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

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·1 min read
FILE PHOTO: People enter a Cineworld cinema following the outbreak of the coronavirus disease (COVID-19) near Manchester
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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)

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