WG. Wood Group (john) Plc

 
TIDMWG. 
 
John Wood Group PLC 
 
LEI:  549300PLYY6I10B6S323 
 
Update on Executive Director remuneration / Director/PDMR Shareholding 
 
Following additional shareholder engagement, the Board and executive directors 
have mutually decided to cancel the LTIP awards for the performance period 
2019-2021 for Robin Watson and David Kemp (329,513  and 166,953 conditional 
shares respectively) made in April 2019. 
 
As we are very concerned about longer term retention for senior management, 
including our executive directors, and the external competitive environment for 
talent, we increased our Chief Executive, Robin Watson's, LTIP award to 250% of 
annual base salary, and our CFO, David Kemp's, to 200%.  The remuneration 
committee took this decision after careful consideration and chose to apply 
discretion, as permitted in our policy. 
 
Although we have received some support, we have listened to many of our 
shareholders and have decided to cancel the awards at the higher level. We 
therefore reissued the awards at the previous participation levels of 200% for 
Robin (equating in an award of 263,611 nil-cost conditional shares), and 175% 
for David (equating in an award of 146,084 nil-cost conditional shares). The 
new awards will be subject to the same performance conditions. 
 
The retention issue for our executive directors and senior management remains. 
We stand by our principles to ensure we incentivise and motivate them in the 
long- term to deliver the business strategy.  We look forward to engaging with 
shareholders on alternative incentive vehicles as part of the remuneration 
policy review for 2020. 
 
Notification authorised by 
 
Martin J McIntyre, Company Secretary 
 
 
 
END 
 

(END) Dow Jones Newswires

May 03, 2019 08:28 ET (12:28 GMT)

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