Support for remuneration policy at The Weir Group

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.

13 April 2018

Our rationale

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.

Position paper CEO remuneration