6th Sep 2019 15:26
(Alliance News) - FTSE 100-listed housebuilder Berkeley Group Holdings PLC on Friday said that over 40% of shareholders opposed motions to reappoint a non-executive and change its remuneration and long-term incentive plan policies.
Berkeley said 54% of shareholders approved of Adrian Li's reappointment, though 46% rejected the motion.
Berkeley said: "The company is pleased with the support for the re-election of Li. Li's banking experience and expertise and, in particular, his closeness and insight into the Far Eastern market, which is an important market for the company, would be extremely difficult to replace."
"The board will again consult with shareholders on this matter to try and resolve this difference of opinion, in the best interests of the company."
The firm said 43% of shareholders rejected the directors' remuneration policy and 42% rejected a motion in relation to its long-term incentive share plan.
Berkeley added that it "recognises concerns raised by proxy voting advisers around certain aspects of the long-term incentive plan, which were shared by a number of shareholders.
"These included the removal of short-term targets, the extension of the long-term incentive plan period to 2025, their assessment of the extent of challenge in the performance condition, the bespoke nature of the long-term incentive plan and that the quantum has not been reduced."
The company said it will consult with shareholders and its proxy advisors to find "mutually acceptable ways forward, ensuring the company's strategy and remuneration policy are fully aligned to deliver long-term value to shareholders".
All resolutions proposed at the general meeting were passed.
Shares in Berkeley Group were 2.4% higher at 3,967.00 pence each in London on Friday afternoon.
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Berkeley Group