Coca-Cola HBC AG Post 2021 AGM Shareholder Engagement (0926W)
December 17 2021 - 10:37AM
UK Regulatory
TIDMCCH
RNS Number : 0926W
Coca-Cola HBC AG
17 December 2021
Coca-Cola HBC AG
Post 2021 AGM Shareholder Engagement - Update Statement
Zug, Switzerland - 17 December 2021 - In accordance with
Provision 4 of the UK Corporate Governance Code, Coca-Cola HBC AG
("Coca-Cola HBC" or the "Company") is providing an update to the
statement made on 22 June 2022 in relation to the voting outcomes
of Resolution 7 and Resolution 9 (the "Resolutions") at its Annual
General Meeting ("AGM") which were advisory votes to approve the
Company's UK Remuneration Report and Swiss Remuneration Report
respectively.
The Board understands the sensitivities around the issue of
executive renumeration and it had consulted with and received the
support from its largest shareholders on the decisions made in the
months prior to the AGM.
At the AGM, shareholders representing approximately 72% of the
votes cast, voted in favour of the Resolutions. Following the AGM,
the Company and the Chair of the Remuneration Committee has
continued its engagement with shareholders and their proxy advisors
on remuneration issues, in particular to understand the reasons why
certain shareholders were unable to support these Resolutions.
The Company is grateful to those shareholders that took the time
to express their views and understands that shareholders concerns
were primarily connected to the adjustment of targets contained in
the Company's incentive arrangements, in particular the original
targets relating to the 2018 Performance Share Plan awards. Whilst
the Remuneration Committee has sought to ensure that these
incentive arrangements continued to align with their original
intent given the impact of Covid-19, the Remuneration Committee
acknowledges that shareholders have a range of views as to the
appropriateness of such adjustments. The Remuneration Committee
believes that the adjustments made were necessary to retain and
incentivise the broader management team, in addition to the
executive leadership and CEO. These individuals were directly
responsible for navigating the Company through the Covid turbulence
and ensuring the resilience and strong recovery of the
business.
The Company would like to thank all the shareholders that have
taken part in the engagement processes, and for the feedback
provided. The Company will continue its constructive dialogue with
shareholders and seek to incorporate this feedback into future
remuneration decisions.
In accordance with the UK Corporate Governance Code, a further
update will be provided in the Company's annual report and accounts
published in 2022.
Enquires
Coca--Cola HBC Group
Investors and Analysts:
Joanna Kennedy Tel: +44 7802 427505
Investor Relations Director joanna.kennedy@cchellenic.com
Jemima Benstead Tel: +44 7740 535130
Investor Relations Manager jemima.benstead@cchellenic.com
Marios Matar Tel: +306974443335
Investor Relations Manager marios.matar@cchellenic.com
Media:
David Hart Tel: +41 41 726 0143
Group Communication Director david.hart@cchellenic.com
About Coca-Cola HBC
Coca-Cola HBC is a growth-focused consumer packaged goods
business and strategic bottling partner of The Coca-Cola Company.
We create value for all our stakeholders by supporting the
socio-economic development of the communities in which we operate
and we believe building a more positive environmental impact is
integral to our future growth. Together, we and our customers serve
more than 600 million consumers across a broad geographic footprint
of 28 countries on three continents. Our portfolio is one of the
strongest, broadest and most flexible in the beverage industry,
offering consumer-leading beverage brands in the sparkling, juice,
water, sport, energy, plant-based, ready-to-drink tea, coffee,
adult sparkling and premium spirits categories. These beverages
include Coca-Cola, Coca-Cola Zero, Schweppes, Kinley, Costa,
Valser, Romerquelle, Fanta, Sprite, Powerade, FuzeTea, Dobry,
Cappy, Monster and Adez. We foster an open and inclusive work
environment amongst our more than 26,000 employees and we are
ranked among the top sustainability performers in ESG benchmarks
such as the Dow Jones Sustainability Indices, CDP, MSCI ESG and
FTSE4Good.
Coca-Cola HBC has a premium listing on the London Stock Exchange
(LSE:CCH) and is listed on the Athens Exchange (ATHEX:EEE). For
more information, please visit https://www.coca-colahellenic.com
.
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