Melrose Industries – AGM 7 May 2020
Item 2: Remuneration report
The Board and senior Melrose executive team have committed to a 20% reduction in salary during the Covid-19 crisis. Due to the particular business model, the remuneration is structured with one single lump award on business acquisitions and heavily weighted towards long-term value creation. 2017 LTIP is unlikely to vest in May 2020. Given the present uncertainty and lack of clarity until this crisis is over, the Board will not be proposing a resolution concerning a new long term incentive plan. Clearly, with recent events, the current plan will not result in any award for participants.
As a reminder, in 2017 the CEO gained a total of £42.76m on the crystallisation in May 2017 of the 2012 Incentive Plan and £20.28m in 2012. Since his appointment in 2012, the CEO's total remuneration was £68.69m or £8.59m a year.
Item 4: Final dividend
The Board has decided not to pay the 2019 final dividend and withdrawn the final dividend resolution.
Melrose Industries consists of four divisions: the Air Management division, which includes the Heating, Ventilation & Air Conditioning business, which manufactures and sells split-system and packaged air conditioners and Air Quality & Home Solutions businesses, which is a manufacturer of ventilation products; the Security & Smart Technology division, comprising the Security & Control, Core Brands and Access Systems businesses; the Ergonomics division, which includes the Ergotron business, a manufacturer and distributor of products designed with ergonomic features; and the Energy division, which includes the Brush businesses that supply energy industrial products to the global market.
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