13th Oct 2021 15:30
(Alliance News) - BAE Systems PLC on Wednesday said it has made progress with executive level succession planning and added that it has engaged with shareholders after a "significant minority" took issue with directors' pay.
The defence and aerospace company explained "progress has been made on" on senior executive succession plans, including with the chief executive role, currently held by Charles Woodburn. Woodburn took over as CEO in July 2017, after joining the company as chief operating officer in May 2016.
"As part of this review, the board has undertaken a rigorous analysis of key executives identified as possible 'ready now' successors for each of these positions," BAE said.
"The board has also identified high performing groups and we will continue to invest in additional education and training to strengthen the future talent pool. The focus on senior executive succession planning will continue with a further update in the company's 2021 annual report and accounts."
Back in May, over 23% of shareholders had rejected the company's directors remuneration report at its annual general meeting.
The company's chair, as well as its remuneration committee undertook "an extensive consultation with investors" ahead of the vote, BAE said. They were "appreciative of the support received".
BAE added: "The views of our shareholders are important to us, and since the AGM we have continued to engage with investors to maintain an open dialogue to ensure their views are understood."
BAE Systems shares were 0.1% higher at 592.00 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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