G4S – AGM 17 June 2020
COVID-19 - Dividend - Purchase of shares
In light of the UK Government's current guidance on public gatherings and its recommendations to take precautionary measures due to the risk of harm, the board has concluded that shareholders will not be permitted to attend the AGM in person this year, as to do so would be inconsistent with current UK Government guidance relative to Covid-19. Shareholders are invited to ask questions prior to the meeting using the following email .
On 30 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 6.11 pence per share. The Group has paid an interim dividend of 3.59 pence per share in October 2019. In addition, ECGS recommends to OPPOSE to the authorization to repurchase shares (ITEM 20).
Directors'Remuneration Report
Under ITEM 2, the Company seeks shareholder approval of the Directors'Remuneration Report. The remuneration structure for 2019 is generally acceptable and is mainly long-term, as the bonuses were canceled for both executives. Performance shares (LTI) granted at 250% of base salary exceeded our 150% limit. In special circumstances where the base salary is lower than the comparison with the MSCI country and/or sector and performance conditions are very stretching, ECGS could then accept that the LTIP be up to 300% (from 150%) of the base salary (while the annual bonus should not exceed in any case 150% of the base salary), i.e. the total variable remuneration should never exceed 450% of the base salary. The base salary is above the country median but only slightly above the MSCI sector. Accordingly, we recommend shareholders to APPROVE.
G4S is a security company that provides security and related services. Co.'s Secure Solutions products are comprised mainly of manned security and facilities management services, and its Cash Solutions products are comprised mainly of physical cash management services. Within the Secure Solutions services, Co. also provides: technology services, comprising the supply, installation and monitoring of alarm systems, and security and building systems technology; facilities management; and care and justice services. Within the Cash Solutions services, Co. also provides technology services to retailers, comprising hardware and software for customer cash management and related services.
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