Bunzl – AGM 15 April 2020
Item 3: Elect Peter Ventress
Peter Ventress joined the Board as a Chairman designate on 1 June 2019. He will assume the role of the Chairman of the Board and of the Nomination Committee following the retirement of Philip Rogerson at the 2020 AGM. ECGS has concerns about the Board's gender diversity and hopes that newly appointed Chairman will pay particular attention to this issue.
Item 4: Re-elect the CEO
The CEO serves on the Nomination Committee, which does not meet the UK best practice and ECGS guidelines. We recommend that shareholders oppose.
Item 11: Remuneration policy
The maximum total variable remuneration under the remuneration policy could reach 580% of the base salary on face value (380%-430% on fair value), which is above our limit of 300%. The policy does not set any performance conditions justifying our higher limit.
Item 12: Remuneration report
The remuneration is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, and the quantum is not excessive. Despite some concerns, we recommend approval.
Bunzl is engaged in the distribution and outsourcing service, supplying a range of internationally sourced non-food products to a variety of market sectors. Co.'s market sectors: Foodservice, which comprised of non-food consumables, including food packaging, disposable tableware and guest amenities, cleaning products and safety items; Grocery, which goods not for resale including food packaging and hygiene supplies, to grocery stores; Cleaning and hygiene, which including chemicals and hygiene paper; safety, which include a range of personal protection equipment, including hard hats, gloves, boots, ear and eye protection and other workwear, to industrial and construction markets.
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