Wizz Air Regulatory News (WIZZ)

2021 Annual General Meeting Update

LSE: WIZZ

Geneva, 21 January 2022: At the Wizz Air Holdings Plc ("Wizz Air" or "the Company") Annual General Meeting ("AGM") held on 27 July 2021, all resolutions proposed were approved by shareholders. Two of those resolutions, the Directors' Remuneration Policy; and the Wizz Air Value Creation Plan ("VCP") were supported by 67% and 68% of shareholders, respectively. Consequent on this vote, the Company engaged with shareholders to solicit their feedback on voting at the AGM.

Background

In advance of the 2021 AGM, the Wizz Air Board engaged in an extensive consultation with a majority of shareholders to discuss the proposed Remuneration Policy and VCP; and to set out the primary drivers of the proposals. Following multiple rounds of shareholder engagement, the Board incorporated shareholder feedback into the final proposals put to shareholders at the AGM.

Post AGM Engagement

While the Board was pleased that the majority of shareholders approved all AGM proposals, the Company conducted a further consultation following the meeting to solicit further feedback from shareholders on the Remuneration Policy and the VCP. As outlined, the structure of the VCP was updated to incorporate shareholder feedback prior to the AGM. Despite recognising the stretch nature of targets and the role of the plans in retaining and incentivising the senior leadership team, some shareholders reiterated during the post AGM consultation that they considered the maximum potential payout to be excessive. Shareholders were broadly supportive of the other elements of the Remuneration Policy. Understanding that shareholders and other representative bodies are fine tuning their policies regarding the adoption of VCPs, particularly after the increase in their adoption during the 2021 AGM season, the Board looks forward to maintaining an ongoing dialogue with shareholders on remuneration and related issues. The Board appreciates the time and engagement of its shareholders in this process and, acknowledges and respects the views expressed by some shareholders in the comments to the proposals at the AGM.

The Board believes it has taken the right decisions in the interest of the business and its stakeholders as a whole; and implemented a series of plans which will incentivise superior performance, from an all-time high share price, over the next five years.

The Board, through the Remuneration Committee, is committed to structuring incentive arrangements that serve to support the business in retaining key talent and delivering strong returns to shareholders, while remaining conscious of the wider stakeholder experience and business performance.

The Board would like to thank all shareholders that took part in engagement and values the feedback and insight it has gained through the process.

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ABOUT WIZZ AIR 

Wizz Air, the fastest growing European low-cost airline, operates a fleet of 149 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 10.2 million passengers in the financial year F21 ending 31 March 2021. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. The company was recently named one of the world's top ten safest airlines by airlineratings.com, the world's only safety and product rating agency, and 2020 Airline of the Year by ATW, the most coveted honour an airline or individual can receive, recognizing individuals and organizations that have distinguished themselves through outstanding performance, innovation, and superior service.