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Johnson Matthey board donates 20% of pay to education fund
22nd Apr 2020 07:03
(Sharecast News) - Johnson Matthey said its board would donate a fifth of their salaries to science education and that it would decline government support for furloughed staff for the first quarter of its financial year.
The FTSE 100 company said Chairman Patrick Thomas, Chief Executive Robert MacLeod, Chief Financial Officer Anna Manz and non-executive directors would direct 20% of their pay to a special fund for science education in the three months to the end of June.
Johnson Matthey said the donations were "recognition of the circumstances affecting many of JM's employees, customers, suppliers and communities". The company is supporting the fund with a £1m donation.
The chemicals and science company said it would not take government support for employees furloughed during the first quarter and would not make any workers redundant in that period because of Covid-19.
Johnson Matthey said it was managing cashflow and costs tightly while maintaining important investments for growth. It did not mention its dividend and promised more detail on its actions at annual results scheduled for 28 May.
MacLeod said: "Everything we do at JM is aligned to using our science to make a positive contribution to a cleaner, healthier world, today and for future generations. This is particularly relevant in the context of Covid-19 and I am pleased we can support our people, customers, suppliers, shareholders and communities at the heart of our organisation."
Johnson Matthey said it had maintained payment terms to support suppliers and promised to support struggling small suppliers with early payments during the first quarter.
Companies are under scrutiny for the way they respond to the Covid-19 crisis, including treatment of workers and suppliers and the support they accept from taxpayers. Johnson Matthey joins a number of other boards in taking pay cuts or donating some of their pay to good causes to acknowledge the impact of the crisis on wider society.
Johnson Matthey warned at the end of March that its annual results would fall short of expectations after the coronavirus pandemic reduced demand for its products and delayed shipments.
The FTSE 100 company said Chairman Patrick Thomas, Chief Executive Robert MacLeod, Chief Financial Officer Anna Manz and non-executive directors would direct 20% of their pay to a special fund for science education in the three months to the end of June.
Johnson Matthey said the donations were "recognition of the circumstances affecting many of JM's employees, customers, suppliers and communities". The company is supporting the fund with a £1m donation.
The chemicals and science company said it would not take government support for employees furloughed during the first quarter and would not make any workers redundant in that period because of Covid-19.
Johnson Matthey said it was managing cashflow and costs tightly while maintaining important investments for growth. It did not mention its dividend and promised more detail on its actions at annual results scheduled for 28 May.
MacLeod said: "Everything we do at JM is aligned to using our science to make a positive contribution to a cleaner, healthier world, today and for future generations. This is particularly relevant in the context of Covid-19 and I am pleased we can support our people, customers, suppliers, shareholders and communities at the heart of our organisation."
Johnson Matthey said it had maintained payment terms to support suppliers and promised to support struggling small suppliers with early payments during the first quarter.
Companies are under scrutiny for the way they respond to the Covid-19 crisis, including treatment of workers and suppliers and the support they accept from taxpayers. Johnson Matthey joins a number of other boards in taking pay cuts or donating some of their pay to good causes to acknowledge the impact of the crisis on wider society.
Johnson Matthey warned at the end of March that its annual results would fall short of expectations after the coronavirus pandemic reduced demand for its products and delayed shipments.