By Ian Walker

LONDON--Tobacco firm Imperial Brands PLC (IMB.LN) said Thursday it is withdrawing the resolution for shareholders to approve a new directors remuneration policy at the coming annual general meeting following talks with shareholders.

"The board continues to believe that revising the policy is necessary for retaining and attracting the right calibre of talent to ensure the continued sustainable growth of the business and we will reengage with shareholders to reach a consensus on this important issue," Chairman Mark Williamson said.

The company, whose portfolio includes the Davidoff, Gauloises, and Lambert and Butler brands, had proposed a new set of remuneration metrics which include raising the shareholding requirement for the chief executive to 400% of base salary, from 300% and introducing a post-exit shareholding requirement for the CEO of 100% of base salary for two years.

It was also seeking to increase the opportunity under the long-term incentive plan by 100% and increase the earnings per share target for maximum vesting to 9%, from 8%, among other items.

Imperial Brands said it has been engaging with shareholders for some time, and while it received considerable support, their views have changed over that period.

The annual general meeting is scheduled for Feb. 1

Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749

(END) Dow Jones Newswires

January 26, 2017 05:05 ET (10:05 GMT)

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