Statement on Unilever’s Remuneration Policy
At the Unilever PLC and NV AGMs on 2 and 3 May 2018, our remuneration policy received the support of 64.19% and 73.06% of shareholders respectively. Following the AGMs we announced that we would consult further with our shareholders, in order to address any possible areas of concern before next year's AGMs.
The new UK Corporate Governance Code requires companies to provide an update within six months of an AGM where more than 20% of shareholders have voted against a resolution. Although the Code does not formally come into place until 2019, in line with our continued commitment to good governance we are adopting this provision early.
We are inviting shareholders to consultation meetings over the coming weeks to enable our new Compensation Committee Chair, Vittorio Colao, to hear feedback and explore ways of implementing our new policy to address areas of concern.
As part of the new policy, the Compensation Committee had determined that the CEO should be awarded a 5% increase in fixed pay as there had been no increase in his fixed pay since 2013. This increase was below the average cumulative increase for the workforce over those five years. However, the CEO informed the Committee that he did not wish to receive this increase and so it will not be implemented.
We will describe the principal concerns and how we are responding to them and any other changes to the implementation of the policy in the 2018 Directors' Remuneration Report.
In the case of any questions, please call the Unilever Investor Relations team on: +44 (0) 20 7822 6830 or email firstname.lastname@example.org
Unilever Investor Relations
16th October 2018