RELX Plc - AGM 22 April 2021
Items 2 and 9: Remuneration report and re-election of the Remuneration Committee Chairman
The 2020 bonus criteria were re-tested under the Committee discretion. The Committee decided to separate Exhibitions business's performance from the group’s results. This decision offered a 76.5% bonus outcome to financial metrics (out of 90%). Otherwise, all three financial conditions (Revenue, Adjusted net profit after tax and Cash flow) would not achieve the threshold resulting in a 0% payout. We do not consider the bonus level of 129% of the CEO's salary appropriate to the group's performance in 2020.
Erik Engstrom, the CEO, benefits from a defined benefit pension scheme, an exceptionally rare case for the UK. His achieved rights were slightly over 25% of pensionable earnings in 2020, but the 2020 cost of this plan reached 42% of his salary.
Item 16: Re-elect Ms Suzanne Wood
Concerns over aggregate time commitments: Suzanne Wood serves as Senior Vice President and Chief Financial Officer of Vulcan Materials Company, listed, and sits on the Board of two listed companies, Ferguson and RELX. Moreover, she chairs the Audit Committee at RELX and is a member of the Ferguson audit committee.
Chairman succession
Sir Anthony Habgood stepped down from the Board on 1 March 2021, after over 11 years of service as Chair. He was succeeded by Paul Walker, who joined the Board on 1 March 2021.
RELX is a holding company. Through its subsidiaries, Co. operates in four market segments: Scientific, Technical and Medical, which is a global information and analytics business that helps institutions and professionals advance healthcare, open science, and improve performance for the benefit of humanity; Risk and Business Analytics, which provides customers with solutions and decision tools that combine public and industry specific content with advanced technology; Legal, which is a provider of legal, regulatory and business information and analytics; and Exhibitions, which the events business improve the power of face-to-face through data and digital tools.
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