4th Dec 2019 16:48
(Alliance News) - Gocompare insurance comparison website operator Goco Group PLC said it will be seeking approval of a new remuneration policy in 2020 after a quarter of shareholders rejected the company's remuneration report in May's annual general meeting.
Following May's meeting, Goco said its remuneration committee has reviewed the policy, which received the backing of 75% of shareholders at the vote.
Goco said: "Some investors noted their concern for the use of discretion for the one-off legacy award, as this was contrary to their policy on remuneration practices, a number of shareholders recognised that the one-off legacy awards were granted under exceptional circumstances and understood our rationale for discretion and were therefore able to support the resolution.
"There are currently no other one-off legacy awards in-flight and there is no intention to grant further one-off awards to executive directors."
Goco added that it is consulting with major shareholders and proxy advisors to receive their input when framing the new remuneration policy which it will present in the 2020 annual general meeting.
Goco added: "The review has taken into account recent market trends and development in best practice and we will be seeking approval for a new directors' remuneration policy at our AGM in 2020.
"The group is committed to maintaining ongoing dialogue with our shareholders and, as part of the development of the new policy, we will reflect on feedback received from shareholders as we develop our remuneration arrangements going forward."
Goco shares closed 0.8% lower at 103.00 pence each in London on Wednesday.
By Eric Cunha; [email protected]
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