Expert Corporate Governance Service (ECGS)
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Admiral Group - AGM 25 April 2019

Item 2: Approve the Remuneration Report

For the CFO, there are concerns over the potential for excessive variable remuneration under the LTIP and a bonus which does not appear to be linked with performance.  For the CEO, there are concerns that there is no incentive pay, though the CEO's own shareholding is considered sufficient to align his interest's with the Company's long-term results. The quantum is quite moderate by UK standards for both executives.  Nevertheless, as there is no vote on policy in the current year in which to express concerns over the CFO's incentive plans, we recommend shareholders oppose.

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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