Support for remuneration policy at The Weir Group
13 April 2018
Norges Bank Investment Management will vote in favour of the remuneration policy, the related share award plan, and all other resolutions put forth to shareholder approval at the Annual General Meeting of The Weir Group Plc on 26 April 2018. This is in line with management recommendations.
The board of directors of The Weir Group PLC proposes to simplify the executive remuneration framework. In Norges Bank Investment Management’s view, the proposed policy improves transparency on potential remuneration outcomes, contributes to reducing maximum award levels, and strengthens the alignment of the long-term interests of executive management and shareholders. The proposed remuneration structure is broadly in line with our position on CEO remuneration.
We commend the board’s willingness to challenge conventional thinking on remuneration and give the proposals our support.
The Weir Group Plc resolutions
|NUMBER||PROPOSAL||MANAGEMENT RECOMMENDATION||VOTING INTENTION|
|Management proposals for Annual General Meeting|
|1||Accept Financial Statements and Statutory Reports||For||For|
|2||Approve Final Dividend||For||For|
|3||Approve Remuneration Report||For||For|
|4||Approve Remuneration Policy||For||For|
|5||Approve Share Reward Plan||For||For|
|6||Approve All-Employee Share Ownership Plan||For||For|
|7||Elect Clare Chapman as Director||For||For|
|8||Elect Barbara Jeremiah as Director||For||For|
|9||Elect Stephen Young as Director||For||For|
|10||Re-elect Charles Berry as Director||For||For|
|11||Re-elect Jon Stanton as Director||For||For|
|12||Re-elect John Heasley as Director||For||For|
|13||Re-elect Mary Jo Jacobi as Director||For||For|
|14||Re-elect Sir Jim McDonald as Director||For||For|
|15||Re-elect Richard Menell as Director||For||For|
|16||Reappoint PricewaterhouseCoopers LLP as Auditors||For||For|
|17||Authorise the Audit Committee to Fix Remuneration of Auditors||For||For|
|18||Authorise Issue of Equity with Pre-emptive Rights||For||For|
|19||Authorise Issue of Equity without Pre-emptive Rights||For||For|
|20||Authorise Issue of Equity without Pre-emptive Rights in Connection with an Acquisition or Other Capital Investment||For||For|
|21||Authorise Market Purchase of Ordinary Shares||For||For|
|22||Authorise the Company to Call General Meeting with Two Weeks' Notice||For||For|
|23||Adopt New Articles of Association||For||For|
Important legal notice
Norges Bank Investment Management’s approach to responsible investing includes disclosing our voting decisions, in some cases in advance of the relevant meeting. This is only intended to provide information and is not solicitation or encouragement as to how others should vote. This disclosure is not investment research, advice or recommendation. Norges Bank Investment Management’s voting intention is an internal decision and has not been agreed with any other shareholders. Norges Bank Investment Management is not subject to any prohibition on dealing after the publication of this disclosure. Norges Bank Investment Management’s holdings and holdings available for voting from time to time may differ from those set out in lists of holdings as of year-end.