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LONDON (Alliance News) - Gulf Marine Services PLC on Wednesday said that at its annual general meeting an overwhelming majority of shareholders rejected the company's remuneration report.
At the meeting, held on Tuesday, 85% of shareholders voted against approving the director's remuneration report with a mere 15% in favour. All other resolutions were passed.
Gulf Marine said its board understands the rejection "in the light of the company's financial performance during 2018".
For 2018, Gulf Marine posted a pretax loss of USD2.4 million on revenue of USD123.3 million.
"The company's remuneration structures must be fully aligned with shareholder interests and the current overhaul of compensation and reward structures is guided by this principle, as well as increased transparency of performance measures," the firm added.
Gulf Marine shares were trading 2.7% lower at 10.36 pence each.
