Ferguson PLC announces 2020 AG
WOKINGHAM, UNITED KINGDOM / ACCESSWIRE / June 1, 2021 / At Ferguson plc’s annual general meeting (“AGM”) held on December 3, 2020, the compensation report was supported by a substantial majority of shareholders, but received slightly less than 80% support. In accordance with the UK Corporate Governance Code 2018 (“Code”), this statement provides an update on views received from shareholders and actions taken.
In consultation with shareholders and proxy advisory bodies, the main reason identified for voting against the resolution was that there was insufficient information on the determination of bonuses for executive directors. In addition, the Compensation Committee also received comments that a small number of shareholders would vote against the resolution due to the lack of post-employment share ownership requirement, the structure of our deferral agreements. bonuses and measures including the long-term incentive plan. time card (“LTIP”).
After considering all of the above, the Compensation Committee agreed:
- Provide more transparency and clarity to all shareholders in the 2021 annual report and accounts regarding its decision-making processes regarding key compensation outcomes, in line with its commitment to align with best governance practices.
- Increase the shareholding requirement of our CEO to five times the salary as of October 1, 2021.
- Introduce a post-employment share ownership requirement from 1 October 2021, to align with standard practice of the FTSE 100 and the expectations of UK investors. Details will be detailed in this year’s directors’ remuneration report in the 2021 annual report and accounts.
- At the next compensation policy review in 2022, undertake a review of the measures and consider feedback received from shareholders regarding Ferguson’s current deferred bonus policy and LTIP measures.
As the Board of Directors, we remain committed to engaging with shareholders on executive compensation and continue to welcome feedback to ensure that all stakeholder views are fully understood and considered by the Steering Committee. remuneration.
For more information, please contact:
Graham Middlemiss, General Secretary of the Group
(+44 (0) 118 927 3800)
Notes to Editors:
Ferguson plc is one of the leading value-added distributors of plumbing and heating products to professional contractors operating in North America. Revenue for the fiscal year ended July 31, 2020 was $ 19.9 billion and trading profit was $ 1.6 billion. Ferguson plc is listed on the London Stock Exchange (LSE: FERG) and the New York Stock Exchange (NYSE: FERG) and the company is a member of the FTSE 100 Index of Listed Companies. For more information, please visit www.fergusonplc.com or follow us on Twitter https://twitter.com/Ferguson_plc.
SOURCE: Ferguson SA
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