12th Dec 2019 16:50
(Alliance News) - Volution Group PLC on Thursday said a significant number of minority investors voted against the director's remuneration report, although all resolutions were approved at the company's annual general meeting.
The ventilation products supplier said 23.70% investors voted against its remuneration report, while all other resolutions proposed saw over 90% approval from shareholders.
Prior to the company's annual meeting, proxy advisory firm ISS recommended that shareholders vote against the remuneration report as the notice period given to the former chief financial officer Ian Dew was not in-line with the company's policy guidelines.
"The notice period was in-line with his contract and Volution did explain the rationale behind the decision to ISS, a decision which the board believed was taken in the best interests of shareholders and stakeholders as a whole. However, the explanation did not result in a change to the recommendation made by ISS," Volution said in response.
The company added that a majority of investors were supportive of the remuneration report and the company will continue to engage with shareholders to "fully understand their perspectives to help shape the new Remuneration Policy which will be submitted for approval to shareholders at the AGM 2020."
Volution shares ended 2.2% lower at 200.45 pence each in London on Thursday.
By Tapan Panchal; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
Volution Group PLS