St. James's Place PLC 2023 AGM General Meeting Voting Results Update (4506T)
2023年11月15日 - 4:00PM
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RNS Number : 4506T
St. James's Place PLC
15 November 2023
St. James's Place plc ('the Company')
2023 Annual General Meeting Voting Results - Update
Statement
At the Company's Annual General Meeting ("AGM") held on 18 May
2023, 77.85% votes were cast in favour of Resolution 4, the
advisory vote to approve the Directors' Remuneration Report for the
year ended 31 December 2022 ("Resolution 4"). In accordance with
provision 4 of the UK Corporate Governance Code this statement
provides an update on the views received from shareholders and
actions taken following a vote of 20% or more against an AGM
resolution.
The Remuneration Committee ("Committee") engaged with
shareholders, both in preparation for, and shortly after the AGM
and was pleased to note that most shareholders supported Resolution
4 which was evident from the voting outcome. Specific feedback has
also been sought from the minority of shareholders who voted
against Resolution 4.
The small amount of feedback received related to the vesting
outcome on the 2020 Performance Share Plan ("PSP") grant. This
minority of shareholders said that they felt that the Committee
should have applied a discretionary downward adjustment to the
performance-based vesting outcome to take account of the fall in
share price at the time of grant in 2020 and the effect of this on
the number of shares granted. Also, they felt that the explanation
provided in the Remuneration Report could have been enhanced to
assist shareholders' assessment of the vesting outcome decided by
the Committee.
The Committee had provided an explanation in the Remuneration
Report of the reasons for not applying a downward adjustment,
including that the Committee had already exercised discretion to
award zero annual bonuses for 2020 and to hold the 2020 PSP grants
at the same percentage of salary as in 2019 rather than the higher
level approved in the 2020 Policy vote. Applying a reduction to the
vesting outcome in addition to the restraint already referred to
above, risked damaging the credibility of the PSP also bearing in
mind that no reciprocal upward adjustment could have been made in a
previous year when the share price had 'spiked' at the time of
grant resulting in a reduced number of shares being awarded.
The Committee is grateful for the feedback received from those
shareholders who responded. The Committee's view is that it acted
in the best interests of the Company and its stakeholders in not
applying a downward adjustment to the performance-based vesting
outcome. However, the Committee will keep in mind the views
expressed by shareholders on this issue and will consider prior to
grant whether any adjustment to the grant size of awards should be
made and will aim to improve its communication in this regard.
The Board will continue to engage with shareholders and their
representative bodies in line with our normal practice and will
reflect their feedback, as appropriate in the 2023 Directors'
Remuneration Report.
END
For further information, please contact:
Hugh Taylor, Director - Investor Tel: 07818 075143
Relations
Jamie Dunkley, External Communications Tel: 07779 999651
Director
Brunswick Group Tel: 020 7404 5959
Eilis Murphy Email: sjp@brunswickgroup.com
Charles Pretzlik
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END
AGMFFEFWLEDSEEF
(END) Dow Jones Newswires
November 15, 2023 02:00 ET (07:00 GMT)
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