous year. The Company states that they engaged with shareholders, but no further details are provided.  
The quantum contiues to be excessive, with excessive benefits, a high base salary, and excessive potential variable remuneration, though the new policy reduces the maximum potential LTIP award considerably.  Variable remuneration will continue to be heavily dependent upon adjusted profit before tax, which determines the full bonus and half of the LTI as well.  
Items 5 - 15: Re-elect the Board of Directors.  There is insufficient independent representation on the Board as several non-executive Directors have served on the Board for more than nine years.  Shareholders are advised to encourage the Company to refresh the Board in order to ensure appropriate independent representation.

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Consumer Cyclical - United Kingdom
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