(Alliance News) - Pearson PLC on Thursday said it was disappointed after a "significant minority" of shareholders voted against the remuneration report proposed at its annual general meeting in April.
The London-based multinational publishing and education company said feedback from the AGM, held on April 29, suggested that the 23% who had voted against the report were motivated by their stance on the co-investment award given to Chief Executive Officer Andy Bird in 2020.
Pearson said shareholders had found issue with the structure of the award, which was designed to secure the appointment of Bird and was voted on in September 2020. At the time, 67% of shareholders were in favour of amending the directors' remuneration policy to permit the co-investment plan, which even Pearson itself called "highly unusual".
The company said its Remuneration Committee would be undertaking a comprehensive review of the executive remuneration framework ahead of the policy's renewal at the 2023 AGM.
Pearson added that it was "committed to having a constructive and positive relationship with all its shareholders and their advisers, and will continue to engage as appropriate going forward."
Pearson shares were trading 0.5% lower at 957.80 pence each in London on Thursday morning.
By Holly Beveridge; hollybeveridge@alliancenews.com
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Pearson (PSON)