Item 3: Remuneration report
The remuneration structure is satisfactory, though the actual total variable remuneration of 306% slightly exceeds our limit of 300%. However, this incentive level is very moderate in comparison with UK market practice and the group's performance. Overall, the quantum during the year was not excessive and there was sufficient alignment between the group's performance and the executives' remuneration. ECGS regrets that the CEO's excessive pension leads us to OPPOSE the approval of the remuneration report. While Halma said to be conscious that the CEO's pension "exceeds the maximum level identified by investor bodies as being appropriate for existing executive directors", the group has not reviewed it this year, which we do not consider acceptable.
Item 5: Re-elect Mr. Andrew Williams, CEO
According to the ECGS policy, the nomination committee should consist exclusively of non-executive directors. So, ECGS recommends to OPPOSE the election of the CEO because he is a member of the nomination committee.
Halma is a holding company. Through its subsidiaries, Co. operates in four sectors: Process Safety, which focuses on gas detection, safety interlocks, pressure relief and pipeline management; Infrastructure Safety, which focuses on fire detection, fire suppression, elevator safety, people and vehicle flow and security sensors; Medical, which focuses on ophthalmology, patient assessment, diagnostics and sensors; and Environmental and Analysis, which focuses on spectroscopy and photonics, water analysis and treatment, and environmental monitoring.
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