Mediclinic - AGM 22 July 2020
Covid-19 – Dividend
As a result of the pandemic and the current UK government restrictions on travel and indoor public gatherings, shareholder attendance at the Company’s AGM will not be possible this year. Any changes to the Meeting will be communicated to shareholders before the Meeting through the Company’s website and, where appropriate, through an announcement to the London and Johannesburg stock exchanges.
As part of the Group’s broad response to maintaining its liquidity position through the crisis and to maximize its support in tackling Covid-19, the Board has taken the prudent and appropriate decision to suspend the dividend. In addition, the fact that the Company has no intention to complete a market purchase of its ordinary shares and will not seek this authority at the AGM is appreciated.
Directors’ remuneration report
Under ITEM 2, the Company seeks shareholder approval of the Directors’ Remuneration Report. The quantum for 2019/20 is not excessive as the total remuneration is below the comparison with both the MSCI country and sector. The remuneration structure is mainly long-term, as no bonus was granted. Performance shares (LTI) granted at 141% of base salary respects our 150% limit. ECGS regrets that the bonus is based on only one performance condition and does not include any ESG-related performance condition. We recommend to APPROVE.
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