Expert Corporate Governance Service (ECGS)
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Etude de l'AG du 08/12/2017

Item 2: Approve the Remuneration Report. The disclosure of the remuneration package is poor and alignment with performance has not been definitively demonstrated, as no bonus targets are disclosed.  The structure is not weighted more heavily towards short-term performance; the STI and LTI are equally weighted though 25% of the bonus is deferred.  Finally, awarded amounts are high in relation to index and sector comparisons.
Item 4: Re-elect as a director, Emma Adamo. The director is affiliated due to a material business relationship with a significant shareholder.  In particular, she serves as a director of the major shareholder, Wittington investments, which owns 59.15% of the share capital.
Item 7: Re-elect the Lead Independent Director, Javier Ferrán. ECGS policy does not support the re-election of a Lead Independent Director who is not independent regardless of the level of independence on the Board due to the significance of the role in providing leadership to other independent directors. 

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.


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