Vistry Group PLC Update on EGM Remuneration Report Vote
February 21 2024 - 2:00AM
RNS Regulatory News
RNS Number : 8072D
Vistry Group PLC
21 February 2024
21
February 2024
Vistry Group PLC ('Company'
or 'Vistry')
Update on Extraordinary
General Meeting Remuneration Report vote
At the Company's extraordinary
general meeting ('EGM') held on 30 August 2023, 54.80% of votes
were received in favour of Resolution 1, to approve the revised
remuneration policy and 55.28% of votes were received in favour of
Resolution 2, to approve amendments to the LTIP implementing the
revised policy.
In the six months prior to the EGM
the Remuneration Committee ("Committee") was focussed on developing
a remuneration framework that reflected a business of the size and
scope of Vistry following the combination with Countryside in 2022.
The Committee considered various approaches to remuneration and
following extensive shareholder engagement the Committee determined
to amend the remuneration policy, leveraging the existing structure
and performance measures to provide alignment with the strategy,
our shareholders and other stakeholders.
The amendments to the policy were
set out in detail in the Notice of General Meeting. In summary, the
proposals increased the maximum bonus and LTIP opportunity to 300%
of base salary and strengthened long-term alignment with our
shareholders through increased bonus deferral, strengthened
deferred bonus leaver conditions, and increased shareholding
guidelines. The amendments have been applied for the CEO only to
date.
The Committee understands that the
reasons for the number of votes cast against was primarily
concerned with the step up in maximum opportunity for the CEO which
was in excess of usual levels within the FTSE 250. The Committee
acknowledges these concerns; however they maintain their view that
the positioning of remuneration under the new policy is aligned
with a framework that is highly performance orientated, and
emphasises variable, equity-based remuneration designed to
incentivise growth and creation of shareholder value over the long
term.
The Committee is grateful to
shareholders for their engagement and acknowledges that through the
engagement process shareholders have expressed different
perspectives. The Company remains committed to ongoing shareholder
engagement and will continue to do so to ensure that the Company
understands shareholders' views and is able to consider feedback,
as well as to provide clarity on the Company's approach to
remuneration going forward. The Chair of the Committee shall write
to shareholders following the publication of the 2023 Annual Report
and Accounts to explain the remuneration decisions that have been
made for 2023 as well as providing details on the implementation of
our Policy in 2024.
Vistry Group PLC
Clare Bates, General Counsel &
Group Company Secretary
|
01675 437160
|
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