Report
Expert Corporate Governance Service (ECGS)
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Associated British Foods - AGM 06 December 2019

ABF proposes several amendments to its remuneration policy (Item 3). The new provisions of the UK Corporate governance code claim for alignment of executive and all employee pension benefits.  The Company does not comply: the pension is only cut for new joiners. Mr. G. Weston, the CEO, continue benefiting from an extremely generous defined benefit plan aiming to offer 2/3 of pensionable pay at retirement.

Moreover, we note that remuneration outcomes vary largely during the last 10 years confirming a weak alignment between executive remuneration and value creation. 

Finally, the base salary is largely exceeding peer medians entailing overall pay to an excessive level.

Underlying
Associated British Foods plc

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.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

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Analysts
Expert Corporate Governance Service (ECGS)

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