Business
Statement Regarding AGM
Statement Regarding AGM.
About this update from Sig Plc
[{"type":"text","content":"\n RNS Number : 8947L SIG PLC 13 May 2010 \n \n\nSIG plc\n \nStatement Regarding AGM\n \n13 May 2010\n \nThe Board has noted with disappointment the vote against the approval of the Directors' Remuneration Report - Resolution 2 at today's Annual General Meeting.\n \nExecutive remuneration is reviewed on an annual basis by the Remuneration Committee to ensure it is long term performance driven, competitive, provides sufficient incentive to retain talented executives and, at the same time, is aligned with Shareholders' interests. SIG has consulted extensively with Shareholders about its remuneration policy and made several changes to policy as a result of Shareholder feedback. However, it takes this vote against the Report very seriously and will consult further with Shareholders as it continues to review executive remuneration based on the principles set out above.\n \nAt the AGM today, on the subject of remuneration, Les Tench, Chairman said:\n \n\"I feel it important to address the issue of the Remuneration Report as the resolution this year has attracted a majority of votes against. I am extremely concerned about this result and take it very seriously. \n \nBy way of background, before publishing the Remuneration Report we undertook an extensive round of meetings with Shareholders representing circa 48% of our electorate, to consult on the executive LTIP and Directors' remuneration. As a result of this consultation we made several changes to our proposed LTIP. The new LTIP has stretching performance criteria and reflects the opinions of our Shareholders. \n \nI believe the majority of the negative vote relates to the increase in our Chief Executive Chris Davies's salary following a very difficult year for SIG when profits reduced and when we raised capital via an equity issue. The Remuneration Committee was unanimous that the increase, which was deferred at Chris's own request from the prior year, was fully justified and moves his pay closer to the market median. Chris has performed extremely strongly in difficult circumstances since his appointment and has provided exemplary leadership and direction to the Group as we undertake a significant restructuring and cost cutting exercise. These actions have been instrumental in SIG's ...