Responses to Unanswered Shareholder Questions from Our Annual Shareholder Meeting
Held on September 22, 2020
Shareholder Question: Was 2020 executive compensation paid as a result of outstanding performance or by some measurable metrics?
Answer from the Chair of our Compensation Committee: A significant percentage of our executives' compensation is at risk and is variable based on the achievement of annual and long-term (three-year)performance goals set by the Company. For fiscal 2020, the Compensation Committee set annual performance measures that were challenging and robust within the context of our current business and industry dynamics and that were aligned with our annual corporate operating plan. Overall, company performance in fiscal 2020 significantly exceeded our expectations and the annual company performance measures that were set at the beginning of the fiscal year. Additional details about the financial metrics used and the goals that were set in the annual and long-termincentive plans can be found in the proxy statement.
Frederic W. Cook & Co., Inc., the Compensation Committee's independent compensation consultant, advises and supports the Committee in setting executive compensation. This support includes reviewing competitive market data and executive compensation trends with the Committee throughout the year. Additionally, the independent compensation consultant assists the Compensation Committee with selecting an industry peer group to assess pay levels and pay mix for our executives, and provides the Committee with regular updates on how our executive compensation plan design and performance targets compare to industry trends and practices.
Shareholder Question: General Mills was included in the UN High Commissioner for Human Rights Report in February 2020, which featured more than 100 companies who have businesses operating in disputed areas of Israel. Why was General Mills included in this report and how are you responding?
Answer from our Chairman and CEO: We are listed on the report because of a manufacturing facility in the disputed area that "uses natural resources, in particular water and land, for business purposes" to produce baked goods for that market. It is important to understand how the facility works in the area. Approximately 50 percent of the workers at that facility are Palestinian, with many having been employed at the facility for several years, working alongside Israeli colleagues. Every employee has full social benefits without prejudice to race, religion or nationality. General Mills stations personnel at the facility to monitor product quality and we regularly monitor to ensure safe working conditions, adequate work and rest areas, and compliance with labor and human rights laws.
Page 1 of 1
General Mills Inc. published this content on 25 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2020 20:44:05 UTC