Smith & Nephew - AGM 09 April 2020
Item 3: Remuneration report
Namal Nawana, CEO, stood down on 31 October 2019 after only 18 months in this job. According to the media, Mr. Nawana, who is based in Massachusetts, is leaving because his requests for higher pay, in line with the packages awarded by US medical device-makers, could not be met under UK corporate governance standards. We do not consider the CEO's departure conditions to be in line with the best UK practice. Although Mr. Nawana did not serve as CEO for the entire year, he received a full annual bonus, his LTI outstanding will not lapse and his total remuneration was $5m for the 2019 fiscal year. In addition, in 2020, he received a pay in lieu of notice of $1.6m. His total remuneration for the whole period of service as CEO was $10m.
Smith & Nephew is a global medical devices business operating in the markets for advanced surgical devices comprising orthopaedic reconstruction and trauma, sports medicine and advanced wound management. Co.'s advanced medical products and services include: Orthopaedic Reconstruction and Trauma (joint replacement systems for knees and hips and products to help repair broken bones); Advanced Wound Management (treatment and prevention products for hard-to-heal wounds); and Sports Medicine (implants and enabling technologies for minimally invasive repair of the joint).
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