13th Nov 2019 17:35
(Alliance News) - Foxtons Group PLC said on Wednesday it has conducted a detailed review of its current remuneration policy, after concerns were raised by the shareholders regarding the financial year 2018 bonus outcomes.
The estate agency said a new policy will be submitted for shareholder's approval at the 2020 annual general meeting.
As part of the review, the company considered the changes in the UK Corporate Governance Code along with shareholder and UK remuneration governance guidelines.
In addition, the company looked at particular concerns raised by shareholders such as the payment of bonus on personal and strategic objectives despite not achieving the financial targets and the weighting of the bonus to personal and strategic objectives.
Foxtons Group also said it has appointed BDO LLP as its new auditor for 2020. BDO LLP has replaced Deloitte LLP, which was Foxton's auditor since 2009.
Foxtons shares closed 0.9% higher in London at 67.50 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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