Sept 23 (Reuters) – Conagra Brands shareholders voted on Wednesday in favour of proposed changes to the US packaged food maker’s executive compensation program.
Proxy adviser ISS had urged shareholders to vote against the changes, citing concerns about declining financial performance and a lack of clarity around targets.
Here are more details:
• The proposal was approved on an advisory basis at Conagra’s AGM.
• CEO John Brase’s compensation package includes a $1.15 million base salary, an annual incentive target opportunity equal to 150% of his eligible base salary and $7.3 million in annual long-term incentives, consisting of 60% performance shares and 40% restricted stock units(RSUs), as Conagra had proposed in a proxy statement on August 11.
• Conagra, which makes Hunt’s ketchup, Slim Jim meat sticks and Swiss Miss hot cocoa, halved its annual dividend in July and is reviewing its non-core assets under new CEO Brase after issuing a weak profit outlook.
• Conagra Brands is expected to report its first-quarter results on September 30.
(Reporting by Alexander Marrow in London and Koyena Das in Bengaluru; Editing by Perla Velasco)
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