Expert Corporate Governance Service (ECGS)
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Etude de l'AG du 26/04/2017

Mr. Lyons served as the Chairman of the Board during the year and has stated his intention to step down at the forthcoming AGM.

Annette Court will succeed the position of Chairman at the forthcoming AGM and is deemed to be independent at appointment. We note that the Company has selected a woman to serve as Chairman of the Board. The percentage of women on the Board is 33.3%, which also meets ECGS guidelines.

Item 2: Approve the Remuneration Report. While there are concerns over the lack of a performance based bonus and the potential for excessive variable remuneration under the LTIP, the structure is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, accelerated vesting in the event of a change of control is not possible, and the quantum is quite moderate.

Admiral Group PLC

Admiral Group provides motor and household insurance. Co. has four reportable segments: U.K. Insurance, which consists of the underwriting of car insurance, van insurance, household insurance and other products that supplement these insurance policies; International Car Insurance, which consists of the underwriting of car insurance and additional products outside of the U.K., specifically covering Co.'s operations in Spain, Italy, France and the U.S.; Price Comparison, which relates Co.'s price comparison businesses, in the U.K., Rastreator in Spain, LeLynx in France and in the U.S.; and Other, which includes Co.'s commercial van insurance broker, Gladiator.


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