Business
AGM Voting Update
AGM Voting Update.
About this update from Morgan Sindall Group Plc
[{"type":"text","content":"\n\nMorgan Sindall Group plc\nLegal Entity Identifier (LEI) number: 2138008339ULDGZRB345\n \n \n4 September 2023\n \nMorgan Sindall Group plc (\"the Company\")\n \nUpdate on response to 2023 AGM voting outcome\n \nAt our Annual General Meeting ('AGM') held on 4 May 2023, resolution 3 (Approval of the Directors' Remuneration Policy) was supported by a large majority of shareholders but received less than 80% support overall.\n \nIn advance of the 2023 AGM, the Remuneration Committee (the 'Committee') undertook a detailed engagement with the Company's largest shareholders in relation to the remuneration proposals, and had amended the final Remuneration Policy design in response to feedback received. Following the 2023 AGM, the Committee reached out to the Company's largest shareholders to continue the dialogue and listen to their views - and in particular to understand why those who either abstained or voted against the Directors' Remuneration Policy ('the 'Policy') had done so.\n \nThe Committee received responses from eight investors, the majority of whom reconfirmed support for the Policy and the management team. \n \nOne shareholder raised the annual bonus deferral requirement and 2nd-year phasing down of the post-employment shareholding requirement as their reason for not supporting the resolution. In both cases the Committee is comfortable that its current approach supports appropriate alignment of executive and shareholder interests. In respect of the annual bonus deferral requirement, the Committee also considers this requirement appropriate given the current shareholdings of incumbent Executive Directors. However, the Committee will reconsider both of these Policy design features as part of the next Policy review.\n \nThe Committee also received feedback from two shareholders that their voting had reflected the 'against' recommendation from one of the major proxy voting agencies, which itself was primarily a result of the simultaneous increases to the Policy headroom available under the annual bonus and LTIP schemes. On this matter, the Committee maintains its view that the Policy should be sufficiently flexible to last for a full triennial review period rather than needing to revert to shareholders to seek incremental ch...