Etude l' AG du 13/07/2017
Item 2: Approve the Remuneration Policy.
The Remuneration Report was only approved by 86.7% of shareholders in the previous year. The Company states that they engaged with shareholders, but no further details are provided.
The quantum contiues to be excessive, with excessive benefits, a high base salary, and excessive potential variable remuneration, though the new policy reduces the maximum potential LTIP award considerably. Variable remuneration will continue to be heavily dependent upon adjusted profit before tax, which determines the full bonus and half of the LTI as well.
Items 5 - 15: Re-elect the Board of Directors. There is insufficient independent representation on the Board as several non-executive Directors have served on the Board for more than nine years. Shareholders are advised to encourage the Company to refresh the Board in order to ensure appropriate independent representation.
Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
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