SSPG Ssp Group Plc

TIDMSSPG

RNS Number : 4231I

SSP Group PLC

16 August 2019

LEI: 213800QGNIWTXFMENJ24

16 August 2019

SSP Group plc

(the "Company")

Interim Statement

 
 
        In line with Provision 4 of the 2018 UK Corporate Governance 
        Code (the "2018 Code"), the Board has released this statement 
        to provide an update to shareholders on the actions taken 
        following the outcomes of two resolutions at the 2019 AGM: 
 
         *    Resolution 2: Approval of the Remuneration Report 
 
 
         *    Resolution 4: Re-election of Vagn Sørensen 
 
 
 
        Resolution 2: Approval of the Remuneration Report 
 
        The Board gathered feedback from shareholders following the 
        outcome of the vote relating to the approval of the Remuneration 
        Report at the 2019 AGM and it was clear that a key area of 
        concern related to the operation and disclosure of the Annual 
        Bonus plan. In addition to this, the Board will be undertaking 
        a further round of consultations with our largest shareholders 
        and the most influential proxy advisors regarding the pay 
        awarded in 2019, as well as gathering views on the Company's 
        future remuneration arrangements. 
 
        Taking into account the feedback from shareholders at the 
        time of the AGM, and as anticipated in the announcement on 
        21 February 2019, we amended the operation of the Annual Bonus 
        for Simon Smith, following his appointment as CEO on 1st June 
        2019, such that his annual bonus will be determined by both 
        the financial performance of the Group and his personal performance 
        against objectives. The details of the change will be provided 
        in our 2019 Annual Report. We will also be enhancing our approach 
        to bonus target disclosure. 
 
 
        Resolution 4: Re-election of Vagn Sørensen 
 
        The Board also gathered feedback on concerns expressed regarding 
        the length of Vagn Sørensen's tenure as Chairman and 
        the number of external board appointments that he held at 
        the time of the 2019 AGM. The Board and the senior management 
        team continue to believe that Vagn is a very effective independent 
        Chairman, with extensive experience and knowledge of the business, 
        and that his dedication and leadership have been invaluable, 
        particularly during Simon Smith's transition into the role 
        of CEO, succeeding Kate Swann. 
 
        In line with our commitments made in the response to the AGM 
        results on 21 February 2019, the Board will continue to engage 
        with shareholders on this topic and will keep Vagn Sørensen's 
        portfolio of board appointments and the length of his tenure 
        as a director under review. 
 
 
        The Board looks forward to engaging further with shareholders 
        on these two matters over the coming months. 
 
        In line with the 2018 Code, a final summary of the above matters 
        will be included in the 2019 Annual Report. 
 
        Approved SSP Group plc 
        16 August 2019 
 

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