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Pin to quick picksWood Group (J) Regulatory News (WG.)

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Update on Executive Director remuneration

2 May 2019 13:58

WOOD GROUP (JOHN) PLC - Update on Executive Director remuneration

WOOD GROUP (JOHN) PLC - Update on Executive Director remuneration

PR Newswire

London, May 2

John Wood Group PLC

LEI: 549300PLYY6I10B6S323

Update on Executive Director remuneration / Director/PDMR Shareholding

Following additional shareholder engagement, the Board and executive directors have mutually decided to cancel the LTIP awards for the performance period 2019-2021 for Robin Watson and David Kemp (329,513 and 166,953 conditional shares respectively) made in April 2019.

As we are very concerned about longer term retention for senior management, including our executive directors, and the external competitive environment for talent, we increased our Chief Executive, Robin Watson’s, LTIP award to 250% of annual base salary, and our CFO, David Kemp’s, to 200%. The remuneration committee took this decision after careful consideration and chose to apply discretion, as permitted in our policy.

Although we have received some support, we have listened to many of our shareholders and have decided to cancel the awards at the higher level. We therefore reissued the awards at the previous participation levels of 200% for Robin (equating in an award of 263,611 nil-cost conditional shares), and 175% for David (equating in an award of 146,084 nil-cost conditional shares). The new awards will be subject to the same performance conditions. 

The retention issue for our executive directors and senior management remains. We stand by our principles to ensure we incentivise and motivate them in the long- term to deliver the business strategy. We look forward to engaging with shareholders on alternative incentive vehicles as part of the remuneration policy review for 2020.

Notification authorised by

Martin J McIntyre, Company Secretary

Date   Source Headline
28th Mar 20242:59 pmPRNDirector/PDMR Shareholding
28th Mar 20242:58 pmPRNDirector/PDMR Shareholding
26th Mar 20247:00 amRNSFull year results for the year ended 31 Dec 2023
15th Mar 20242:59 pmPRNDirector/PDMR Shareholding
15th Mar 20242:58 pmPRNDirector/PDMR Shareholding
6th Mar 20242:59 pmPRNHolding(s) in Company
16th Feb 20242:59 pmPRNDirector/PDMR Shareholding
16th Feb 20242:58 pmPRNDirector/PDMR Shareholding
15th Feb 20247:00 amRNSWood Announces New Director Appointment
31st Jan 20242:59 pmPRNHolding(s) in Company
19th Jan 20242:59 pmPRNDirector/PDMR Shareholding
19th Jan 20242:58 pmPRNDirector/PDMR Shareholding
17th Jan 20242:58 pmPRNHolding(s) in Company
12th Jan 20247:00 amRNSFY23 trading update
2nd Jan 20242:57 pmPRNHolding(s) in Company
22nd Dec 202310:59 amPRNDirector/PDMR Shareholding
20th Dec 20232:58 pmPRNBlocklisting - Interim Review
20th Dec 20237:00 amRNSNew Executive Leadership Appointments
15th Dec 20232:59 pmPRNDirector/PDMR Shareholding
15th Dec 20232:58 pmPRNDirector/PDMR Shareholding
11th Dec 202311:35 amPRNDirector Declaration
30th Nov 20232:59 pmPRNChange of Registered Office
20th Nov 20232:58 pmPRNDirector/PDMR Shareholding
17th Nov 20232:59 pmPRNDirector/PDMR Shareholding
17th Nov 20232:58 pmPRNDirector/PDMR Shareholding
14th Nov 20232:59 pmPRNDirector/PDMR Shareholding
9th Nov 20237:00 amRNSQ3 Trading Update
1st Nov 20237:00 amRNSAppointment of new CFO
20th Oct 20232:59 pmPRNDirector/PDMR Shareholding
20th Oct 20232:58 pmPRNDirector/PDMR Shareholding
29th Sep 20232:59 pmPRNDirector/PDMR Shareholding
22nd Sep 20232:59 pmPRNDirector/PDMR Shareholding
22nd Sep 20232:58 pmPRNDirector/PDMR Shareholding
4th Sep 20234:00 pmPRNDirector/PDMR Shareholding
4th Sep 20237:00 amRNSWood and Harbour Energy agree $330m partnership
25th Aug 20233:00 pmPRNDirector/PDMR Shareholding
24th Aug 20233:00 pmPRNDirector/PDMR Shareholding
22nd Aug 20237:01 amRNSCFO succession
22nd Aug 20237:00 amRNSHalf Year Results 2023
18th Aug 20232:59 pmPRNDirector/PDMR Shareholding
18th Aug 20232:58 pmPRNDirector/PDMR Shareholding
2nd Aug 20237:00 amRNSWood signs global framework agreement with Shell
1st Aug 202312:10 pmPRNDirector Declaration
21st Jul 20232:59 pmPRNDirector/PDMR Shareholding
21st Jul 20232:58 pmPRNDirector/PDMR Shareholding
13th Jul 20237:00 amRNSHY23 trading update
3rd Jul 20237:00 amRNS$250m contract extension in Brunei
30th Jun 20232:59 pmPRNBlocklisting - Interim Review
29th Jun 20232:59 pmPRNDirector/PDMR Shareholding
16th May 20236:18 pmRNSForm 8.5 (EPT/RI)- Replacement of John Wood

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