Bunzl : Amendment to proposed directors’ remuneration policy for 2020 AGM
March 30, 2020 at 10:43 am EDT
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30 March 2020
Bunzl plc
(the "Company")
Amendment to proposed directors' remuneration policy for 2020 AGM
The Company confirms that the Remuneration Committee has today approved an amendment to the proposed directors' remuneration policy (the "Policy"), which is to be put to shareholders for approval at the Company's forthcoming Annual General Meeting on 15 April 2020 (the "AGM"). Subject to shareholder approval of the Policy at the AGM, the cash allowance in lieu of pension contributions for the Company's Chief Executive Officer, Frank van Zanten, will be reduced to 5% of base salary by 1 January 2023 in order to bring it in line with the majority pension contribution rate of the wider workforce in the UK, such reduction to be phased as follows:
from the current level of 23.75% of base salary to 20% of base salary with effect from
1 January 2021;
from 20% of base salary to 14% of base salary with effect from 1 January 2020; and
from 14% of base salary to 5% of base salary with effect from 1 January 2023.
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Bunzl plc published this content on 30 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2020 14:42:05 UTC
Bunzl plc specializes in the distribution of hygiene and safety packages, products, and materials. The group also offers packaging products, restaurant items (cutlery, glassware, kitchen utensils, etc.), cleaning products (soaps, detergents, toilet paper, custodial products, polishes, washing machines, etc.), and personal protection equipment (gloves, masks, clothing, etc.).
Net sales break down by sector into food services (29.8%), grocery stores (26.1%), safety (14.8%), retail (9.6%), hygiene and cleaning (9.3%), healthcare (7%), and other (3.4%).
Net sales are distributed geographically as follows: the United Kingdom and Ireland (12%), Continental Europe (18%), North America (61.2%) and other (8.8%).