TIDMABF

RNS Number : 6612I

Associated British Foods PLC

03 April 2020

3 April 2020

Associated British Foods plc

Covid-19 Update - Remuneration of the Group Executive Directors

Associated British Foods plc ("the Group") announces today that George Weston, Chief Executive, and John Bason, Finance Director, have requested that their base pay be reduced temporarily by 50%, and that the board of directors has accepted this proposal. Furthermore, bonuses relating to the current financial year will not be paid to the executive directors. Paul Marchant, chief executive of Primark, has also requested that his base pay be reduced temporarily by 50%.

The non-executive directors of the ABF board, including the chairman Michael McLintock, have decided that their fees should be reduced temporarily by 25%.

The board, including the executive management team, believes that these steps are appropriate given its expectation that full year earnings will now be much lower than envisaged at the start of the financial year. The board is acutely aware that many Primark employees will see their livelihoods affected by Covid-19.

As stated in the Group's trading update of 23 March, the Group has not seen a material impact in its sugar, grocery, ingredients and agriculture businesses. Measures to reduce the operating costs at Primark continue to be developed and implemented. The Group has a strong balance sheet and, at close of business last night, has some GBP1.7bn of cash.

For further enquiries please contact:

Associated British Foods

   Catherine Hicks                                                 Tel:  +44 7974 982 441

Citigate Dewe Rogerson

   Chris Barrie                                                       Tel: +44 7968 727 289 
   Jos Bieneman                                                   Tel: +44 7834 336 650

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April 03, 2020 02:00 ET (06:00 GMT)

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