Jerónimo Martins, SGPS, S.A. – AGM 16 April 2020
In item 4, shareholders are called to an advisory vote on the remuneration report. We have serious concerns over the variable emuneration structure, because it exclusively depends on annual results, with no deferred components or long-term incentive plans. Furthermore, concerns may arise over the very high percentage of annual bonus depending on a qualitative assessment of the Board (50%). Therefore, we recommend opposition.
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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