24th Sep 2020 10:34
(Alliance News) - Renishaw PLC on Thursday said it has agreed to tweak elements of its remuneration policy following concerns from key investors and proxy firms.
The FTSE 250-listed company said investors have voiced concerns specifically regarding the shareholding requirement for executive directors at 50% of their salary, significantly below market practice, and the long-term incentives policy for new executive directors with no specified cap.
Renishaw said it has agreed that new executive directors will be required to hold 200% shares of their salary, in line with the chief executive shareholding.
On the incentive concern, the company has assured shareholders that any long-term incentive for a new director will not be above 200% of their salary.
The company's current long-term incentive policy provides that the aggregate of all incentive opportunities, as a percentage of salary, will not exceed market median, and for an individual executive director, total remuneration will not exceed upper quartile.
Shares in the British engineering company were up 3.90% at 5,085.00 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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