Greencore Group PLC Statement on 2020 Remuneration Policy (9453H)
28 March 2020 - 4:43AM
UK Regulatory
TIDMGNC
RNS Number : 9453H
Greencore Group PLC
27 March 2020
27 March 2020
Greencore Group plc
Statement on 2020 Annual General Meeting Remuneration Policy
Vote
At the Greencore Group plc (the 'Company' or the 'Group') Annual
General Meeting (the '2020 AGM') held on 28 January 2020,
Resolution 4, to approve the Remuneration Policy (the 'Policy'),
was approved, by c. 68% of shareholders.
In drafting the Policy and in the lead up to the 2020 AGM, the
Remuneration Committee (the 'Committee') engaged extensively with
major shareholders and proxy advisors and, following the conclusion
of the 2020 AGM, the Board provided its immediate response to the
voting outcome.
Having carefully considered the entirety of feedback received
from shareholders, both the Board and the Committee recognise that
a significant factor for those shareholders opposing the Policy
related to the disparity between the pension contribution available
to the wider workforce and the pension contribution for the
Executive Directors, principally the Chief Executive Officer (the
'CEO'). The CEO's pension contribution is the result of a legacy
contractual arrangement stemming from the transition from a defined
benefit arrangement. Outside of this issue, shareholders broadly
expressed support for the Company's approach to remuneration and
the alignment between the incentive framework and the Company's
strategic imperatives.
In order to address the evolution of shareholder expectations in
respect of pension contributions and the voting outcome in respect
of the Policy at the 2020 AGM, the CEO has, in collaboration with
the Committee, agreed to substantially reduce his pension
contributions and alter his contractual entitlements to reflect
this reduction. Specifically, the CEO has volunteered a phased
reduction to his pension contribution level of 5% of pensionable
earnings annually over the next four years until the level of
pension contribution is 15% of pensionable earnings. The first
stage of this phased reduction will take effect from 1 April 2020
and subsequent reductions will take effect annually thereafter.
As was detailed in the Policy approved at the 2020 AGM, with
effect from FY19, all newly appointed Executive Directors will
receive a pension contribution rate which is in line with the
pension contributions available to the wider colleague base at that
time. Accordingly, incoming Chief Financial Officer, Ms. E. Hynes,
will receive a pension contribution of 8% of base salary.
The Committee is satisfied that the policy for newly appointed
Executive Directors as well as the pension contribution reduction
and contractual amendment for the CEO will meaningfully address
shareholder feedback in light of the voting outcome at the
2020.
For further information, please contact:
Jolene Gacquin Group Company Secretary Tel: +353 (0) 1 486
3309
About Greencore
Greencore is a leading manufacturer of convenience food in the
UK. It supplies grocery and other retailers including all of the
major UK supermarkets. The Group has strong market positions in a
range of categories including sandwiches, salads, sushi, chilled
snacking, chilled ready meals, chilled soups and sauces, chilled
quiche, ambient sauces and pickles, and frozen Yorkshire
Puddings.
On an annual basis, Greencore manufactures approximately 717
million sandwiches and other food to go products, 123 million
chilled prepared meals, and 231 million bottles of cooking sauces,
pickles and condiments. The Group carries out around 7,500
deliveries to stores each day.
Greencore has 21 production units in 16 world-class
manufacturing sites in the UK, with industry-leading technology and
supply chain capabilities. The Group also operates 2 ingredient
trading businesses in Ireland. The Group employs c.11,500 people
and is headquartered in Dublin, Ireland.
The Group's medium term financial ambitions are for mid
single-digit organic revenue growth, high single-digit Adjusted EPS
growth, the conversion of half of its Adjusted EBITDA to Free Cash
Flow and for mid-teen ROIC.
For further information go to www.greencore.com or follow
Greencore on social media.
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END
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