26th Jan 2017 09:35
LONDON (Alliance News) - Imperial Brands PLC on Thursday said it is withdrawing its proposal for a new directors' remuneration policy, after discussions with shareholders.
The tobacco company had intended to propose a resolution at its annual general meeting next Wednesday to adopt a new directors' remuneration policy which amends the existing policy.
However, following consultations with shareholders, Imperial Brands said it no longer intends to seek shareholder approval and that the policy as approved by shareholders at the AGM in 2015 will continue to apply.
"We have been actively engaging with shareholders for some time and while we received considerable support, it is clear that views have changed over that time and that the right course of action now is for the board to withdraw the resolution," Chairman Mark Williamson said in a statement.
"The board continues to believe that revising the policy is necessary for retaining and attracting the right calibre of talent to ensure the continued sustainable growth of the business and we will re-engage with shareholders to reach a consensus on this important issue," he added.
Shares in Imperial were trading up 0.3% at 3,669.00 pence on Thursday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
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