Annual report and accounts 2023 - Flipbook - Page 77
Strategic Report
Key Stakeholder
Shareholders
continued
Form of Engagement
Corporate Governance
Accounts
How This Stakeholder Group Influenced Board/Committee Discussions and Decisions
During the year, the Board received regular updates on the Company’s planning activity
in relation to the introduction of a Deposit Return Scheme (‘DRS’) in Scotland. The
Board discussed and approved a contract with Circularity Scotland Limited (‘CSL’), the
not-for-profit organisation approved to discharge industry’s Scottish DRS legal
obligations, the purpose of which was to provide CSL with the right to receive further
funding under certain circumstances to support the costs of the Scotland DRS
administration during its first year of operation. This will help to ensure the successful
operation of the DRS in Scotland and Company compliance with the DRS regulations
for the long term benefit of shareholders.
During the year, the Board took the key decisions to approve the acquisition of Boost
Drinks Holdings Limited and the acquisition of the remaining minority (38.2%) equity
stake in MOMA Foods Limited. Both of these acquisitions demonstrate the Company’s
commitment to its growth strategy, focused on developing its portfolio in high growth
and functional categories for the long term benefit of shareholders.
During the year, the Chair of the Remuneration Committee wrote to all major
shareholders who had voted against the resolution to approve the Directors’
Remuneration Report put to shareholders at the 2022 AGM seeking feedback regarding
why they were unable to support the resolution and to understand their views. The
primary concern raised by the two shareholders who provided feedback in response
to this letter related to the structure and performance targets for the 2021 long-term
incentive arrangements – these were specific to the exceptional circumstances caused
by the Covid-19 pandemic and it is unlikely that they will be repeated. Shareholder
feedback from major shareholders and the investor base influenced the performance
metrics agreed for the directors’ annual bonus for the year to January 2023 and the
2022 LTIP awards.
During the year, the Chair of the Remuneration Committee also wrote to and engaged
with shareholders representing c.70% of the issued share capital of the Company
seeking their feedback on the Remuneration Committee’s proposals for the new
Directors’ Remuneration Policy that will be brought for shareholder approval at the
AGM in May 2023. Feedback from these shareholders informed the final proposed
Directors’ Remuneration Policy.
The Company will continue to engage with its shareholders on executive directors’
remuneration going forwards.
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