Life Healthcare remuneration policy questioned again

LIFE HEALTHCARE Group said yesterday that it had invited shareholders to engage with it on its remuneration policy, after shareholders holding more than 25% of the shares voted against the policy at the last annual meeting in January. The group’s annual report shows that, at the previous year’s AGM, only 62.1% of shareholders voted in favour of the remuneration report due to concerns about using normalised group headline earnings per share as the sole measure for the long-term incentive allocation, why the long-term incentive target of consumer price inflation +4% was seen as a hurdle, and the reduction of a Life Core Purpose target for the group executive. The group said yesterday that at this year’s meeting Ordinary Resolutions 5.1 and 5.2 relating to the non-binding advisory votes to endorse the company’s remuneration policy and the implementation were voted against by more than 25% of the votes exercised by shareholders at the AGM. Shareholders were invited to engage on the matter via a telephone conference on May 31, and were also asked to forward concerns and questions on the implementation of the remuneration policy to the company secretary in writing by May 26.