Informa – AGM 12 June 2020
Item 12: Remuneration report
The 2019 total variable remuneration was 381% of base salary, above our limit of 300%. However, we consider that the performance targets were sufficiently challenging and Informa reported good results for FY2019 to accept our higher limit (up to 450%). We also appreciate that almost 50% of the remuneration is long-term. As the remuneration is weighted more towards rewarding long-term performance, the payout is adequately aligned with performance, and the quantum is not excessive, we recommend approval.
Item 13: Extend the term of the 2018 remuneration policy
ECGS notes that previously the remuneration policy received a high shareholder dissent. Informa proposes to extend the term of this highly contested policy to a further three-year term, which we cannot accept. The remuneration policy is poorly described lacking essential for shareholder assessment information and the incentive maximum raises the major concern. Thus, we recommend opposition.
Item 20: Share buybacks
In view of the events relating to Covid-19, especially when the Company cancelled dividends, increased share capital (+20% in April 2020) and used the UK taxpayer-funded loans, ECGS considers inappropriate to proceed to a new share buyback programme.
Informa is a holding company. Through its subsidiaries, Co. is engaged in Global Exhibitions, which organises transaction-oriented Exhibitions and trade shows, providing buyers and sellers across different industries and communities with a platform to meet face to face, build relationships and conduct business; Business Intelligence, which provides specialist data, intelligence and insight to businesses; Academic Publishing, which publishes peer-reviewed scholarly research and specialist reference-led academic content; Knowledge and Networking, which organises content-driven events and programmes that provide a platform for communities to meet, network and share knowledge.
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