6 March 2023
CURRYS PLC
Further statement in relation to the AGM vote on our Directors' Remuneration Policy
The Board of Currys plc ('the Company') welcomed the 65.9% vote in favour of our Directors' Remuneration Policy at the Annual General Meeting ("AGM") held on 8 September 2022 but acknowledged that a minority of shareholders did not support this resolution.
The Company explained in its AGM Results announcement the action it intended to take to understand and address shareholder concerns and an update is provided below.
Since the AGM, the Company has sought further engagement with our largest shareholders to discuss the specific rationale for the votes against our report. This engagement included the Chair of the Remuneration Committee meeting with some of our largest shareholders and writing to other shareholders representing 67% of the Company's share capital, inviting them to meet with the Chair and or provide feedback.
Following careful consideration of all feedback received, the Company's Remuneration Committee and the Board have agreed to increase the post-employment shareholding requirement. Directors will be required to retain at least 100% of their Currys plc shares for two years post employment (the lower of actual shareholding or the shareholding requirement immediately prior to departure - in line with IA guidelines). The requirement to date has been for directors to retain at least 100% of their Currys plc shares for one year then at least 50% in the following year. This new post-employment shareholding is effective immediately notwithstanding the wording in the current Directors' Remuneration Policy. The Committee intends to formally incorporate this post-employment shareholding requirement into the binding Remuneration Policy the next time that an amended version is put to a shareholder vote. The Committee will also continue to annually review the weight of financial measures in both the short and long-term incentives as part of its ongoing remuneration activities.
The Company's Remuneration Committee and the Board continue to believe that the Company's Directors' Remuneration Policy is appropriate in the context of incentivising our executive team, as they continue to deliver the Group's strategy.
The Company will continue to engage with shareholders and will provide an update in the Company's 2023 Annual Report and Accounts.
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