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Results of AGM/EGM

Burberry survives revolt on executive pay

14 July 2017 07:54

All resolutions proposed at Burberry's annual general meeting yesterday were passed although 31.48% of shareholders voted against the remuneration report.

The board had proactively consulted with shareholders on remuneration matters both during the year and in the recent weeks leading up to the AGM.

A statement after the meeting said: "We would like to thank our shareholders for their support for resolution 2 (the directors' remuneration policy) and are pleased that as a result of this extensive ongoing dialogue it received a vote of 93.40% in favour of the resolution.

"This reflects support for the policy changes made during the year to reduce overall headline quantum, incorporate best practice features and ensure long term alignment with shareholders.

"The board would also like to thank our shareholders for their support for resolution 3 (the remuneration report) which received a vote of 68.52% in favour of the resolution.

"The board took proactive measures to address concerns around the 2016/17 remuneration report following its publication. With the interests of shareholders and the company in mind, and with the support of Julie Brown, on 26 June 2017 we announced her decision to waive a portion of her buy-out award and 75% of her 2016/17 EPS award.

"We also provided additional information on the assessment of performance for Christopher Bailey's 2014 exceptional performance-based share award on our website.

"We appreciate the importance of shareholder alignment on remuneration matters and would like to thank our shareholders for the time they have invested with us.

"We will continue to build on the constructive dialogue we have established, and will give full consideration to their feedback in our decision-making over the upcoming year."

Story provided by StockMarketWire.com

Related Company: BRBY

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