25th Aug 2020 14:43
(Alliance News) - London-based catering company SSP Group PLC on Tuesday said it has made numerous improvements to its executive remuneration framework following shareholder concerns.
These changes include the introduction of the mandatory deferral of at least 33% of any bonus; increasing the minimum shareholding requirements to 250% of salary and 200% of salary for the chief executive officer and chief financial officer respectively; improved disclosure of our annual bonus targets; and the introduction of a post-employment shareholding requirement.
The company's remuneration committee recognised shareholders' concerns over the legacy leaving arrangements for Kate Swann, former CEO, and the increased salary and performance share plan opportunity for Jonathan Davies, current CFO, following the material increase to his remit and responsibilities in early 2019.
SSP group additionally said it has been "significantly" impacted by Covid-19 and ensures it has done all it can to preserve cash and protect profit, including significant salary reductions across all senior management, group executive and group board.
The company will be continuing its in engagement with its shareholders over its approach to executive pay.
SSP Group shares were down 2.5% at 230.20 pence each on Tuesday afternoon in London.
By Greg Roxburgh; [email protected]
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