Regulatory Story
Go to market news section View chart   Print
RNS
Arrow Global Group PLC   -  ARW   

2019 AGM Voting Results - Update Statement

Released 16:05 04-Nov-2019

RNS Number : 2113S
Arrow Global Group PLC
04 November 2019
 

4 November 2019

 

Arrow Global Group PLC

(the "Company" or "Arrow Global")

 

2019 Annual General Meeting (the "2019 AGM")

Voting Results - Update Statement

 

 

The advisory resolution to approve Arrow Global's 2018 Directors' Remuneration Report (the "DRR") (Resolution 2) was passed at the Company's AGM on 04 June 2019, with majority shareholder support (73% of the votes cast being in favour), however, a number of our shareholders opposed the resolution.

 

The Company was disappointed with the level of support for the DRR at the 2019 AGM, which does not reflect the historically high levels of support shown by shareholders for our executive remuneration arrangements. Therefore, in addition to our regular interaction with shareholders and the proxy advisory bodies, the Remuneration Committee Chair and Chairman of the Company are currently in the process of meeting with our largest institutional shareholders to understand their views and the reasons that they voted against the DRR.

 

Two key areas that we are aware of to date are:

·    The level of disclosure in relation to annual bonus out-turns; and

·    LTIP performance metrics and targets and balance between LTIP performance metrics.

 

To address these issues, the Remuneration Committee will ensure that we enhance the level of disclosure on annual bonus out-turns in relation to the 2019 annual bonus in the 2019 Directors' Remuneration Report to ensure appropriate context is provided to shareholders to support out-turns. We will also give careful consideration to the balance across the LTIP performance metrics for 2020 and provide a clear explanation of the rationale for the LTIP measures chosen.  As a matter of continuing governance, the Remuneration Committee will carefully consider the quantum of 2020 Long-Term Incentive Plan (the "LTIP") grants for Arrow's executive directors.

 

The Company will provide a further update on the shareholder engagement process and resulting actions in the Company's 2019 Annual Report.

 

ENQUIRIES

 

Stewart Hamilton (Company Secretary)         +44 (0) 161 242 5861


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
STRFSDFMLFUSESF
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


2019 AGM Voting Results - Update Statement - RNS