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Imperial Brands - February 06th, 2019

Item 2: Approve the Remuneration Report.


Although the structure is generally satisfactory, there are concerns over incentive pay plans.  The maximum bonus exceeds guidelines and accelerated vesting is possible. Actual variable remuneration is excessive, especially given the significant overlap in performance conditions. 

Item 14: Re-appoint the Auditors.

The auditor's tenure exceeds our tenure limit of 10 years.  PricewaterhouseCoopers (PwC) has been the external auditor since 1996 and an audit tender has not been carried out since.  In addition, they advised the Company on executive remuneration, which does not meet ECGS guidelines.  In 2018, they received £1,950 for providing remuneration advice.

Imperial Brands

Imperial Brands is comprised of two distinct businesses: Tobacco and Logistics. The Tobacco business comprises the manufacture, marketing and sale of tobacco and tobacco-related products, including sales to (but not by) the Logistics business. The Logistics business comprises the distribution of tobacco products for tobacco product manufacturers, including Co., as well as a range of non-tobacco products and services.


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