19th Sep 2018 09:30
LONDON (Alliance News) - Vehicle rental provider Northgate PLC said Wednesday a majority of its shareholders rejected the company's remuneration report.
At the company's annual general meeting held on Tuesday, 58% of voting shareholders weighed in against the report. All other resolutions were passed.
"We are very disappointed that the advisory vote on the remuneration report was not carried. As part of our commitment to high corporate governance standards, we have worked hard to take a highly responsible approach to executive pay and have enjoyed strong support from our shareholders on remuneration matters prior to this vote," Northgate said.
The company said that following the vote - which advisory and not binding - the remuneration committee will engage "further" with the shareholders in relation to the changes made to its incentive plan and the performance metrics for future long-term incentive awards.
Northgate shares were trading down 0.9% at 413.20 pence each.
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