Bodycote PLC AGM Voting Update

 
TIDMBOY 
 
Bodycote plc 
 
AGM Voting Update 
 
11 November 2020 
 
At Bodycote plc's Annual General Meeting held on 28 May 2020, resolution 11 
(the approval of the Annual Report on Remuneration) was supported by a majority 
of shareholders but received less than 80% support.  The key concern from 
shareholders who opposed the resolution was in respect of the CEO's 2020 salary 
increase.  In particular, determining the CEO's salary increase by reference to 
the average increase awarded to the Czech Republic workforce (where he lives 
and works) resulted in a larger increase compared to the average Group employee 
salary increases observed across the UK and Western Europe more generally. 
 
Following the AGM, the Committee wrote to Bodycote plc's largest shareholders 
and key proxy agencies outlining its proposed approach and invited comments. 
 
The Committee thanks shareholders who provided comments. 
 
The Committee considers the principles of its approach to reviewing Executive 
Director salaries to be robust.  That is, to consider Executive Director salary 
increases by reference to the average increases awarded to the wider workforce 
in the country where the Executive Director lives and works whilst ensuring 
that any salary increase does not result in an excessive total remuneration 
opportunity. 
 
However, the Committee is also mindful of the views of shareholders. Therefore, 
going forward, the Committee proposes to review Executive Director salary 
increases by considering the following reference points in the round: 
 
  * the average salary increases awarded to the wider workforce in the country 
    in which the Executive Director lives and works; and 
  * the average salary increases awarded to Group employees across Western 
    Europe, including the UK. 
 
The Committee believes that this approach strikes an appropriate balance 
between awarding Executive Directors with salary increases which reflect pay 
practices and salary inflation in countries in which they live and work, and 
having regard to salary increases awarded to Group employees across Western 
Europe. 
 
U. Ball, Group Company Secretary, Bodycote plc 
 
Tel:  [phone] 
 
 
 
END 
 

(END) Dow Jones Newswires

November 11, 2020 12:05 ET (17:05 GMT)