Whitbread PLC GM Statement (0975W)
07 December 2019 - 4:07AM
UK Regulatory
TIDMWTB
RNS Number : 0975W
Whitbread PLC
06 December 2019
Whitbread PLC
Results of General Meeting
6 December 2019
Whitbread PLC (the "Company" or "Whitbread") is pleased to
announce that at the General Meeting of the Company, held on 6
December 2019, ordinary resolutions to approve the revised
Directors' Remuneration Policy and the draft rules of the
Restricted Share Plan (the "RSP") were decided on a poll and passed
by shareholders.
Details of the resolutions were set out in Whitbread's circular
to shareholders dated 13 November 2019 (the "Circular").
Whilst the Board is pleased that the remuneration policy has
been supported by the majority of shareholders, it is acknowledged
that a number of shareholders voted against the proposal. The Board
recognises that arriving at a position on remuneration that can
meet the approval of all shareholders is very hard to do. It has
therefore undertaken an extensive consultation with a significant
proportion of shareholders. The Board believes that this proposal
is the best structure to provide strong alignment with
shareholders' interests and the delivery of the Company's ambitious
long-term plan to create value by investing in the UK and expanding
internationally. The Board appreciates that restricted stock plans
are, as yet, relatively uncommon and practice is evolving. However,
as a result of the introduction of this new policy, including a
reduction in pension contributions, there will be a substantial
reduction in the pay opportunity for the senior executive team. In
the circumstances, the Board believes that a vote of 70% in favour
is an acceptable outcome and is committed to continuing its
constructive discussions and engagement with all of Whitbread's
shareholders.
At the voting record time, the Company had 146,820,280 ordinary
shares in issue, of which 13,119,718 ordinary shares were held in
treasury. Therefore, the total number of voting rights in the
Company was 133,700,562.
The number of votes for and against each resolution, and the
number of votes withheld are as follows:
VOTES VOTES VOTES % of VOTES
Resolution FOR % AGAINST % TOTAL ISC VOTED WITHHELD*
----------- ----------- ----------- -----------
1.To approve
the revised
Directors'
Remuneration
Policy 64,495,817 70.46% 27,038,317 29.54% 91,534,134 68.46% 178,635
----------- ------- ----------- ------- ----------- ----------- -----------
2.To approve
the adoption
of the
Whitbread
Restricted
Share Plan 63,908,522 69.82% 27,622,131 30.18% 91,530,653 68.46% 182,116
----------- ------- ----------- ------- ----------- ----------- -----------
*Votes withheld are not votes in law and are not counted in the
calculation of the proportion of votes "For" and "Against" the
resolution.
A copy of the resolutions passed will be submitted to the
National Storage Mechanism (the "NSM") and will be available for
inspection on the NSM's website at www.morningstar.co.uk/uk/nsm.
The result will also be made available for viewing on Whitbread's
website at www.whitbread.co.uk.
For more information please contact:
Matt Johnson, Whitbread PLC | matt.johnson@whitbread.com | +44
(0) 7848 146 761
Ann Hyams, Whitbread PLC | ann.hyams@whitbread.com |+44 (0) 7796
709 087
Media queries:
Andrew Grant / David Allchurch / Jessica Reid, Tulchan
Communications | +44 (0) 20 7353 4200
For photographs and video please visit Whitbread's media library
at www.whitbread.co.uk/media
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
GMSEQLFBKLFBFBE
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December 06, 2019 12:07 ET (17:07 GMT)
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