Grafico Azioni Ssp (LSE:SSPG)
Da Lug 2019 a Lug 2020
RNS Number : 4231I
SSP Group PLC
16 August 2019
16 August 2019
SSP Group plc
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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(END) Dow Jones Newswires
August 16, 2019 09:00 ET (13:00 GMT)