Business
AGM Vote on Directors' Remuneration
AGM Vote on Directors' Remuneration.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4084K Nostrum Oil & Gas PLC 28 August 2019 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \nLondon, 28 August 2019\n \nFurther statement in relation to AGM vote on Directors'\nRemuneration Report and Remuneration Policy\n \n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\", or \"the Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, today announces that in the 2019 AGM results announcement, the Board of Directors of Nostrum Oil & Gas PLC (\"Nostrum\", or \"the Company\") noted that all resolutions were passed with the requisite majority, although there was a significant minority vote against approval of the remuneration report (25.35%) and the remuneration policy (28.93%).\n \nFollowing the AGM Nostrum's Board and Remuneration Committee consulted with shareholders and have discussed the views of shareholders in relation to these two items. The main themes expressed by some shareholders and shareholder advisers in relation to the remuneration report and remuneration policy were:\n \n· A desire that the performance period under the LTIP be extended from one to three years.\n· A desire that the vesting period for LTIP awards be increased from three to five years.\n· A desire that the LTIP be modified to remove the provisions for accelerated vesting of awards in the event of certain sales of the Company.\n· A comment that there are low shareholdings amongst the executive directors and that no minimum shareholding requirement has been imposed.\n· The potential use of \"golden hellos\" in connection with the recruitment of new directors.\n \nNostrum's Remuneration Committee and the Board continue to believe that the Company's remuneration policy is appropriate and aligned with Nostrum's strategy and business needs and after discussing the points mentioned above the Board and the Remuneration Committee concluded that the current provisions of the LTIP relating to the performance period a...