Convatec Group PLC

Declaration of Voting Results & Voting Rights Announcements • Nov 7, 2019

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RNS Number : 6744S

ConvaTec Group PLC

07 November 2019

Update Statement following AGM Voting Outcome

7 November 2019 (LSE: CTEC)

Reading, United Kingdom 7 November 2019

At the Annual General Meeting ("AGM") of ConvaTec Group Plc ("ConvaTec" or "Company") held on 9 May 2019, 20 per cent or more of the votes were cast against Resolution 2 to approve the Directors' Remuneration Report. In the announcement released immediately following the AGM, the Board outlined the actions that it intended to take to understand and address shareholder concerns and an update is provided below.  

Naturally, the Board was disappointed with the overall outcome of 61.55% votes in favour of the 2018 Directors' Remuneration Report. The Company had engaged in a dialogue with a number of shareholders and voting advisory agencies to discuss their questions and concerns in advance of the vote at the AGM. 

Following the AGM, the Remuneration Chair consulted further with shareholders and offered to meet with them to discuss their views and concerns where applicable. The Remuneration Committee welcomed the feedback received from this process, and has been taking this into consideration in its ongoing review of the Remuneration Policy ("Policy") which, in line with the Companies Act 2006, will be put to shareholders at the Company's 2020 AGM.

The Remuneration Committee continues to evaluate the most appropriate structure for executive director remuneration with regards to; long-term incentive measures, value of awards made, annual bonus measures and salary levels, to ensure that executive director remuneration continues to be aligned with shareholder interests.  The Remuneration Committee will be consulting further with shareholders and voting advisory agencies on the Policy in the coming weeks to gain feedback and comments on its proposals. A final draft of the Policy will be included in the next Annual Report.   

About ConvaTec

ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec's products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care. To learn more about ConvaTec, please visit www.convatecgroup.com where a copy of this announcement can also be found.

Enquiries

Analysts and Investors

Mark Reynolds, Director Investor Relations	+44 (0) 7551 036 625
investorrelations@convatec.com

Media

Buchanan	+44 (0)207 466 5000
Charles Ryland/Chris Lane/Vicky Hayns
LEI:   213800LS272L4FIDOH92

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