Share Name Share Symbol Market Type Share ISIN Share Description
Cineworld Group Plc LSE:CINE London Ordinary Share GB00B15FWH70 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 68.22 67.92 68.20 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 623.4 -2,200.0 -140.7 - 936

Legal & General to Vote Against Cineworld Chair, Remuneration Committee

07/05/2021 8:06am

Dow Jones News

Cineworld (LSE:CINE)
Historical Stock Chart

From Mar 2021 to Sep 2021

Click Here for more Cineworld Charts.

--Legal & General Investment Management plans to escalate vote position on concerns over pay package

--LGIM plans to vote against re-election of Cineworld's chair and members of remuneration committee

--Asset manager said it is concern by Cineworld's lack of response


By Adria Calatayud


Legal & General Group PLC's investment-management arm plans to vote against Cineworld Group PLC's chairwoman's re-election and against all members of the board's remuneration committee due to concerns over its incentive plan.

"We have strong concerns about the structure of the long-term incentive plan granted to the executives, and its misalignment with the long-term interests of the company, its shareholders and other stakeholders," Legal & General Investment Management said in a blog post published Thursday.

"In particular, we note the impact of Covid-19 on the company's financials and stakeholders, including furloughs for employees and the suspension of dividends. We also take into account the current social sensitivities around income inequality," LGIM said.

The London-based asset manager said it would vote against resolutions to re-elect Cineworld Chairwoman Alicja Kornasiewicz as director at the company's annual general meeting due to be held on Wednesday. LGIM also said it would oppose the re-election of Dean Moore, chair of the remuneration committee, and Camela Galano, member of the committee, and the election of Ashley Steel as director, member of the remuneration committee.

Cineworld declined to comment on Friday. In its AGM circular, the company--the owner of U.S. cinema chain Regal--said its board believes the proposed resolutions are in the best interests of shareholders and the company as a whole and recommended that shareholders vote in favor of them.

LGIM said it had chosen to escalate its vote position as it was concerned by the lack of response from the company's remuneration committee and board despite significant opposition from shareholders to its pay proposals.

LGIM said it already raised concerns about Cineworld's pay package at a special shareholder meeting held in January. At that meeting, two remuneration resolutions were approved despite significant minority opposition.

Proxy advisers Glass Lewis and Institutional Shareholder Services recommended that shareholders oppose Cineworld's remuneration proposals at the January meeting, and said the awards contemplated by the company's incentive plan were "excessive."


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

May 07, 2021 02:51 ET (06:51 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

1 Year Cineworld Chart

1 Year Cineworld Chart

1 Month Cineworld Chart

1 Month Cineworld Chart
ADVFN Advertorial
Your Recent History
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210924 06:23:43