Renishaw PLC Directors' Remuneration Policy -- Clarification (9344Z)
24 September 2020 - 4:00PM
UK Regulatory
TIDMRSW
RNS Number : 9344Z
Renishaw PLC
24 September 2020
Renishaw plc (the "Company")
Clarification in respect of the proposed 2020 Directors'
Remuneration Policy (the "Policy")
In advance of its 2020 Annual General Meeting (2020 AGM), the
Company wishes to clarify for shareholders certain aspects of the
Policy, as set out in the Annual Report 2020, which will be subject
to a binding shareholder vote at the 2020 AGM to be held on
Wednesday 30 September 2020.
The Company has engaged with a number of its key shareholders
and proxy voting agencies after being made aware of concerns about
elements of the Policy, specifically the shareholding requirement
for non-CEO executive directors (EDs), at 50% of salary, falling
significantly below market practice and the Policy providing for
discretion to award long-term incentives on the appointment of new
EDs with no specified cap.
On the minimum in-post shareholding requirement, the
Remuneration Committee has agreed that, should future EDs be
appointed to the Board, their shareholding requirement would be
aligned with that of the Chief Executive at 200% of salary. The
Company is therefore prepared to commit that, in line with the
Chief Executive shareholding, future ED appointments will be
required to hold 200% of salary.
On the long-term incentive point, the Policy provides that the
aggregate of all incentive opportunities (as a percentage of
salary) will not exceed market median, and for an individual ED,
total remuneration will not exceed upper quartile. Given this is
our policy, and to reassure shareholders on what the maximum award
opportunity could be under any long-term incentive for a new ED
appointment, for the period of the current policy (3 years), we
will commit to the maximum that could be awarded as an LTIP being
200% of salary.
The Annual Report 2020 and the Notice of Annual General Meeting
2020 are available on the Company's website at
www.renishaw.com/investor .
For further information, please contact:
Jacqueline Conway
General Counsel & Company Secretary
24 September 2020
Renishaw plc
Registered office: New Mills, Wotton-under-Edge, Gloucestershire,
GL12 8JR
Registered number: 01106260, England and Wales
LEI number: 21380048ADXM6Z67CT18
Telephone: +44 (0)1453 524524
Website: www.renishaw.com
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