AGM alert: Next, Reckitt Benckiser, Raspberry Pi

Simon Wolfson’s potential rewards for continuing the success of Next (LSE:NXT) are set to increase after the retail chain revealed a new remuneration policy ahead of this month’s AGM.

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The FTSE 100 retailer said the difference between pay levels at Next - which have always been moderate - and those in the wider market was now “inappropriately great”. 

It pointed out that the CEO’s total remuneration opportunity was about 30% below the FTSE 100 median, despite the strong performance of Next shares in recent years.

A new maximum bonus opportunity worth 200% of his £1 million salary and the grant of long-term incentives of up to 400% of salary will take his pay package to £9.3 million in the event of top performance alongside 50% share price growth.

The retailer has also overhauled its long-term incentive metrics after a series of retail industry failures made it hard to compose a basket of appropriately comparable businesses to Next. 

Next

When: 9am, Thursday 21 May.

Where: Leicester Marriott Hotel, Smith Way, Grove Park, Leicester LE19 1SW.

How to participate: Proxy appointments and votes must be received no later than 9am, Tuesday 19 May. More AGM details can be found here.

Who’s in the chair? Michael Roney, former Bunzl chief executive, has been in the role since August 2017. The board has recommended an extension to his tenure of up to 18 months as it looks to maintain continuity during a change of senior independent director and in order to ensure that other board departures are appropriately staggered.

How did the company do in the year to 31 January? Sales growth of 10.8% to £7 billion resulted in a record pre-tax profit of £1.16 billion, up 14.5% on a year earlier. Earnings per share (EPS) lifted 17.2% to 990.7p. Strong cash flow meant Next returned £839 million to shareholders through dividends, share buybacks and its B Share Scheme capital distribution. A final dividend of 181p is due to be paid on 3 August, increasing the total for the year by 15% to 268p a share.

How have shares performed? Up 33% to 13,265p (12,945p on Thursday). The shares have risen 105.2% over a three-year period, with total shareholder return (TSR) 167.4% across ten years.

How much is the boss paid? Simon Wolfson, who joined Next in 1991 and became CEO in 2001, got a record £7.4 million in relation to 2025/26. This rose from 2024/25’s £4.9 million after he received the maximum award under the annual bonus scheme and two long-term incentive awards vested in full. The bonus of £1.45 million was based on 150% of salary, up from 108% the year before. Any element of bonus above 100% is payable in shares deferred for two years. Long-term incentive plan (LTIP) awards contributed £4.7 million based on two grants made in 2022/2023, each at 112.5% of base salary. Wolfson’s salary for 2026/27 has increased by 3% to £1 million.

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How is variable pay determined? The annual bonus was calculated with reference to Next’s pre-tax earnings per share. Vesting of long-term incentives is subject to TSR relative to a total comparator group of 20 quoted UK retailers. Next ranked second.

How is the remuneration policy changing? The company has proposed an increase in the chief executive’s maximum annual bonus opportunity from 150% to 200% of salary and an increase in the long-term incentive plan maximum grant levels from 225% to 400% for the chief executive and 300% for other executive directors. It is proposing to replace Relative TSR with an EPS-led measure that also recognises cash distributions to shareholders over the three years of the long-term incentive plan.

Why the changes? The remuneration committee said the difference between pay levels at Next - which have always been moderate - and those in the wider market was now “inappropriately great”. It pointed out that the CEO’s total remuneration is approximately 30% below FTSE 100 median, even though one pound invested 20 years ago would be worth £16 for Next shares compared with £4 for the FTSE All-Share index. It said the acquisition of other retailers, including Reiss, FatFace and Joules, has shone a light on the pay arrangements at Next. It sought a replacement for relative TSR as a performance condition due to the diminishing nature of the comparator group and exposure of TSR to factors beyond management control.

What’s the total remuneration opportunity? Next said the proposed changes will move pay levels to approximately median levels. Wolfson’s maximum is £7.27 million, rising to £9.27 million in the event of 50% upside for shares in the long-term incentive plan. The mid-point figure is £3.07 million.

Any other issues? The changes mean that pre-tax EPS will be a performance metric for both the annual bonus and long-term incentives. Next points to some important differences as the annual bonus is linked to annually approved budgets and the LTIP to a three-year compound annual growth range. “These different timeframes and measurement approaches ensure the metrics serve distinct but complementary purposes. Secondly, the long-term measure also recognises dividends, and, therefore, reinforces our dividend policy. ”

How did last year’s AGM go? The annual remuneration report was approved with 91% support. The remuneration policy was last approved at the 2023 AGM with 84% of votes in favour.

How’s the company doing on diversity? Board changes following the AGM will result in a 42% female gender split, including the role of senior independent director. At least one individual on its board of directors is from a minority ethnic background.

Reckitt Benckiser

When: 2pm on Thursday 21 May.

Where: London Heathrow Marriott Hotel, Bath Road, Hayes, UB3 5AN.

How to participate: Proxy voting instructions should be returned no later than 2pm, Tuesday 19 May. More AGM details can be found here.

Who’s in the chair? Jeremy Darroch, who is the former Sky chief executive, was appointed in May 2024 after two years as Reckitt Benckiser Group (LSE:RKT)’s senior independent director..  

How did the company do in 2025? Like-for-like net revenue growth of 5% was driven by core Reckitt’s 5.2%. Adjusted operating profit grew by 5.3%, which contributed to a 1.1% rise in earnings per share to 352.8p. Reckitt said it created over £9.5 billion of shareholder value, with plans for the distribution of 127.8p a share on 12 June lifting the total dividend for the year by 5% to 212.2p a share. A special dividend following the divestment of its Essential Home operation delivered a further £1.6 billion to shareholders in February.

How have shares performed? Up 24% at 6,252.1p (4,678p on Thursday).

How much is the boss paid? Kris Licht received a total of £5.8 million in relation to 2025, broadly in line with the amount for 2024. This included cash and deferred shares worth £2.7 million after the annual bonus scheme paid 56% of the maximum opportunity. The 63% vesting of long-term incentives awarded when Licht was a member of the executive committee contributed £1.7 million. Licht’s base salary for 2026 has increased 8% to £1.24 million. This is part of a phased adjustment over two years after the remuneration committee said the CEO’s salary positioning had fallen significantly below the lower quartile of the FTSE 30. It is intended that the second part of the adjustment will be made in 2027.

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Why the large pay rise for the CEO? Licht was hired in June 2023 at the lower end of the company’s salary range and did not receive an increase for 2024 before a pay rise in line with the UK wider workforce in 2025. The remuneration committee said Licht and the rest of the management team were highly sought after due to the company’s recent performance and “execution of Reckitt’s strategy to be a world-class consumer health and hygiene company”. 

It added: “Since his appointment as CEO, Kris’ performance has been exceptional, and he is critical to the execution of the strategy.”

How did last year’s AGM go? The annual remuneration report was approved with 96.08% support, while the new three-year remuneration policy got 94.12%.

How’s the company doing on diversity? The gender split of the 12-strong board at the end of 2025 was 58% female, including the role of chief financial officer. One director is from an ethnic minority background.

Raspberry Pi

When: 8.30am, Thursday 4 June.

Where: The Bradfield Centre Auditorium, 184 Cambridge Science Park, Milton Rd, Milton, Cambridge, CB4 0GA.

How to participate: The deadline for proxy voting instructions and submission of questions on the business of the AGM is 8.30am, Tuesday 2 June. More AGM details can be found here.

Who’s in the chair? Martin Hellawell, who was appointed to the Raspberry Pi Holdings (LSE:RPI) board in July 2019, was  managing director and then chief executive of Softcat between 2006 and 2018.

How did the company do in 2025? Unit shipments of 7.6 million rose 9%, including a 11% sequential improvement in the second half year. Revenue and adjusted earnings rose 25% to $323.2 million (£238.3 million) and $46.4 million respectively, while pre-tax profit lifted 63% to $26.5 million and earnings per share by 73% to 11.22 US cents. Net cash of $28.1 million fell 39% but exceeded expectations. Semiconductor shipments exceeded those of boards and modules for the first time, while the company also navigated the impact of rising spot prices for dynamic random-access memory used in its products.

How have shares performed? Down 52% at 300.2p (621p on Thursday). The shares were priced at 280p in the June 2024 IPO.

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How much is the boss paid? Founder and CEO Eben Upton received a total of £845,000 in relation to 2025, including a £347,000 annual bonus based on 50.4% of the maximum opportunity. This reflected a 69% vesting outcome for the 75% of the bonus determined by adjusted operating profit and the lapsing of the metric in relation to unit sales. Upton’s salary for 2026 has risen 4% to £477,360, with his incentive opportunities unchanged at 150% of salary for the annual bonus and 200% of salary for the grant of long-term shares. Upton owned more than three million shares in the company at the end of 2025, plus another 529,000 options.

How is variable pay determined? The annual bonus will continue to operatewith a 75% weighting on an adjusted operating profit target and 25% on board unit sales. The long-term incentive award granted to the CEO will vest dependent on cumulative adjusted earnings (67%) and the rest (33%) on relative total shareholder return against the FTSE 250.

How did the company’s first AGM go? The annual remuneration report received 99.97% support and the three-year remuneration policy 99.93% of votes in favour.

How’s the company doing on diversity? Women represented 25% of the board at the

year end. Raspberry Pi said: “Diversity is a factor the board will consider when making future appointment decisions.” It satisfied the recommendations of the Parker Review to have at least one board director from an ethnic minority background.