Taylor Wimpey – AGM 23 April 2020
In general, Taylor Wimpey is in compliance with the British regulations relating to the organization and procedures of the Annual General Meeting.
Under ITEM 9: The board seeks shareholder approval to re-elect Gwyn Burr as Director for a further 1-year term. ECGS notes that she is also a member of the board in 4 other listed companies. Accordingly, due to the excessive number of mandates in listed companies, ECGS does not support her re-election and recommends to OPPOSE.
Under ITEM 13: The Company seeks shareholder approval to re-appoint Deloitte LLP as the company's external auditor for a further 1-year term. Given that the auditor tenure exceeds the limits set out in our guidelines and may undermine auditor independence, we recommend to OPPOSE.
Under ITEM 19: The Company seeks shareholder approval of the Directors'Remuneration Report. ECGS notes that qualitative criteria for the STI represent 30%, exceeding our 20% limit. Furthermore, Performance shares (LTI) granted at 197% of base salary exceeded our 150% limit. Accordingly, we recommend to OPPOSE.
Under ITEM 20: This resolution provides shareholders with a binding vote on the Remuneration Policy. The CEO's maximum variable remuneration (both short-term and long-term) is 450%, which exceeds our limit of 300% of the base salary and the proposed policy does not guarantee that the discretionary or qualitative, nonquantifiable criteria of bonus will not exceed 20% of the annual bonus. Furthermore, the potential remuneration for 2020 is excessive and exceeds the median of the Personal and Household Goods sector in the MSCI. Accordingly, we recommend shareholders to OPPOSE.
Taylor Wimpey is a residential developer. Co.'s three divisions are: North, which covers its East and West Scotland, North East, North Yorkshire, Yorkshire, North West, Manchester, North Midlands, Midlands and West Midlands regional businesses; Central and South West, which covers its East Midlands, South Midlands, East Anglia, Oxfordshire, South Wales, Bristol, Southern Counties and Exeter regional businesses; and London and South East, which includes Central London and covers its East London, North Thames, South East, South Thames and West London regional businesses. In Spain, Co. builds homes in the locations of Costa Blanca, Costa del Sol and the islands of Mallorca and Ibiza.
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