30 May 2008 13:29
Friday 30 May 2008
Severfield-Rowen Plc
Result of Annual General Meeting
Severfield-Rowen Plc, the market leading structural steel group, is pleased to announce the results of the resolutions proposed at the Annual General Meeting held earlier today. Full details of the voting on each resolution are given below. Resolutions 1 to 2 and 4 to 10 were duly passed on a show of hands. Resolution 3 was not passed on a vote.
The Board notes the result of the voting in relation to Resolution 3. The Company, and in particular the Remuneration Committee, will pay due and appropriate cognisance to the sentiments behind the shareholders decision.
The objections of the shareholders directly related to the decision by the Remuneration Committee to award John Severs, the former Managing Director, a bonus in an amount outside investor guidelines.
The Company acknowledges this as a fact, albeit in respect of a one-off and exceptional bonus payment. At the same time it is worthy of note and regard that in the last five years that John Severs was Managing Director, the Company achieved an increase in total shareholder returns, the barometer by which investors judge the success of a Company and its management, of 800%.
Enquiries:
Severfield-Rowen Plc
Toby Hayward, Chairman 01845 577 896
Tom Haughey, Chief Executive Officer 01845 577 896
Peter Davison, Finance Director 01845 577 896
Pelham Public Relations
Alex Walters 020 3170 7435
Severfield (SFR)