Segro– AGM 21April 2020
In general, SEGRO is in compliance with the British regulations relating to the organization and procedures of the Annual General Meeting.
Board changes: In March 2019, Mary Barnard joined the Board as an Independent Non-Executive Director. Doug Webb retired in September after over nine years on the Board, mostly as Chair of the Audit Committee. Chief Investment Officer, Phil Redding, stepped down from the Board in January 2020 following changes in the Companyns organizationns structure.
Under ITEM 3: The Company seeks shareholder approval on the Directors Remuneration Report. ECGS notes that the Directors Remuneration Report for the
financial year ended 31 December 2018 barely obtained 53.30% votes FOR. The maximum total variable remuneration under the remuneration policy could reach 400% of base salary in ordinary circumstances, which is above our limit of 300%. The annual variable bonus (STI) performance criteria does not seem challenging enough. Performance shares (LTI) granted at 235% of base salary exceeded our 150% limit. Total variable remuneration was 362% of the base salary which is above our limit of 300%. Accordingly, we recommend shareholders to OPPOSE.
Under ITEM 4: The Company seeks shareholder approval to re-elect Gerald Corbett as Director for a further 1-year term. ECGS notes that the previous year, we recommended shareholders to oppose, as the level of gender diversity did not meet ECGS guidelines (27.3%). As Chairman of the Nomination Committee, he was considered responsible for the composition of the Board. However, this year, gender diversity meets ECGS'guidelines (33%), which is satisfactory. Accordingly, we recommend shareholders to APPROVE.
Segro owns, develops, and manages warehouse properties in selected markets in the U.K. and Continental Europe. Co.'s reportable segments are the geographical business units, Greater London, Thames Valley and National Logistics, Northern Europe (principally Germany), Southern Europe (principally France) and Central Europe (principally Poland).
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