Etude l' AG du 28/07/2017
Item 3: Approve the remuneration report. There are concerns over the structure of remuneration. However, the quantum is not excessive and even maximum potential amounts are moderate. The LTI includes relative TSR as a performance metric and performance metrics are considered sufficiently challenging.
Item 4: Approve the remuneration policy. The changes proposed to the Remuneration Policy strengthen the alignment between pay and performance as they pivot variable compensation more towards long-term performance and do not increase the total quantum beyond the limits set out in our guidelines. Nevertheless, the structure is not weighted more towards rewarding long-term performance in normal situations and accelerated vesting in the event of a change of control is possible.
Items 14 and 15: Appoint the auditor and authorise the Board to approve their remuneration. Non-audit fees are considered excessive and may undermine auditor independence.
United Utilities Group is a water company. Through its subsidiary, United Utilities Water Limited, Co. provides water and wastewater services to peoples in the North West of England.
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