AGM Voting Update
9 November 2022
At Bodycote plc’s Annual General Meeting held on 25 May 2022, resolution 14 (Approval of the Remuneration Policy) was supported by a large majority of shareholders but received less than 80% support. The principal concern of shareholders was that salary increases and pension contributions for Executive Directors are determined considering salary increases and pension contributions for the wider workforce in the country the Executive Director lives and / or works as well as the wider workforce across Western Europe including the UK.
Following the 2022 Annual General Meeting, the Committee wrote to the Company’s largest shareholders and key proxy agencies to confirm that this is not a change in how we remunerate the Executive Directors and is entirely consistent with the approach applied for several years. The Committee invited comments in 2020 and again in 2022 from the Company’s largest shareholders to ensure the rationale for this approach is fully understood, and how, in practice, the Committee determines salary increases for the Executive Directors.
The Committee continues to consider the approach to be appropriate.
The Committee thanks shareholders who provided comments.
U. Ball, Group Company Secretary, Bodycote plc
Tel: +44 (0)1625 505300