COCA-COLA HBC A.G. - Post 2023 AGM Shareholder Engagement - Update Statement

 Coca-Cola HBC AG

Post 2023 AGM Shareholder Engagement - Update Statement

Zug, Switzerland – 15 November 2023 - In accordance with Provision 4 of the UK Corporate Governance Code, Coca-Cola HBC AG ("Coca-Cola HBC" or the "Company") is providing an update to the statement made on 17 May 2023 in relation to the voting outcomes of Resolution 7 and Resolution 9 at its Annual General Meeting ("AGM") which were advisory votes to approve the Company's UK Remuneration Report and Swiss Remuneration Report respectively, as well as Resolution 4.1.3 in relation to the re-election of Charlotte J. Boyle, Chair of the Remuneration Committee (the "Resolutions").

The Board of Directors understands the sensitivities around the issue of executive remuneration and it had consulted with its largest shareholders in the months prior to the AGM.

At the 2023 AGM, resolutions 7 and 9 to approve our UK Remuneration Report and Swiss Remuneration Report were passed with 68% votes in favour.  Resolution 4.1.3. to approve the re-election of Charlotte J. Boyle as a member of the Board of Directors and as a member of the Remuneration Committee, was passed with 75% votes in favour. Following the AGM, the Company and the Chair of the Remuneration Committee has continued its engagement with shareholders and their proxy advisors on remuneration issues, to understand the reasons why certain shareholders were unable to support these Resolutions.

The Company is grateful to those shareholders that took the time to express their views and understands that generally shareholders' primary concerns were connected to the increased 2023 – 2025 PSP opportunity for the CEO, on the basis that, although within the policy limits as approved by shareholders, it was felt that circumstances were not extraordinary and therefore did not justify the increased opportunity. Further context and rationale will be provided in the 2023 Directors' Remuneration Report.

The Board recognises the concerns of some of our shareholders and will continue its constructive dialogue with shareholders, considering these views and feedback when setting remuneration going forward.  

In accordance with the UK Corporate Governance Code, a further update will be provided in the Company's 2023 Integrated Annual Report published in 2024.

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Coca‑Cola HBC Group

About Coca‑Cola HBC

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 740 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, The Macallan, Jack Daniel's and Grey Goose. We foster an open and inclusive work environment amongst our 32,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the Dow Jones Sustainability Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

Coca-Cola HBC has a premium listing on the London Stock Exchange (LSE: CCH) and is listed on the Athens Exchange (ATHEX: EEE). For more information, please visit https://www.coca-colahellenic.com/