(Alliance News) - Saga PLC on Wednesday said over a quarter of its shareholders voted against the company's remuneration report and, as a result, the company will extend its shareholder consultation in regards to management remuneration.
The over-50s insurance and travel company said 28% shareholders voted against the Directors' Remuneration Report, while 72% voted for the report. All resolutions put forward to shareholders were passed at the company's annual general meeting.
Chair of the Saga's Remuneration Committee Gareth Williams said: "We started consulting with shareholders on May 1 on changes to the future performance conditions for our Long-Term Incentive Plan to align with our new strategy. I issued an update on this consultation through an RNS announcement on June 12 in which I stated our intention to continue the consultation process to enable this dialogue between the committee and shareholders to continue. We will now extend this consultation to ask those shareholders who voted against the annual report on remuneration the reasons for their vote."
"In line with the UK Corporate Governance Code we will issue an announcement on the feedback received from those shareholders and the action the Committee intends to take within six months of the date of this Annual General Meeting; with a full explanation set out in the Remuneration Report for 2019/20," Williams added.
Earlier, Saga said current trading has been broadly in line with expectations but the Tour Operations unit has been hurt by "current political uncertainties".
Shares in the company closed at 33.06 pence each, down 13%.
Saga (SAGA)