Business
Adoption of Remuneration Policy and RSP
Adoption of Remuneration Policy and RSP.
About this update from Smith & Nephew Plc
[{"type":"text","content":"\n\n \nSMITH & NEPHEW PLC (the \"Company\")\nStatement regarding Further Shareholder Consultation on the 2024 Directors' Remuneration Policy (\"Policy\") and Restricted Share Plan (\"RSP\")\nSmith+Nephew (LSE: SN, NYSE: SNN), the global medical technology business, announces the conclusion of its further shareholder consultation on its Remuneration Policy and RSP following shareholder approval at the Annual General Meeting held on 1 May 2024 (the \"AGM\").\nAs Resolution 2 (to approve the Policy) and Resolution 19 (to approve the RSP) (together the \"Resolutions\") received less than 80% shareholder support, in accordance with the provisions of the UK Corporate Governance Code, Angie Risley, Chair of the Remuneration Committee sought further engagement with investors comprising 75% of the Company's issued share capital as at 31 May 2024 and with proxy advisors to consult with and seek additional feedback on these Resolutions.\nEngagement with shareholders and proxy advisers during the further consultation period which ran from 6 June to 19 July 2024 (inclusive) was constructive. Shareholders with whom the Company had previously engaged during the original shareholder consultation (October 2023 - February 2024) responded to confirm that they understood the rationale for the long term incentives outlined in Policy and the RSP and confirmed the original feedback provided to the Board.\nDuring this consultation, no additional request for engagement or feedback was received from shareholders who voted against the Resolutions. Following closure of the consultation and given the lack of additional feedback from investors who did not support the Resolutions, the Board has resolved to adopt and implement the Policy and the RSP on the terms approved by shareholders at the AGM.\nThe Company will continue to engage with shareholders and proxies on these and other remuneration matters in the future and will also address feedback and areas of interest raised by shareholders during the full consultation process through narrative disclosures in the 2024 Annual Report.\nIn accordance with the Policy, the Company will grant certain awards to Deepak Nath, Chief Executive Officer on or about 19 August 2024:\n· An increase in the number of shares awarded under the Performance Share Progr...