Marshalls PLC Statement re 2023 AGM Remuneration Report Vote (6817S)
November 07 2023 - 8:47AM
UK Regulatory
TIDMMSLH
RNS Number : 6817S
Marshalls PLC
07 November 2023
7 November 2023
Marshalls plc
("Marshalls" or the "Company")
Update statement
In accordance with Provision 4 of the UK Corporate Governance
Code
Annual General Meeting 2023 Remuneration Report vote
At Marshall's annual general meeting ("AGM") held on 10 May
2023, 75.02 per cent of votes were received in favour of Resolution
14, the advisory vote to approve the directors' remuneration report
(excluding the directors' remuneration policy). The remuneration
report is set out on pages 120 to 123 of Marshalls Annual Report
and Accounts 2022. The remuneration policy (Resolution 13) was
approved by 88.35 per cent of shareholders.
The UK Corporate Governance Code requires that companies provide
an update to the market within six months of an AGM where more than
20 per cent of shareholders have voted against a resolution. This
statement provides an update on the actions that have been taken by
the Company.
The Remuneration Committee (the "Committee") engaged extensively
with the Company's major shareholders, both before and after the
AGM.
The Committee Chair wrote to major shareholders before the AGM,
setting out details of the remuneration policy review (undertaken
ahead of the policy being put forward for approval at the AGM) and
the rationale for adjustments to executive director salaries. The
Committee Chair also had meetings with shareholders who wished to
discuss the arrangements, ensuring the Company fully understood
their views and any concerns. The Committee acknowledges that
several shareholders questioned the quantum and timing of executive
director salary increases.
Following the AGM, the Committee Chair engaged again with those
major shareholders who voted against the remuneration report
(Resolution 13) to ensure they had another opportunity to share and
discuss their views and concerns.
Having reflected on the feedback, the Committee continues to
believe that it acted fairly and proportionately with regard to
executive director salary increases, with balanced consideration
given to the increased responsibilities of the relevant executive
directors and market positioning. The Committee understands the
sensitivity of executive director salary increases, particularly
given the economic climate at the time and believes its decisions
were robust, based on sound principles and focused on ensuring
remuneration is fair and appropriate.
Regular shareholder engagement is a foundation of Marshalls'
approach to investor relations and the Committee is committed to
open dialogue on remuneration matters, to ensure decision making
considers shareholders' views.
Enquiries:
Shiv Sibal, Company Secretary Marshalls plc +44 (0)1422 314767
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END
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