17th Apr 2019 16:57
LONDON (Alliance News) - Drax Group PLC said a significant amount of shareholders voted against political donations and executive pay at its annual general meeting held on Wednesday.
The FTSE 250-listed energy company said 42% of votes cast by its shareholders were against the authority to make political donations to any EU party.
Drax said it engaged with shareholders on this issue and has reviewed the feedback, with the comments provided giving a clearer understanding of shareholder views.
The company intends to further engage with its shareholders to explain why the board considers this resolution to be in the best interests of the company.
In addition, 19% of votes were cast against its remuneration report, with 4.8% of votes withheld.
According to Financial Times newspaper, Will Gardiner, who took over as chief executive in January last year from the long-standing Dorothy Thompson, received a pay packet worth GBP1.9 million for 2018.
This was up from GBP790,000 the previous year, when he had been chief financial officer and it was also the second biggest package awarded by the company to a chief executive in the last ten years. In 2017, Thompson's remuneration was worth GBP1.2 million.
Drax shares ended 0.7% lower on Wednesday at 367.60 pence each.
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