9 April
2024
DFS Furniture
PLC
Post 2023 AGM Shareholder
Engagement - Update Statement
In accordance with Provision 4 of the
UK Corporate Governance Code (the "Code"), the Company provides
this update on engagement with shareholders following the Annual
General Meeting held on 10 November 2023 (the "AGM").
At the Annual General Meeting held on
10 November 2023 ("AGM"), resolution 3 approval the Directors'
Remuneration Report was supported by a clear majority of
shareholders with 70.50% of votes cast in favour and 29.50% of
votes cast against, resulting in less than 80% support
overall.
In advance of the meeting, the Chair
of Remuneration Committee ("Committee") and other members of the
Board, communicated with holders of 80% of our shares and offered
them an opportunity to engage ahead of the AGM.
The Committee acknowledges that
whilst the majority of shareholders were supportive of the
Directors' Remuneration Report, a small number of shareholders were
not supportive of the resolution due to the increase in the CEO's
base salary by an amount greater than the workforce average
increase. While the Committee is aware of and recognises
sensitivities around salary increases, we believe the adjustment
was in the interests of DFS and its shareholders and was necessary
to motivate and retain the CEO, who is critical to delivering DFS'
transformational agenda.
The Committee would like to thank all
of our shareholders who engaged in the consultation in 2023 and
gave us valuable feedback. Following the AGM, the Committee and has
commenced a review of its remuneration strategy in preparation for
bringing a Remuneration Policy to shareholders in November.
The Committee Chair has written to all shareholders to seek
feedback on its proposed approach to executive remuneration and we
look forward to an ongoing dialogue with shareholders and proxy
advisers on these matters.
Enquiries: DFS Furniture PLC Liz McDonald
(Group Company Secretary)
About DFS
Furniture plc
The Group is the clear market-leading retailer
of living room furniture in the United Kingdom. Our Group purpose
is to bring great design and comfort into every living room, in an
affordable, responsible, and sustainable manner. We operate an
integrated physical and digital retail network of living room
furniture showrooms and web sites in the United Kingdom and the
Republic of Ireland, trading through our leading brands, DFS and
Sofology. We attract customers through our targeted and national
marketing activities and our reputation for high quality products
and service, breadth of product offer and favourable consumer
financing options. We fulfil orders for our exclusive product
ranges through our own UK finished goods factories, and through
manufacturing partners located in the UK, Europe, and Far East, and
delivered with care through our expert final-mile delivery service
"The Sofa Delivery Company Limited".