Weir Group - AGM 30 April 2019
Item 3: Approve the Remuneration Report
The structure is unacceptable as pay is not sufficiently oriented toward the long-term. Furthermore, while moderate in size, the LTI does not have performance conditions and, therefore, clearly does not serve to align pay with performance. Even the plan's underpin is applied only at the discretion of the remuneration committee. The quantum is moderate. However, given the concerns over the structure of remuneration, we recommend shareholders oppose.
The Weir Group is an engineering business. Co. is organized into three operating divisions: Minerals, which provides mill circuit technology and services as well as slurry handling equipment and associated aftermarket support for abrasive high wear applications; Oil & Gas, which provides pressure pumping and pressure control equipment and aftermarket spares and services, as well as equipment repairs, upgrades, certification and asset management, and field services; and Flow Control, which designs and manufactures valves and pumps, and also provides specialist support services to the global power generation, industrial, oil and gas and other aftermarket-orientated process industries.
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