BT Group PLC Update on response to 2018 AGM voting outcome (8154K)
18 December 2018 - 9:00PM
UK Regulatory
TIDMBT.A
RNS Number : 8154K
BT Group PLC
18 December 2018
18 December 2018
Update on response to 2018 AGM voting outcome
In response to the voting outcome on Resolution 2 at the BT
Group plc Annual General Meeting on 11 July 2018, this provides the
following update to the statement made after the vote.
The Board was naturally disappointed with the overall voting
outcome of 65.84% in favour of the 2018 Annual Remuneration Report.
Following the vote, the Remuneration Committee Chairman invited a
broad selection of shareholders and proxy advisory bodies to meet
with him to understand their views on executive pay at BT and why
some shareholders had felt unable to support the Remuneration
Report.
These discussions highlighted that the primary concern of those
shareholders voting against the resolution centred on the level of
annual bonus paid to the Chief Executive. Despite the Remuneration
Committee's use of discretion to reduce the formulaic out-turn of
the bonus for the financial year ending 31 March 2018, some
shareholders felt that the amount paid did not appropriately
reflect the underlying performance of the company or take adequate
account of the value created for shareholders. Concerns were also
expressed about the timing of the decision to pay this level of
bonus given the announcement on 8 June 2018 that Gavin Patterson
was stepping down as Chief Executive. On all other matters, the
Remuneration Committee was pleased to hear that shareholders were
supportive of BT's remuneration policy.
We would like to thank shareholders for taking the time to
engage with us and we have noted the feedback. While discretion is
ultimately subjective, the Remuneration Committee will take steps
to implement a more structured process to help it step through the
application of its discretion in the future. This will include
taking into consideration a broader range of performance factors
and wider circumstances when coming to a decision on pay
outcomes.
The Board remains committed to active shareholder engagement,
the outcome of which will be reported in full to investors in our
Annual Report & Form 20-F 2019. The Remuneration Report will be
put to an advisory shareholder vote at the 2019 AGM in the usual
manner.
- ENDS -
Enquiries
Press office:
Tom Engel Tel: 020 7356 5369
Investor relations:
Mark Lidiard Tel: 020 7356 4909
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END
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