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Meggitt - AGM 25 April 2019

Item 2: Approve the Remuneration Report

The structure is weighted toward long-term performance and accelerated vesting in the event of a change of control is not possible.  The quantum is not excessive.  However, there are concerns with the structure of remuneration, especially with the possibility to award significant bonuses and LTIP in cases of 'exceptional performance', making the maximum incentive pay 500% of base salary.  We recommend shareholders oppose.

  Item 22: Approve new Articles of Association

The amendment to Article 119 will allow the Board to determine how dividends are paid to shareholders and whether or not shareholders will have a choice in how they want their dividends to be paid. As shareholders could potentially lose the option to choose how to receive dividend payments, we recommend shareholders oppose.

Meggitt PLC

Meggitt is the parent company of a group whose principal activities are the design and manufacture of components and sub-systems for aerospace, defense and other markets. Co. has five segments: Meggitt Aircraft Braking Systems, a providers of aircraft wheels, brakes and brake control systems; Meggitt Control Systems, which comprised of aircraft fire protection and control systems; Meggitt Polymers and Composites, which comprised of engine and aerodynamic seals, flexible fuel tanks and fuel systems; Meggitt Sensing Systems, a provider sensing and monitoring systems for aircraft; and Meggitt Equipment Group, which include unique heat transfer equipment for hydrocarbon processing.


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