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 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.
Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.
Proxinvest main services are :
Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.
Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.
As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.