AGM alert: AstraZeneca, BAT, Haleon

A remuneration policy that netted £17.7 million for AstraZeneca (LSE:AZN) boss Pascal Soriot in 2025 is set for review after the FTSE 100’s biggest company said its arrangements lagged global peers.

• Invest with ii: Open an ISA | ISA Investment Ideas | ISA Offers & Cashback

Astra’s strong performance and share price growth over the past three years led to Soriot’s biggest sum of a decade that has seen him receive cash and shares totalling £145 million.

Ahead of the renewal of its remuneration policy at the 2027 AGM, Astra indicated in this year’s annual report that Soriot’s pay deal is not competitive against global pharma peers.

Astra said: “External market data indicates that our CEO’s target total direct compensation remains below the global median and we aspire to close this gap over time.”

It also flagged pay compression, where the CEO’s maximum variable opportunity sets an effective ceiling that presents challenges when recruiting and retaining other roles.

At 2024’s AGM, an increase in Soriot’s long-term incentive award to 850% of his salary caused controversy as the new remuneration policy only received 64.4% support.

AstraZeneca

When: 2.30pm, Thursday 9 April.

Where: On the Lumi Global online platform and at the broadcast venue, the Kia Oval, Kennington, London, SE11 5SS.

How to participate: The digitally-enabled AGM means non-UK based shareholders, including holders of the company’s newly-listed shares on the New York Stock Exchange, can participate in the meeting. Management and board members will take part in the AGM electronically from a variety of locations, and will not be available to meet shareholders in person. Voting instructions should be submitted by 2.30pm Tuesday 7 April, or shareholders can vote on the day via the online platform. More AGM details can be found here.

Who’s in the chair? Michel Demaré, who is the ex-finance boss of industrial conglomerate ABB and former chair of agricultural science business Syngenta, has been a member of the board since 2019 and chair since April 2023.

How did the company do in 2025? Total revenue of $58.73 billion rose 8% at constant exchange rates, led by growth of 14% in the company’s largest therapy area of oncology. About 43% of the revenue total was generated in the United States, where the constant currency figure rose 10%. Operating profit increased 9% and core earnings per share by 11% to $9.16. A second interim dividend of $2.17 a share is due to be paid on Monday, lifting the total by 3% to $3.20.

How have shares performed? Up 33% to 13,790p (14,112p on Thursday). Total shareholder return over the last 10 years has been 307%, which compares with global and European pharma groups at 197% and 65% respectively.

How much is the boss paid? Pascal Soriot, who has been chief executive since October 2012,  received a total of £17.7 million in relation to 2025. This is up from the previous year’s £14.7 million and the highest figure of the past decade. Share price appreciation accounted for 11% or £1.98 million of the total as long-term incentives granted in 2023 vested at 97% of the maximum for a contribution of £11.6 million. These shares are subject to a further two-year holding period. The annual bonus scheme contributed £4.26 million and was based on 92% of the maximum opportunity. Soriot’s base salary is up 4% to £1.6 million in 2026.

• FTSE 100 winners and losers as index slumps nearly 3%
• The Income Investor: Legal & General shares vs cash

How was variable pay determined? Pipeline progression, total revenues growth and the financial metrics of cash flow and core EPS were used to determine the annual bonus result. All metrics under the long-term incentive scheme vested in full, apart from total shareholder return after AstraZeneca ranked sixth in its 18-strong peer group.

How does AstraZeneca pay compare? The remuneration committee points out that the CEO’s  on target opportunity is £11.74 million, which is below the global median of pharmaceutical peers at £13.9 million. Astra’s remuneration policy is due for renewal at next year’s AGM. Its discussions with shareholders have already highlighted the issue of pay compression, where the CEO’s maximum variable opportunity sets an effective ceiling that presents challenges when recruiting and retaining for roles below the CEO level. 

What is Soriot’s current opportunity? The maximum annual bonus is 300% of base pay and 850% for the long-term incentive scheme. This compares with his starting package in October 2012, which was based on a salary of £1.1 million. The bonus opportunity was up to 180% of salary, alongside the grant of long-term incentive shares equivalent to 250% of salary.

How did last year’s AGM go? The annual remuneration report was approved with 96.36% of votes in favour.

How’s the company doing on diversity? Women hold half of board roles, including one senior position, while 29% of directors identified as being from an ethnic minority.

British American Tobacco

When: 11.30am, Wednesday 15 April.

Where: Hilton London Bankside, 2-8 Great Suffolk St, London, SE1 0UG.

How to participate: The company will endeavour to reply to questions received by 5pm on Tuesday 7 April before the proxy voting deadline on 11.30am Monday, 13 April. More AGM details can be found here.

Who’s in the chair? Luc Jobin was appointed in April 2021, having joined the board in 2017. His previous roles have included as chief executive of Canadian National Railway Company and Imperial Tobacco Canada.

How did the company do in 2025?British American Tobacco (LSE:BATS)'s reported revenue fell 1% to £25.6 billion, although the figure rose 2.1% at constant rates of exchange following a return to growth in the US. Smokeless products represented 18.2% of group revenue, up by 70 basis points from a year earlier. Profit from operations improved by 2.3% to £11.3 billion, largely due to a 77% increase in the contribution from new categories to £442 million. Earnings per share rose 3.4% to 340.5p on an adjusted basis, while the dividend for the year increased 2% to 245.04p. This will be paid in equal instalments of 61.26p across May, August and November 2026 and February 2027. 

How have shares performed? Up 45% to 4,214p (4,355p on Thursday).

• Mining Insights 2026: latest analysis and trends
• Sign up to our free newsletter for investment ideas, latest news and award-winning analysis

How much is the boss paid? Tadeu Marroco got £6.58 million in relation to 2025 trading, up from £6.1 million the year before. His annual bonus of cash and deferred shares worth £2.74 million was based on 77.8% of the maximum opportunity, while the 37.6% vesting of long-term incentives contributed £1.95 million to the total. His base salary is set to increase on 1 April by 3.5% to £1.47 million.

How was variable pay determined? Four of six metrics used in the annual bonus scorecard delivered the maximum result. These were focused on revenue growth, cash generated from operations, new categories margin improvement and reduction in greenhouse gas emissions. The vesting of long-term incentives was the result of operating cash flow conversion and relative total shareholder return after BAT ranked fifth against its 14-strong peer group.

How did last year’s AGM go? The new three-year remuneration policy was approved with 98.32% of votes in favour. The proposals included an increase in the maximum long-term incentive opportunity from 500% to 600% of salary, while the short-term bonus stayed at 250%. The annual remuneration report got 98.46% support.

How’s the company doing on diversity? The composition of the board is 50% female, with 30% of directors from an ethnic minority background. One of the senior positions is held by a woman.

Haleon

When: 3pm, Wednesday 29 April.

Where: A virtual meeting, accessed via the Lumi electronic meeting platform. 

How to participate: Shareholders will be able to vote and raise questions during Haleon (LSE:HLN)'s AGM by accessing the Lumi meeting platform. The deadline for proxy voting instructions is 3pm, Monday 27 April. Questions in advance of the meeting can be submitted up until 12pm, Tuesday 28 April. More AGM details can be found here.

Who’s in the chair? Vindi Banga is hosting his first Haleon AGM. The former Unilever executive was senior independent director at GSK before joining the Haleon board in 2022. He replaces Dave Lewis, who stepped down last year in order to become Diageo CEO.

How did the company do in 2025? Organic revenue growth of 3% to £11 billion was below the company’s medium-term expectations, primarily reflecting a weak cold and flu season and low consumer confidence in North America. Operating profit lifted 10.5% to £2.5 billion and the adjusted gross margin improved by 220 basis points to 65.2%. Adjusted earnings per share rose by 5% to 18.8p and the total dividend by 7.6% to 7.1p, including plans to pay 4.9p on 14 May.

How have shares performed? Flat at 374.8p (379.2p on Thursday).

How much is the boss paid? Brian McNamara received £8.23 million in relation to 2025 trading, down from £9.23 million the year before. The latest figure included cash and deferred shares worth £1.29 million after the annual bonus scheme paid 48% of the maximum opportunity, while the 82% vesting of long-term incentives contributed £5.37 million to the total. His base salary for 2026 has increased by 3.2% to £1.39 million.

• What the latest interest rate decision means for your retirement income
• Airline stocks: new price targets for IAG and easyJet

How was variable pay determined? The maximum result for cumulative free cash flow and the mid-point for net debt-to-adjusted earnings drove the long-term incentive result. This outcome included an adjustment to exclude the impact of a change in the company’s dividend policy.  Organic revenue and operating profit growth accounted for 80% of the annual bonus scorecard, with the rest based on individual business objectives.

What’s in the new remuneration policy? Only minor changes are proposed to the policy last approved at the 2023 AGM with 98.19% support. The main difference is in the approach to bonus deferral where the share ownership requirements are met. The CEO’s maximum remuneration opportunity in relation to 2026 is £10.7 million, which increases to £13.8 million in the event of 50% share price appreciation.

How did last year’s AGM go? The annual remuneration report was approved with 98.73% of votes in favour. 

How’s the company doing on diversity? The gender split of the 11-strong board is 64% female, including one senior role. The company meets the Parker Review objective on board ethnic minority representation.