Imperial Brands Withdraws Directors Remuneration Resolution from AGM
26 January 2017 - 9:20PM
Dow Jones News
By Ian Walker
LONDON--Tobacco firm Imperial Brands PLC (IMB.LN) said Thursday
it is withdrawing the resolution for shareholders to approve a new
directors remuneration policy at the coming annual general meeting
following talks with shareholders.
"The board continues to believe that revising the policy is
necessary for retaining and attracting the right calibre of talent
to ensure the continued sustainable growth of the business and we
will reengage with shareholders to reach a consensus on this
important issue," Chairman Mark Williamson said.
The company, whose portfolio includes the Davidoff, Gauloises,
and Lambert and Butler brands, had proposed a new set of
remuneration metrics which include raising the shareholding
requirement for the chief executive to 400% of base salary, from
300% and introducing a post-exit shareholding requirement for the
CEO of 100% of base salary for two years.
It was also seeking to increase the opportunity under the
long-term incentive plan by 100% and increase the earnings per
share target for maximum vesting to 9%, from 8%, among other
items.
Imperial Brands said it has been engaging with shareholders for
some time, and while it received considerable support, their views
have changed over that period.
The annual general meeting is scheduled for Feb. 1
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
January 26, 2017 05:05 ET (10:05 GMT)
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