2023 AGM Voting Results Update Statement

In accordance with Provision 4 of the Corporate Governance Code, PZ Cussons today provides an update in respect of the results of its Annual General Meeting (AGM) held on 23 November 2023, where resolution 3 (to approve the Directors' Remuneration Policy) was passed with the necessary majority but with more than 20% votes against by shareholders.

The Directors' Remuneration Policy was proposed after thorough engagement and consultation with major shareholders led by the Chair of the Remuneration Committee. The Board understands that the votes against were primarily attributable to the adoption of a Restricted Share Plan (RSP) where a number of shareholders expressed opposing views during consultation. The Committee had provided an explanation in the Directors' Remuneration Report of the reasons for the migration to a RSP plan, which included a need to provide competitive variable pay for its senior leadership and to align the interests of the executive with the long term interests of our shareholders.

The Committee's view is that it has acted in the best interests of the Company and all its stakeholders, however the Committee will keep in mind the views expressed by shareholders on this issue as it plans for future amendments and renewals of the Directors' Remuneration Policy.