Smiths Group - AGM 16 November 2020
Item 2: Remuneration report
We regret that the Board only freezed in monetary value the executive directorsnpension benefits. The Company also announces that the incumbent executives' pension will be reduced and aligned with the wider workforce as recommended by the Investment Association. We regret that no further steps were made or details were provided. However, we recommend approval since the total remuneration is not excessive, the incentive has sufficiently challenging targets and its payouts are well aligned with the group's performance and the remuneration is weighted over rewarding long-term performance. since the total remuneration is not excessive, the incentive has sufficiently challenging targets and its payouts are well aligned with the group's performance and the remuneration is weighted over rewarding long-term performance. Item 3: Dividend
In March 2020, the Board decided not to declare an interim dividend until trading conditions became clearer. Reflecting the Groupns strong performance and financial position, the Board has recommended a total dividend of 35.0p per share for the year, down by 23.7%, that we welcome. Despite some EPS improvement this year, its compound annualised growth over the last four years is negative (-22.2%). Strong cash generation is a key characteristic of the Group. This year, the payout ratio is satisfactory and the dividend is well covered by FCF.
Smiths Group is a global technology company. Co. is organized into five divisions: John Crane, which provides mechanical seals, seal support systems, engineered bearings and power transmission couplings; Smiths Medical, which provides infusion systems and vascular access products; Smiths Detection, which provides sensors and systems that detect and identify explosives narcotics, weapons, chemical agents, biohazards and contraband; Smiths Interconnect, which provides electronic and radio frequency board-level and waveguide devices; and Flex-Tek, which provides engineered components flexible hosing and tubing that heat and move fluids and gases.
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