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Statement of compliance
Statement of compliance
The board considers that the Company has complied fully with the provisions set out in Section 1 of the Combined Code throughout the year, with the following exceptions:
| Combined Code Provisions | Status | Explanation |
|---|---|---|
A.4.4 – The terms and conditions of appointment of non-executive directors should be made available for inspection | Galen Weston has not entered into | This is due to his relationship with the Company’s ultimate holding company, Wittington Investments Limited, of which he is a director and shareholder. Galen Weston receives no fees for performing his role as a non-executive director and Associated British Foods plc does not reimburse him for any expenses incurred by him in that role. In accordance with the Combined Code, he is subject to annual re-election. |
| B.2.1 – The Chairman should not chair the Remuneration committee | Charles Sinclair is both Chairman and chairman of the Remuneration committee. | The board of Associated British Foods plc does not accept this recommendation as it considers that Charles Sinclair, due to his experience, is best suited to chair this committee. The Combined Code now recognises that the Chairman can be a member of the Remuneration committee. No director has any involvement in the determination of his own remuneration. |
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