Kingfisher - AGM 24 July 2020
Item 2: Remuneration report
Last year, the remuneration report was approved by only 75.8% of votes cast. Shareholders contested the annual bonus payout and the award of Alignment Shares to the departing CEO. Ms. Laury was the CEO of Kingfisher for more than four years, during this time the shares have lost almost 40% of their value. Nonetheless, she maintained 3.26m of outstanding shares, which value (without taking into account the probability of vesting) is £7.27m at the current share price.
Despite the groupns performance, the formulaic outcomes for the annual bonus and LTI called for payouts and the Committee had to downward awards to align executive remunerations with Kingfisherns overall performance and shareholder value creation. This confirms that the Committee should improve the incentive performance measures and set more robust targets. We appreciate the work done by the members of the Remuneration committee.
Item 17: Purchase of own shares
In view of the recent events relating to Covid-19, ECGS considers that it is not the right moment to proceed to a new share buyback programme especially when the Company cancelled the dividend distribution. The Board cancelled a final dividend for the 2019/20 year. The group arranged state-supported loans (c.£535 million guaranteed at 80% by the French State, £600 million under the Bank of Englandns Covid Corporate Financing Facility).
Kingfisher supplies home improvement products and services through a network of retail stores and other channels, located mainly in the U.K. and continental Europe. As of Jan 31 2017, Co. had nearly 1,200 stores in 10 countries across Europe.
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