Burberry confirms changes to remuneration committee

British Luxury brand Burberry has today announced that Orna NiChionna will step down from her role as Chair of the Remuneration Committee, effective from 1 September 2022.

NiChionna will however remain on the Board as Senior Independent Director and as a member of the Remuneration and Nomination Committees.

Danuta Gray will succeed her as Chair of the Remuneration Committee with effect from the same day, 1 September. Gray has been a member of the Remuneration Committee since her appointment to the Board on 1 December 2021.

She has previously served on a number of remuneration committees including as Chair of the Remuneration Committee at Direct Line Insurance Group, Old Mutual and Page Group.

The Remuneration Committee is formed of non-executive directors and is charged with deciding on the pay and incentive schemes for executive directors at a company.

Earlier this month, Burberry confirmed the appointment of Caroline Laurie as its new Vice-President for Corporate Responsibility. Laurie will be responsible for integrating the British House's sustainability incentives, targets and KPIs.

Despite recently reporting a jump in annual earnings as sales rebounded, Burberry has warned that its outlook for the year ahead depends on COVID-19 lockdowns and a recovery in spending across China.

The luxury fashion firm reported underlying operating profits of £523 million for the year to 2 April, up from £396 million the previous year as like-for-like sales jumped 18%. On a reported basis, pre-tax profits lifted 4% to £511 million.