7th Nov 2019 15:12
(Alliance News) - ConvaTec Group PLC said Thursday it will continue to evaluate its remuneration policy following a series of discussions with shareholders.
In May, 38% of votes at its annual general meeting were against the approval of the directors' remuneration report.
"Naturally, the board was disappointed with the overall outcome of 61.55% votes in favour of the 2018 directors' remuneration report. The company had engaged in a dialogue with a number of shareholders and voting advisory agencies to discuss their questions and concerns in advance of the vote at the AGM," ConvaTec said.
The company said it consulted with shareholders, saying it welcomed the feedback.
As a result, the company will put a new Remuneration Policy to shareholders at the its 2020 AGM.
ConvaTec added: "The remuneration committee continues to evaluate the most appropriate structure for executive director remuneration with regards to; long-term incentive measures, value of awards made, annual bonus measures and salary levels, to ensure that executive director remuneration continues to be aligned with shareholder interests.
"The remuneration committee will be consulting further with shareholders and voting advisory agencies on the policy in the coming weeks to gain feedback and comments on its proposals. A final draft of the policy will be included in the next annual report."
Shares in ConvaTec were down 0.8% in London on Thursday at 196.20 pence each.
By Paul McGowan; [email protected]
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