Report
Expert Corporate Governance Service (ECGS)
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Smith & Nephew April 11th, 2019

Item 2: Approve the Remuneration Report The remuneration structure is unsatisfactory.  The main concern is that pay is not adequately weighted toward the long-term.  The structure is weighted more heavily towards short-term performance and alignment with performance has not been definitively demonstrated as qualitative criteria comprised 25% of the bonus and the committee had the discretion to make adjustments to the award. The committee also has the discretion to make bonus awards in the case of severance or change in control, which does not meet best practice.

Underlying
Smith & Nephew PLC

Smith & Nephew is a global medical devices business operating in the markets for advanced surgical devices comprising orthopaedic reconstruction and trauma, sports medicine and advanced wound management. Co.'s advanced medical products and services include: Orthopaedic Reconstruction and Trauma (joint replacement systems for knees and hips and products to help repair broken bones); Advanced Wound Management (treatment and prevention products for hard-to-heal wounds); and Sports Medicine (implants and enabling technologies for minimally invasive repair of the joint).

Provider
Proxinvest
Proxinvest

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.

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Expert Corporate Governance Service (ECGS)

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