Jerónimo Martins, SGPS, S.A. - AGM 08 April 2021
In item 4, shareholders are called to a binding vote on the remuneration policy for the Corporate Bodies. Overall remuneration amounts are reasonable, but we have serious concerns over the variable remuneration structure:
- it exclusively depends on annual results, without a clear alignment with long-term interests of shareholders,
- the percentage of annual bonus depending on qualitative assessments (50%) is above our voting policy limit of 20%,
- individual weightings of quantitative KPIs are not disclosed,
- the CEO's annual bonus is capped at 200% of his base salary, which is above our voting policy limit of 150%.
For all the above-mentioned concerns, we recommend shareholders to OPPOSE.
Jeronimo Martins S.G.P.S. is a holding company. Through its subsidiaries, Co. is engaged as a food distribution company with operations in Poland and Portugal. Co. operates in four segments: Portugal Retail, which comprises the business unit of JMR - Gestao de Empresas de Retalho, SGPS, S.A. (Pingo Doce supermarkets); Portugal Cash & Carry, which includes the wholesale business unit Recheio; Poland Retail, which includes the business unit with the brand Biedronka; and Others, which includes marketing services and representations, restaurants in Portugal, health and beauty retail in Poland, and its retail business in Colombia.
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