ESG Event and Post 2021 AGM Update

RNS Number : 9768O

BAE SYSTEMS PLC

13 October 2021

 

BAE Systems - ESG Event and Post 2021 AGM Update

BAE Systems (the Company) will hold an ESG event later today. Investors have been invited to join this online event, in which we will provide an update on ESG matters. The briefing will be led by the Chairman, Sir Roger Carr, with additional presentations from the Chair of the Environmental, Social and Governance Committee, the Chief Executive and members of the Executive Team. 

The Chairman will update investors on the work the Board has undertaken in this area, including progress on our diversity and inclusion objectives, and succession planning at Board and senior executive level. Our Executive Team will also provide an update on other ESG matters including, our net zero target, product trading governance, workforce safety and wellbeing, and how we contribute to society.

At our Annual General Meeting held on 6 May 2021, while Resolution 2 to approve the Directors' Remuneration Report was passed, a significant minority of shareholders who voted (23.41%) chose not to support this resolution. The Chairman and the Remuneration Committee undertook an extensive consultation with investors prior to the AGM on this matter and were appreciative of the support received. The views of our shareholders are important to us, and since the AGM we have continued to engage with investors to maintain an open dialogue to ensure their views are understood.

In a statement issued after our AGM, the Board committed to providing an update later in the year explaining the additional work it would be undertaking in regards to senior executive succession planning.

We can report that progress has been made on this matter, with the completion of an in-depth review of the succession plans for all Executive Committee level roles, including the Chief Executive. As part of this review, the Board has undertaken a rigorous analysis of key executives identified as possible 'ready now' successors for each of these positions.

The Board has also identified high performing groups and we will continue to invest in additional education and training to strengthen the future talent pool. The focus on senior executive succession planning will continue with a further update in the Company's 2021 Annual Report and Accounts.

Following the event, copies of the presentations will be available on the Company's Investor Relations website at www.baesystems.com/investors . 

 

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