18th Mar 2021 14:41
(Alliance News) - Pearson PLC on Thursday said it held talks with its shareholders during its annual general meeting in September 2020 to permit the grant of a co-investment share award to its chief executive.
The London-based educational publisher said shareholders expressed strong support for the co-investment share award for CEO Andy Bird, who joined back in August 2020, with a majority of 67% voting in favour of the proposal.
Pearson said it developed a one-off co-investment arrangement in order to enable the co-investment share award for Bird. This was to bridge the gap to compensation practice in the US, where the pay rates are "substantially" higher than in the UK, it said, enabled by Bird's decision to invest "personally and substantially" in the company's shares.
"The conversations that we have had over the past six months have been invaluable and the support of our shareholders has enabled the company to appoint a new chief executive who we believe will unlock new growth potential for Pearson and ultimately return value to all our stakeholders. The committee will continue to engage with investors as appropriate in the future," said Pearson.
Shares in Pearson were up 0.2% at 799.60 pence in London on Thursday.
By Zoe Wickens; [email protected]
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