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LONDON (Alliance News) - Capital & Regional PLC on Thursday said it will amend the remuneration policy for directors following consultation with key shareholders and representative bodies.
The shopping centre owner said it will remove the ability to grant an ex-gratia award to an incoming executive director from its remuneration policy.
The amended policy also states that the maximum combined incentive award potential in any year will be adjusted downwards to reflect the year-on-year reduction in the profit outturn, if any, or if the shareholder return over the same period has been negative.
Tony Hales, chair of the company's remuneration committee, said: "The board believes that the policy is fair, aligns management's interests with shareholders, ensures there is an appropriate focus on performance and is necessary for retaining the right talent in order to achieve successful outcomes to the challenges facing the business."
Capital & Regional is scheduled to hold its annual general meeting on May 16.
"The board hopes that shareholders will be able to support not only the resolution proposing the company's revised directors' remuneration policy but also the other resolutions being proposed at the AGM," the company said.
Shares in the dual-listed company were trading flat at 21.50 pence each on Thursday afternoon in London, down 0.5% at ZAR4.00 in Johannesburg.
