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LONDON - Serco Group (LON:SRP) plc announced Friday that it has completed a shareholder consultation following its Annual General Meeting held on April 24, where the 2024 Directors’ Remuneration Report received 79.39% approval, falling just short of the 80% threshold required under the UK Corporate Governance Code.
The remuneration report detailed compensation arrangements for Anthony Kirby (NYSE:KEX), who succeeded Mark Irwin as Group Chief Executive on March 1, and outlined Irwin’s retirement terms. According to the statement, Kirby’s base salary was set 2.5% above Irwin’s final salary.
In determining Kirby’s compensation, the company considered factors including the role’s scope and complexity, comparable industry pay levels, and Kirby’s qualifications. The Remuneration Committee explained that Kirby’s salary was effectively set at the same level as what Irwin would have received had he remained in the position with his scheduled 2025 increase.
Prior to the AGM, the Chair of the Remuneration Committee had contacted Serco’s top 20 shareholders and proxy advisors in January to explain the decision, reportedly receiving no feedback at that time. Following the vote at the AGM, the company initiated another round of consultation with major shareholders to understand the reasons behind the opposing votes.
According to the company’s statement, this second consultation also "did not raise any material concerns" from shareholders who provided feedback.
Serco indicated it will continue to consider shareholder and advisor feedback when making future remuneration decisions and will ensure clear explanations for such decisions in upcoming reports.
The information is based on a company press release statement issued by Serco Group plc.
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