22 Oct 2019 07:00
Remuneration Policy and Corporate Governance Update
Oxford, UK; 22 October 2019: Sensyne Health plc (LSE: SENS) ("Company"), the British clinical AI technology company, today announces that, following the Company's full year results on 7 October 2019, the Board, led by the Acting Chairman Dr. Annalisa Jenkins, has been meeting with institutional shareholders to discuss Sensyne Health's remuneration policy and corporate governance structure.
The Remuneration Committee and the non-executive members of the Board maintain their position that it is in shareholders' best interests that the CEO is remunerated competitively. However, the Board accepts that insufficient consultation with shareholders had taken place in the past year on remuneration matters prior to the publication of the 2019 Annual Report and the Board is committed to remedying that.
As such, the Board is implementing the following actions:
·; The existing Remuneration Policy applicable to the period from 1 May 2019 until 30 April 2020 will be withdrawn in respect of the CEO's remuneration.
·; During the period from now until 30 April 2020, Lord (Paul) Drayson has proposed that he will receive a nominal salary as CEO and that any bonus payable for the current financial year will need to 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.
·; Given that Charles Swingland is currently on medical leave, Dr Annalisa Jenkins has been appointed as Chairman of the Nominations Committee.
·; The Company has appointed Dr Annalisa Jenkins and Mary Hardy to its Disclosure Committee with Dr Annalisa Jenkins as Chairman of the Committee.
·; 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.
Commenting on the announcement, Dr Annalisa Jenkins, Acting Chairman, 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.
"Sensyne Health's shareholders and the Board are unanimous that Lord (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."
-ENDS-
For more information please contact:
Sensyne Health (www.sensynehealth.com) | +44 (0) 330 058 1845 |
Dr Annalisa Jenkins, Acting Chairman | |
Peel Hunt LLP (Nominated Adviser and Broker) | + 44 (0) 20 7418 8900 |
Dr Christopher Golden | |
James Steel | |
Oliver Jackson | |
Liberum (Joint Broker) | + 44 (0) 20 3100 2000 |
Bidhi Bhoma | |
Euan Brown
| |
Consilium Strategic Communications | +44 20 3709 5700 |
Mary-Jane Elliott | |
Sukaina Virji | |
Melissa Gardiner | |
sensynehealth@consilium-comms.com |
About Sensyne Health
Sensyne Health plc is a healthcare technology company that creates value from accelerating the discovery and development of new medicines and improving patient care through the analysis of real-world evidence from large databases of anonymised patient data in collaboration with NHS Trusts. These anonymised patient data are ethically sourced in that any analysis of anonymised patient data (and hence the Company's access to it) must be pre-approved for each programme on a case-by-case basis by the relevant NHS Trusts. This is to ensure that the purpose of the anonymisation and the proposed analysis are subject to appropriate ethical oversight and information governance, including conformance with NHS principles, UK data protection law and applicable regulatory guidance. Sensyne Health is an early signatory to the Department of Health and Social Care's 'Initial Code of Conduct for data-driven health and care technology.
Sensyne Health is listed on the AIM Market of the London Stock Exchange (SENS.L).
For more information, please visit: www.sensynehealth.com