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Sage - February 27, 2019

Leadership Changes
Stephen Kelly stepped down as a Director and CEO on 31 August 2018. Steve Hare was appointed CEO on 2 November 2018. No information regarding the succession process has been provided.

Item 13: Approve the Remuneration Report
This relates to Stephen Kelly, the former CEO. The structure of remuneration is generally satisfactory, though maximum total variable remuneration slightly exceeds guidelines. As no bonus was paid, the concerns over the overlap of performance conditions is slightly mitigated. The severance payment does not appear excessive, though this depends partially on the nature of his current employment given that he continues to receive benefits such as a company car and pension contributions, which are not considered appropriate

Sage Group PLC

Sage Group is a technology provider that assists to manage businesses of all sizes. Co. provides a suite of cloud business management solutions and services including accounting, financials, enterprise management, people, payroll, payments and banking, as well as marketplace apps that can be provisioned to match the exact needs of any business. Co. has three reportable segments in which it operates, being Northern Europe (the U.K. and Ireland), Central and Southern Europe (Germany, Switzerland, Poland, France and Portugal) and NorthAmerica (the U.S., Canada and North America Intacct).


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