Currys Regulatory News (CURY)

2 February 2024

CURRYS PLC

Further statement in relation to the AGM vote on our Directors' Remuneration Policy

The Board of Currys plc ('the Company') welcomed the 78.9% vote in favour of our Directors' Remuneration Report ("the Report") at the Annual General Meeting ("AGM") held on 7 September 2023. The vote in favour included the support from the majority of our shareholders, however the Board acknowledged that a significant minority of shareholders did not support this resolution.

Since the AGM, the Company has sought further engagement with our shareholders to discuss the specific rationale for the votes against our report. This engagement included the Chair of the Board meeting with several shareholders and the Company writing to other shareholders who voted against the Report inviting them to meet with the Chair of the Remuneration Committee and/or provide feedback.

The concerns expressed by those shareholders that have provided feedback related to:

· the level of bonus payments for 2022/23 given the assessment of business performance; and

· the choice of measures included in both the short and long-term incentives.

The Company's Remuneration Committee and the Board welcomed the opportunity to have constructive discussions on remuneration with our shareholders and note that our shareholders have opposing views and offer a range of different perspectives on our approach. 

The Remuneration Committee will consider the feedback received when assessing metrics for annual bonus and LTIP awards in the future and when evaluating future incentive outcomes and their alignment to performance achieved.

The Company's Remuneration Committee and the Board continue to believe that the Company's Directors' Remuneration Report and Remuneration Policy are appropriate in the context of incentivising our executive team, as they continue to deliver the Group's strategy.