(Alliance News) - Telecom Plus PLC on Thursday noted that more than a fifth of votes at its annual general meeting were against its remuneration report due to "ongoing concern by a small number of shareholders".
The utility services company said 22% of votes were cast against its remuneration report but said these shareholder concerns have already been addressed through the removal of a 2016 incentive plan.
"The company understands that the reason the number of votes against this resolution marginally exceeded 20% was an ongoing concern by a small number of shareholders over awards made under the [long-term incentive plan] introduced in 2016. In light of these concerns (which had been previously relayed to the board), and as set out in the 2019 annual report, the company decided not to make any further awards under the LTIP 2016, and this incentive has been removed from the company's revised remuneration policy which was duly approved by shareholders at the AGM earlier today," said Telecom Plus.
The company is not considering further shareholder consultation as it believes it has addressed their concerns and the revised policy did receive more than 86% majority approval.
Shares in Telecom Plus were up 0.4% at 1,356.00 pence on Thursday afternoon.
Telecom Plus (TEP)