Galliford Try Holdings PLC Update Statement on 2020 AGM results (6937N)
02 February 2021 - 11:00PM
UK Regulatory
TIDMGFRD
RNS Number : 6937N
Galliford Try Holdings PLC
02 February 2021
Galliford Try Holdings plc
("Galliford Try")
Update Statement on 2020 AGM results
Galliford Try issues this further statement in relation to the
2020 AGM vote on the Directors' Remuneration Report (Resolution
2).
At Galliford Try's AGM held on 13 November 2020, the advisory
vote on the Directors' Remuneration Report (Resolution 2) was
passed by shareholders with 64.43% voting in favour. In
consultation with major shareholders and proxy advisors, the Board
understands that shareholders' concern was the Finance Director's
2019/20 annual bonus where 50% was based on the successful
completion of the disposal of the Group's housebuilding divisions
in January 2020.
Whilst appreciating the view of many shareholders that
'transaction-focused' measures should not be regularly included in
Executive Director incentives, the Remuneration Committee's
decision to base half of the Finance Director's 2019/2020 annual
bonus on the successful completion of the disposal reflected that
this transformational corporate transaction represented a
significant focus of the Finance Director's duties and
responsibilities in the 2019/20 financial year. In making the award
in respect of the disposal, the Remuneration Committee carefully
considered the one-off nature of the transaction in the context of
the Finance Director's wider contribution and the underlying
performance of the Group. This decision was permitted under the
remit of the Remuneration Committee and the Company's Remuneration
Policy.
The Board will continue to engage with shareholders to ensure
their views are fully understood and considered and can be taken
into account by the Committee in the future.
For further enquiries:
Galliford Try Holdings Kevin Corbett, General Counsel
plc & Company Secretary 01895 855001
Note to Editors
Galliford Try is a trading name of Galliford Try Holdings plc, a
leading UK construction group listed on the London Stock Exchange.
Operating as Galliford Try and Morrison Construction, the group
carries out building and infrastructure projects with clients in
the public, private and regulated sectors across the UK.
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