Centrica – AGM 22 May 2020
COVID-19-Dividend-Purchase of shares
Although shareholders will not be able to attend in person this year, they are invited to submit their questions via the following link: Shareholder Question Form. The shareholder question form will be available to shareholders until 9.00 am on Friday, 22 May 2020. All questions will be read and responded to appropriately and where relevant, answers will be published on the Company's website following the AGM.
On 2 April 2020, the Company announced that, due to the impact of COVID-19, the Board had decided to no longer recommend a final dividend of 3.5 pence per share. The Group has paid an interim dividend of 1.5 pence per share in November 2019. In addition, ECGS recommends to OPPOSE to the authorization to repurchase shares (ITEM 18).
Directors'Remuneration Report
Under ITEM 2, the Company seeks shareholder approval of the Directors'Remuneration Report. Regarding the remuneration structure that is not satisfactory, shareholders will be able to vote on the remuneration policy at the 2021 AGM. The fact that the Company decided to reduce to zero the Executives'bonus due to the current COVID-19 crisis is appreciated. However, performance shares granted at 251% of annual base salary exceeded our 150% limit. ECGS regrets that the median base salary is above the MSCI county and sector and that the total remuneration exceeds the median of the Utilities sector. Therefore, we recommend to OPPOSE.
Centrica is an energy and services company. Co.'s segment are: Energy Supply and Services, which supplies gas and electricity in the U.K. and North America; Connected Home, which supplies energy solutions and technologies to residential customers; Distributed Energy and Power, which supplies energy solutions, generation and technologies to commercial and industrial customers; Energy Marketing and Trading, which trades and optimizes energy; Exploration and Production, which produces and processes gas and oil and develops new fields; Central Power Generation, which generates power from combined cycle gas turbines, wind and nuclear assets; and Centrica Storage, gas storage in the U.K.
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