(Alliance News) - Keller Group PLC on Monday noted all resolutions were passed at its annual general meeting with the requisite majorities, though there was a "significant minority vote" against the approval of the directors' remuneration report.
Around 20% of shareholders voted against the resolution.
Prior to the AGM, ISS proxy advisors recommended that shareholders vote against approving the directors' remuneration report due to the number of shares awarded to executive directors in 2019 under the company's long term incentive plan not being scaled back in recognition of the fall in the company's share price during 2018, the geotechnical specialist contractor said.
"We engaged with a large number of our major shareholders ahead of our AGM," said Keller. "As a result, the remuneration committee undertook that, at the time of vesting of the 2019 award it will make a determination as to whether to use its discretion to reduce vesting levels as appropriate."
"The remuneration committee also determined that should the share price at the time of the 2020 grant not be materially higher than that on which the 2019 grants were awarded, the 2020 awards will be scaled back from those awarded in 2019," Keller added.
The majority of shareholders were supportive in their vote, Keller noted, and both the board and remuneration committee will continue to engage with shareholders going forward.
Shares in Keller closed down 0.8% at 540.647 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Keller (KLR)