Johnson Matthey PLC - Proxy report 26/07/2018
Item 2: Approve the Remuneration Report
The structure is satisfactory, though the maximum bonus exceeds guidelines and accellerated vesting is possible. While the quantum is not excessive, the payout is not adequately aligned with performance as the STI targets are not challenging. The LTI is overly reliant on a single performance criterion. Furthermore, EPS is not considered an appropriate metric given that it can potentially be influenced by executives.
Item 13: Appoint the auditors
It is proposed to rotate the auditors and appoint PricewaterhouseCoopers. KPMG (and its predecessor entities ) has been the external auditor since 1986, well in excess of ECGS guidelines limit and market practice.
Johnson Matthey is a provider of sustainable technologies. Co. operates in five divisions: Emission Control Technologies, a manufacturer of catalysts and catalyst systems that enable clean air; Process Technologies, a supplier of catalysts, licensing technologies and other services to the syngas, oleo/biochemical, petrochemical, oil refining and gas processing industries; Precious Metal Products, which include management, distribution, refining and recycling of precious metals, and fabricate products; Fine Chemicals, a supplier of active pharmaceutical ingredients and custom services for pharmaceutical customers; and New Business, which focuses on additional areas of potential growth.
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