Linde Plc - AGM 27 July 2020
In light of the ongoing COVID-19 pandemic, and in the interests of the safety of its shareholders, Linde has changed the location and time of its Annual General Meeting and added an on-line virtual meeting format.
Linde plc is incorporated in Ireland but its shares are listed on the New York Stock Exchange. Lindens primary governance obligations arise from its designation as a domestic issuer for NYSE purposes.
Item 2.a: Advisory vote on the auditor appointment
PricewaterhouseCoopers has been Praxair's external auditor since 1992 (28 years). For this reason, we recommend shareholders oppose.
Item 4: Remuneration report
The remuneration structure is unsatisfactory. The bonus, benefits and potential incentive pay are all grossly excessive. The use of qualitative criteria for the bonus exceeds guidelines and the LTI awards made during the year did not have performance conditions. In addition, performance conditions only apply to one of the company's three LTI plans. The total variable remuneration of 1118% is especially concerning given that the CEO's base salary ($1.52m) is very high. In view of the above concerns, we recommend to oppose.
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