Morrison(Wm.)Supermarkets PLC Statement on Results of AGM (1433H)
December 01 2020 - 9:00AM
UK Regulatory
TIDMMRW
RNS Number : 1433H
Morrison(Wm.)Supermarkets PLC
01 December 2020
1 December 2020
Wm Morrison Supermarkets PLC
AGM UPDATE
In accordance with Provision 4 of the 2018 UK Corporate
Governance Code, Wm Morrison Supermarkets PLC (the "Company")
publishes this update on the key actions that have been taken by
the Board of Directors and Remuneration Committee in respect of two
of the resolutions put to our Shareholders at the 2020 Annual
General Meeting (AGM).
Remuneration Policy (Resolution 3)
In addition to the comprehensive shareholder engagement
programme undertaken during the development of the Directors'
Remuneration Policy, the Chair of the Remuneration Committee has
further engaged with shareholders to understand their feedback
regarding the policy vote. From this engagement, it is understood
that the significant factor regarding the vote was the treatment of
pension allowance for incumbent Executive Directors. The majority
of the shareholders consulted welcomed the steps already taken,
including appointing the new Chief Financial Officer on a 5%
pension allowance ahead of the policy being adopted, the Chief
Executive Officer's (CEO) voluntary reduction in pension allowance,
the freezing of incumbent Executive Directors' pension allowance as
a cash value, and the commitment to further future reductions. Some
investors requested additional clarity regarding the proposed
approach to pensions going forward in terms of alignment with the
majority of workforce. In order to address the developing
shareholder expectations, both the CEO and Chief Operating Officer
have voluntarily committed to a reduction in their pension levels
to those available to the workforce by the end of 2022.
Further, the CEO has agreed to increase his shareholding
requirement from 250% to 300% of base salary. This, the Committee
believes, further demonstrates the Committee's and CEO's commitment
to aligning management and shareholder interests.
Belinda Richards (Resolution 12)
The Board also noted that the outcome of the vote for the
reappointment of Belinda Richards to the Board was primarily driven
by the votes from a small number of institutional shareholders who
applied a more stringent voting policy on Directors' external
commitments than is market practice.
The Board strongly supported Belinda's re-appointment; however,
as announced on 6th July 2020, Belinda stepped down from the Board
of the Company in order to take up a new role as an independent
Non-Executive Director of Jupiter Fund Management PLC.
The Nomination Committee continues to carefully monitor all
Directors' external time commitments and would take appropriate
action should concerns be identified regarding their commitment to
the Company or their ability to dedicate sufficient time to their
duties.
Enquiries:
Andrew Kasoulis - Investor Relations 07785 343515
Simon Rigby - Director of External Communications 07771 784446
END
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