2nd May 2019 15:03
LONDON (Alliance News) - John Wood Group PLC on Thursday reduced the long-term incentive plan awards for Chief Executive Robin Watson and Finance Head David Kemp, following pressure from shareholders.
The stock was trading 1.8% lower on Thursday at 460.50 pence a share.
The mid-cap energy services company in April had awarded 329,513 shares to Watson and 166,953 shares to Kemp for the period from 2019 to 2021.
Watson's award, worth more than GBP1.5 million, was three times more than his annual base salary, while Kemp's GBP776,000 award value was double his salary.
Therefore, after "additional shareholder engagement", John Wood Group reissued the awards at the previous year's levels, with 263,611 shares issued to Watson and 146,084 shares awarded to Kemp. This has still resulted in awards worth about GBP1.2 million and GBP679,000, respectively.
"We stand by our principles to ensure we incentivise and motivate them [senior management] in the long-term to deliver the business strategy," the company said in the statement Thursday.
"We look forward to engaging with shareholders on alternative incentive vehicles as part of the remuneration policy review for 2020," added John Wood Group.
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