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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aggreko Plc | LSE:AGK | London | Ordinary Share | GB00BK1PTB77 | ORD 4 329/395P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 869.50 | 869.00 | 869.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAGK
RNS Number : 5697D
Aggreko PLC
27 April 2017
Aggreko plc Directors' Remuneration Policy and Restricted Share Plan
The notice of Annual General Meeting of Aggreko plc held today included, as Resolution 3, a proposal to approve a new Directors' Remuneration Policy and as Resolution 18, a proposal to approve a new Restricted Share Plan ("RSP").
Whilst a substantial majority of Shareholders (through proxies and corporate representatives) were in favour of the Directors' Remuneration Policy, the majority in favour of the RSP was much lower. The RSP is an integral part of the Policy with proposed awards under this plan reflecting a reduction in the amount of annual bonus and awards under the Long Term Incentive Plan and an increase in personal shareholding requirement.
In view of the level of support for the new Restricted Share Plan, the Board of Aggreko decided to withdraw both Resolutions. The existing Remuneration Policy, which was approved by shareholders in 2015 will therefore remain in place.
During 2016, Aggreko's Remuneration Committee undertook a comprehensive review of the Group's Remuneration Policy. Given the significant changes within the Business, the wider environment in which it operates and the ongoing transformation programme, the Committee was keen to ensure that Aggreko's Remuneration Policy more fairly aligns shareholder, company and management interests.
In formulating the proposed new policy, the Committee noted the outcome of the recent Investment Association Remuneration Working Group and subsequent changes to the Investment Association guidelines - in particular the call for flexibility in determining a policy tailored to individual company circumstances and the potential for using restricted share awards. The Committee consulted with the majority of its largest shareholders, representing over 50% of issued share capital. The new Remuneration Policy, including the RSP, took into account the feedback from these consultations.
The results of the voting at the Annual General Meeting will be announced later today.
Chairman, Ken Hanna said: "Whilst both resolutions would have gained majority support, the level received for the RSP element is not one that we are comfortable proceeding with. This is disappointing as we believe our proposal aligned shareholder, company and management interests.
We will now reengage with shareholders with the intention of introducing a revised policy for approval at our AGM in 2018."
Enquiries
Media John Sunnucks / Liz Morley, +44 20 3772 Bell Pottinger 2500
This information is provided by RNS
The company news service from the London Stock Exchange
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April 27, 2017 07:39 ET (11:39 GMT)
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