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Cineworld Group plc shareholders voted in favour of a controversial remuneration policy at the company’s general meeting on Monday, 25 January 2021, which would award £65m each in shares to chief executive, Mooky Greidinger and his deputy and brother, Israel Greidinger. This falls under the new Long-Term Incentive Plan (2021 LTIP) and will be offered in full if the company’s share prices reach £1.90 (close to its pre-pandemic level of £1.97). Whilst the meeting resulted in significant no votes of 30.7% against the Directors remuneration policy and 29.85% against the 2021 LTIP, this fell short of the requisite 50% to turn down the resolutions, despite warnings from advisory groups Glass Lewis and Institutional Shareholder Services (ISS). Executive directors also have a maximum opportunity of 150% of their salary for their annual bonus as part of the policy.
The general meeting was held in order to put to a vote the revised remuneration policy, which expires this year, after last being approved in 2018. The policy had not been proposed at the 2020 AGM and was postponed until now due to the ‘unprecedented impact of Covid-19 on the cinema industry’. The outcome of the general meeting is in line with the 93.41% of votes in favour of the remu
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Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
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