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Form
40-F
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List identifying information required to be furnished
by Diageo plc pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act 1934
21st September 2020
Diageo PLC – 2020 Directors’ Remuneration
Report
Dated
21st
September 2020
Diageo plc
LEI: 213800ZVIELEA55JMJ32
2020 Directors' Remuneration Report
Further to the publication of the Annual Report for the year ended
30 June 2020 for Diageo plc ("the Company") on 7 August 2020, it
has come to the Company's attention that there is a transposition
error in the details of the long-term incentive performance
measures on page 104 of the Annual Report on Remuneration.
This is not part of one of the auditable sections of the Annual
Report.
The section of the Annual Report on Remuneration entitled 'Looking
ahead to 2021' contains a description of the long-term incentive
awards to be granted to the Executive Committee on 3 September 2020
and the associated performance measures and weightings. As
explained in the Annual Report, the award will include a measure
based on cumulative free cash flow and a measure based on growth in
adjusted earnings per share. This is correct, but the element
of the award to which each of these measures are to be allocated
was transposed. The intended position is that the cumulative
free cash flow measure is to apply to the 'share options' element
(rather than the 'performance shares elements' as stated in the
Annual Report) and the growth in adjusted earnings per share
measure is to apply to the 'performance shares' element (rather
than the 'share options' element). The original and corrected
tables are shown below:
ORIGINAL TABLE: Long term incentive awards to be made in the year
ending 30 June 2021
Performance
shares
Share
options
Organic
net sales growth
Cumulative
free cash flow
ESG
measure
Growth
in adjusted earnings per share
Relative
total shareholder return
Weighting
(% of
total)
40%
40%
20%
50%
50%
CORRECTED TABLE: Long term incentive awards to be made in the year
ending 30 June 2021
Performance
shares
Share
options
Organic
net sales growth
Growth
in adjusted earnings per share
ESG
measure
Cumulative
free cash flow
Relative
total shareholder return
Weighting
(% of
total)
40%
40%
20%
50%
50%
We apologise for this transposition error.
Shareholders are reminded that the deadline for submitting votes by
proxy on resolutions at the 2020 Annual General Meeting is 2:30pm
on Thursday 24 September 2020.
James Edmunds
Deputy Company Secretary
21 September 2020
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.