Associated British Foods - 2018, December 07th
Item 2: Approve the Remuneration Report
The structure is not acceptable as the STI and LTI are equally weighted. Though 25% of the bonus is deferred, it is not subject to further performance conditions and is only held for one year. Additionally, alignment with performance has not been definitively demonstrated, as no bonus targets are disclosed. Finally, awarded amounts are high in relation to index and sector comparisons.
Item 4: Re-elect as a director, Emma Adamo.
The director is not independent as she is a member of the Weston family. The Garfield Weston Foundation controls Wittington Investments Ltd, which owns 59% of the Company's issued share capital. There is 50% independent representation on the Board.
Associated British Foods is an international food, ingredients and retail group. Co. operates in five segments: Grocery, which manufactures grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, and meat products; Sugar, which grows and processes sugar beet and sugar cane for sale to industrial users; Agriculture, which manufactures animal feeds and provides other products and services for the agriculture sector; Ingredients, which manufactures bakers' yeast, bakery ingredients, enzymes, lipids, yeast extracts and cereal specialities; and Retail, which buys and merchandises value clothing and accessories.
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