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(Alliance News) - Wizz Air Holdings PLC on Friday said it has made changes to its remuneration report after it had secured only 48% support from shareholders at the annual general meeting in July 2020.
The Hungarian budget airline said, since then, it has welcomed new directors and a fully refreshed remuneration committee with two new members, Charlotte Andsager and Peter Agnefjall, along with a new remuneration committee Chair Barry Eccleston.
The FTSE 250-listed company also said it has received feedback from shareholders who voted against the 2020 remuneration report resolution. The main concerns at the time of voting related to discretion used to award the short-term incentive plan payment to senior management, Wizz Air noted, and the total time horizon of the company's long-term incentive plan.
"Whereas the board remains satisfied that the short-term incentive plan outcome for senior management was fair as outlined in our 2020 remuneration report, it acknowledges and respects the views expressed by shareholders in their opposition to the resolution," Wizz Air said in its statement Friday.
The company added that the remuneration committee had recommended executive remuneration proposals that serve to support the business in retaining key talents and delivering strong returns to shareholders, while remaining conscious of the wider stakeholder experience and business performance.
Wizz Air said a final update on this matter will be included in the annual report for year to the end of March.
The stock closed 2.2% lower on Friday in London at 4,278.00 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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