(Alliance News) - Sensyne Health PLC said Tuesday Acting Chair Annalisa Jenkins has met with institutional shareholders to discuss the company's remuneration policy and corporate governance structure.
Sensyne maintained it is in the best interest of shareholders that the firm's chief executive officer, Paul Dryson, is remunerated "competitively" but has accepted it "insufficiently" consulted shareholders about its remuneration policy prior to the publication of its annual results in early October.
The company said it is "committed to remedying that".
Jenkins said: "The company's major institutional shareholders are in agreement with the board of Sensyne Health that the company delivered, ten months ahead of schedule, the key objectives as set out at the time of the IPO. However, as a board we apologise to all shareholders for the lack of consultation undertaken in the past year on matters of remuneration."
As a result, Sensyne said its existing CEO remuneration policy in place from May 1 2019 to April 30 2020 will be withdrawn, with Dryson proposing to take a "nominal salary" and that any applicable bonus be approved by the company's major institutional shareholders.
"The remuneration committee will undertake further discussions with shareholders to determine a new remuneration policy for the CEO applicable to the period from 1 May 2020 onwards that has their support," Sensyne explained.
"Sensyne Health's shareholders and the board are unanimous that Paul Drayson, CEO, is essential to the future of the company. We will continue to consult with shareholders. Meanwhile Paul and the Sensyne Health team continue to advance the company," Jenkins added.
Additionally, Sensyne has appointed Jenkins as chair of the nominations committee while incumbent Charles Swingland is on medical leave. Jenkins has also been appointed to the disclosure committee, along with Mary Hardy.
In a statement, Sensyne added: "The board acknowledges that there need to be amendments to the composition of the board to ensure Sensyne Health can rely on the correct experience and guidance that a business doing such important work requires and shall provide further updates in this regard in due course."
Shares in Sensyne Health were 0.4% higher in London on Tuesday at 123.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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