Fenner PLC Result of AGM (6643U)
2017年1月20日 - 4:00PM
RNSを含む英国規制内ニュース (英語)
TIDMFENR
RNS Number : 6643U
Fenner PLC
20 January 2017
Fenner PLC
Results of Annual General Meeting held on 11 January 2017
At the Company's Annual General Meeting all resolutions were
duly passed without amendment by the required majority on a show of
hands, the full proxy votes were published on the Company website
on the morning of the AGM.
Copies of the special business resolutions passed at the meeting
were submitted to the National Storage Mechanism and are available
for inspection at: www.hemscott.com/nsm.do.
The Board notes that Resolution 2 to approve the Annual
Remuneration Report received 26% of votes cast against it
(35,678,469 votes). In addition, the holders of 11,122,067 shares
withheld their votes. The key issues that have been brought to the
Board's attention are the use of EPS as a performance condition in
both the annual and long term incentive plans; the degree of
stretch in the annual bonus and PSP performance conditions and that
our clawback and malus provisions do not currently extend to the
annual incentive programme.
The Chairman of the Remuneration Committee together with the
Chairman of the Board and the Senior Independent Director undertook
an extensive engagement programme with shareholders ahead of the
Annual General Meeting. They also contacted the major shareholders
over Christmas and into the New Year to discuss inter-alia, the
Annual Remuneration Report and remuneration practices in general in
the Company. Communication was also had with the Investment
Association and Institutional Shareholder Services, organisations
which analyse Company annual reports and make voting
recommendations and seek views from their members. The Board
believes there were some key omissions in the Institutional
Shareholder Services reports which may have given some shareholders
the impression that the performance conditions were less demanding
than they actually were notwithstanding the fact that bonuses were
not paid again in the year because the targets were not met.
The Remuneration Committee will be undertaking a thorough review
of remuneration arrangements during 2017 to revisit how best to
align executive reward with shareholder interests. The Remuneration
Committee will consult with major shareholders in advance of
finalising the Remuneration Policy and is committed to open and
constructive dialogue with shareholders and shareholder bodies and
will continue to seek their views and input on any material changes
to the way we operate our policy.
Debra Bradbury
Group Company Secretary
ENDS
For further information please contact:
Fenner PLC
Geraint Anderson
- Chairman of Remuneration
Committee 01482 626500
Notes to editors:
Fenner PLC is a world leader in reinforced polymer technology,
providing local engineered solutions for performance--critical
applications.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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