TIDMPSN
RNS Number : 1305M
Persimmon PLC
25 April 2018
25 April 2018
PERSIMMON PLC (THE 'COMPANY')
ANNUAL GENERAL MEETING - POLL RESULTS
Persimmon Plc held its Annual General Meeting for shareholders
at 12 noon today. All resolutions set out in the Company's Notice
of Annual General Meeting dated 19 March 2018 were duly passed by
shareholders by means of a poll vote. The total number of votes
received for each resolution is set out below.
Resolution For % For Against % Against Total % of Votes
Votes Issued Withheld
Share
Capital
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Receive
report and
1 accounts 208,033,327 99.87 273,851 0.13 208,307,178 66.91% 541,227
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Declare
2 final dividend 208,425,902 99.88 248,660 0.12 208,674,562 67.03% 146,999
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Approve
Annual Report
3 on Remuneration 74,465,763 51.48 70,188,301 48.52 144,654,064 46.47% 64,805,538
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
4 N Mills 186,130,621 89.24 22,433,070 10.76 208,563,691 67.00% 284,320
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
5 J Fairburn 202,857,911 97.78 4,608,170 2.22 207,466,081 66.64% 1,382,175
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
6 M Killoran 201,983,363 97.36 5,480,109 2.64 207,463,472 66.64% 1,384,784
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
7 D Jenkinson 200,495,390 96.64 6,962,899 3.36 207,458,289 66.64% 1,390,172
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
8 M Sears 187,216,178 89.66 21,583,133 10.34 208,799,311 67.07% 49,150
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
9 R Kentleton 207,037,055 99.16 1,759,657 0.84 208,796,712 67.07% 51,749
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-elect
10 S Litherland 188,999,983 90.52 19,791,165 9.48 208,791,148 67.07% 57,313
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Re-appoint
11 auditor 208,768,265 99.97 56,407 0.03 208,824,672 67.08% 23,789
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Authorise
Audit Committee
to determine
the auditor's
12 remuneration 208,739,155 99.97 55,122 0.03 208,794,277 67.07% 54,184
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Approve
13 2018 SAYE 204,793,463 98.09 3,994,956 1.91 208,788,419 67.07% 60,042
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Renew authority
to allot
14 shares 201,805,370 96.65 7,001,677 3.35 208,807,047 67.07% 41,264
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Renew authority
to disapply
pre-emption
15 rights 208,490,254 99.85 306,942 0.15 208,797,196 67.07% 51,265
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Authorise
Company
to make
market purchases
16 of shares 206,178,928 98.75 2,618,939 1.25 208,797,867 67.07% 50,224
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
Calling
of a general
meeting
on not less
than 14
17 days' notice 181,261,853 87.22 26,560,410 12.78 207,822,263 66.76% 1,026,198
--- ------------------ ------------ ------ ----------- ---------- ------------ --------- -----------
We note that whilst the vote on the retrospective Advisory
Remuneration Report was passed by shareholders at our AGM today,
there were 51.5% in favour, 48.5% against and 30.9% abstained.
Although the Executive Directors made significant reductions and
adjustments to their 2012 LTIP awards - a scheme that was approved
by 85% of shareholders in 2012 - we recognise that a sizeable
number of shareholders remained concerned over the level of
remuneration that ultimately resulted from the vesting of these
2012 awards.
As part of the regular interaction with shareholders and
following the resignations of the Chairman and Remuneration
Committee Chair in recognition of the absence of a cap to the 2012
LTIP scheme, the Acting Chairman and new Remuneration Chair
undertook further extensive shareholder engagement in 2018,
speaking with shareholders on a number of occasions.
In February 2018, the Executive Directors informed the
Remuneration Committee of a series of decisions intended to reduce
the scale of payments under the 2012 LTIP, to cap the future value
on exercise to a maximum value equal to GBP29 per share, to extend
the holding periods under any second tranche and to make these
changes subject to continued employment.
We are grateful for the support that allows us to draw a line
under the 2012 LTIP debate and move forward.
In this context, shareholders at last year's AGM approved the
2017 Performance Share Plan (2017 PSP) with a vote in favour of
over 95% for the new Plan. At the same time we adopted a new
remuneration policy which included provision to grant awards to the
Executive Directors under the 2017 PSP. The vote in favour of this
new remuneration policy was over 96%. There will not be any PSP
awards to Executive Directors in calendar year 2018. We will
consult with our major shareholders on quantum and metrics for
future awards for Executive Directors under the new Plan, and
awards made to this group will only be granted after the 2012 LTIP
has vested (i.e. when the Capital Return Plan has returned GBP1.9bn
to shareholders). The earliest that any PSP awards would be granted
to Executive Directors is therefore 2019. The earliest vesting date
for such awards would be 31 December 2021 with a holding period for
two further years i.e. until December 2023.
For 2018, in addition to the reduction and amendments to the
2012 LTIP awards, all Directors have waived increases to their
salaries. The Executive Directors have also waived participation in
any bonus for 2018, and the Remuneration Committee has endorsed the
Executives' request that any such bonuses be distributed to staff
who have not participated in the 2012 LTIP and 2017 PSP.
Total shareholder returns to date from the launch of the Group's
new strategy in 2012 now exceed 500%, placing us at number 2 in the
FTSE 100 and we have delivered more than GBP8bn to shareholders in
that period.
Finally, we have announced the appointment of a new Chairman,
Roger Devlin, who will join the Board and the Remuneration
Committee on 1 June 2018.
Notes:
(i) Resolutions 1-14 were ordinary resolutions
and resolutions 15-17 were special
resolutions.
(ii) Discretionary votes representing
0.1% (or less) of the votes cast
were also received on each resolution
and are included in the votes 'For'
each resolution.
(iii) A "vote withheld" is not a vote
in law and is not counted in the
total number of votes cast on a
resolution or in the calculation
of the percentages of the votes
cast for or against a resolution.
(iv) Copies of the resolutions dealing
with special business passed at
the Annual General Meeting have
been sent to the National Storage
Mechanism and will shortly be available
for inspection.
(v) The poll results will be available
to view on the Company's website
https://www.persimmonhomes.com/corporate/investors/shareholder-information/meeting-information
(vi) The issued share capital of the
Company on 23 April 2018 was 311,304,918
ordinary shares.
This information is provided by RNS
The company news service from the London Stock Exchange
END
RAGBUGDSIBDBGIU
(END) Dow Jones Newswires
April 25, 2018 11:21 ET (15:21 GMT)
Persimmon (LSE:PSN)
Historical Stock Chart
From Apr 2024 to May 2024
Persimmon (LSE:PSN)
Historical Stock Chart
From May 2023 to May 2024