Ferguson - 2018, November 29
Item 2: Approve the Remuneration Report
The structure is weighted more towards rewarding long-term performance. While there are concerns that the bonus performance metrics may not be sufficiently challenging, due to the high payout, the incentive pay is not much above guidelines.Item 3: Approve the Remuneration Policy
The changes proposed to the Remuneration Policy make minor improvements to the policy. In addition, the structure of remuneration is considered acceptable, though we continue to be concerned that accelerated vesting is possible.Item 4: Approve the dividend
If approved, the Company will pay shareholders an ordinary dividend of $1.893 per share. The proposed ordinary dividend is 21% higher than last year, though it is not fully comparable.
During the year under review, the Company returned cash to shareholders amounting to approximately £1bn, in the form of a special dividend of $4.00 per share and an accompanying share consolidation of 18 new ordinary shares for 19 existing ordinary shares on 11 June 2018; following the disposal of the Stark Group in March 2018.
Ferguson Plc, formerly Wolseley plc, is a Switzerland-based holding company. The Company is engaged in the distribution of plumbing and heating products and building materials. The Company's segments include USA, UK, Nordics, and Canada and Central Europe. The Company operates seven business units in the United States, six of these mainly operate in the business to business (B2B) market with one operating in the business to consumer (B2C) market. The Company, through Wolseley UK, operates approximately three businesses in the B2B market and has over 737 branches covering the whole country. The Nordic region consists of five businesses that operate a total of approximately 256 branches across over four countries, supported by approximately five distribution centers. The Company's businesses serve residential repair, maintenance and improvement (RMI) and new construction markets. Ferguson Enterprises, Inc (Ferguson) is the Company's primary brand in the USA segment.
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