15th May 2015 15:41
LONDON (Alliance News) - A majority of shareholders of Intertek Group PLC voted to not approve its remuneration report at the FTSE 100 testing, certification and inspection services company's annual general meeting on Friday.
Of the votes cast, 51.68% voted not to approve the remuneration report.
The board said in response that the remuneration committee has engaged with major shareholders and has taken into account their feedback.
"We value and respect the views of our shareholders and, as a result, the board, in consultation with the incoming chief executive officer, has determined that his 2015 bonus will now be subject to the usual performance criteria and a compensatory award in this regard will no longer be made," Intertek said in a statement.
André Lacroix, former chief executive of Inchcape PLC, joins Intertek as chief executive officer on Saturday, succeeding Wolfhart Hauser.
Shares in Intertek closed down 0.4% at 2,695.00 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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