Admiral Group – AGM 30 April 2020
In general, Admiral Group is in compliance with the British regulations relating to the organization and procedures of the Annual General Meeting.
ITEM 2: Directors'Remuneration Report
Shareholders are asked to receive and approve the Directors'Remuneration Report for the year ended 31 December 2019.
ECGS notes that the CEO declines to participate in the bonus and LTIP due to his shareholding in the company. Hence, there are concerns that there is no incentive pay, though the CEO's own shareholding is considered sufficient to align his interests with the Company's long-term results.
Regarding the CFO, there are concerns over the potential for excessive variable remuneration. The maximum LTI under the remuneration policy could reach 600% which is way above our limit of 300%, taking into consideration that there is no maximum set for the bonus. Furthermore, qualitative criteria for the STI represent 25%, exceeding our 20% limit.
Nevertheless, as there is no vote on policy until the 2021 AGM in which to express concerns over the CFO's incentive plans, we recommend shareholders to OPPOSE.
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, Confused.com in the U.K., Rastreator in Spain, LeLynx in France and Compare.com in the U.S.; and Other, which includes Co.'s commercial van insurance broker, Gladiator.
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