British American Tobacco Plc (BATS) faces shareholder opposition to long-term incentive payments for Chief Executive Officer Nicandro Durante, the Sunday Times reported, citing investors that it didn’t identify.
Several shareholders will oppose an increase in the amount that could be earned as a long-term reward without tougher performance targets, the newspaper said.
BAT said the decision to amend the long-term incentive plan was made after a compensation committee review, consultation with shareholders and a vote at last year’s annual meeting.
“We’re a company that has been successfully pursuing a consistent strategy that is building long term shareholder value and achieving sustainable results in both good and bad economic times,” Kate Matrunola, a spokeswoman for London-based BAT, said in an e-mailed statement today. “Last year’s share price appreciation, of over 20 percent, is testament to this.”
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