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Legal & General fund unit to vote against re-election of Cineworld chair

Cineworld reports strong opening weekend in UK on 'Peter Rabbit 2' buzz
Cineworld reports strong opening weekend in UK on 'Peter Rabbit 2' buzz   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html
By Reuters

LONDON (Reuters) – Legal & General Investment Management said on Thursday it will vote against the re-election of Cineworld chair Alicja Kornasiewicz and the election or re-election of all members of the firm’s remuneration committee at its annual general meeting.

Cineworld, the world’s second-largest cinema operator, suffered a $3 billion loss last year as a result of the coronavirus pandemic.

“We have strong concerns about the structure of the long-term incentive plan granted to the executives, and its misalignment with the long-term interests of the company”, LGIM said in a statement, pointing to “the impact of COVID-19 on the company’s financials and stakeholders, including furloughs for employees and the suspension of dividends”.

(Reporting by Carolyn Cohn, editing by Karin Strohecker)