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Imperial Brands Withdraws Proposal For New Directors' Remuneration Policy

Imperial Brands PLC, (IMT.L, ITYBY.PK), formerly Imperial Tobacco Group PLC, Thursday said that the notice of its annual general meeting to be held on February 1 includes at resolution 3 a proposal to adopt a new Directors' Remuneration Policy which amends the existing Directors' Remuneration Policy.

The company now said it no longer intends to seek shareholders' approval for the Proposal at the AGM and that the Directors' Remuneration Policy and its associated metrics as approved by shareholders at the AGM held in 2015 will continue to apply.

Chairman Mark Williamson said, "We have been actively engaging with shareholders for some time and while we received considerable support, it is clear that views have changed over that time and that the right course of action now is for the Board to withdraw the resolution."

According to the firm, revising the policy is necessary for retaining and attracting the right calibre of talent to ensure the continued sustainable growth of the business. The company said it will reengage with shareholders to reach a consensus on this important issue.

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