FERG Ferguson Plc

By Matteo Castia

Ferguson PLC said Tuesday that the remuneration report was approved with low count at the annual general meeting and that it has acted on the feedback it received from shareholders.

The plumbing-and-heating group said the resolution to approve the remuneration report received marginally less than 80% of votes cast.

"In consultation with shareholders and proxy advisory bodies, the key reason identified for voting against the resolution was that there was not enough disclosure on the determination of bonuses for the executive directors," the company said.

Ferguson said it has also received feedback that some shareholders were against the resolution due to the absence of a post-employment shareholding requirement, the structure of the bonus deferral arrangements, and the measures comprising the long-term incentive plan scorecard.

The company said it has therefore agreed to provide more transparency around its decision-making processes relating to remuneration outcomes, introduce a post-employment shareholding requirement, and undertake a review of metrics, taking into consideration the feedback received from shareholders.

Shares at 1115 GMT were up 80 pence, or 0.8%, at 9,664 pence.

Write to Matteo Castia at matteo.castia@dowjones.com

(END) Dow Jones Newswires

June 01, 2021 07:38 ET (11:38 GMT)

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