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LONDON - Serco Group plc announced that all resolutions at its April 24, 2025 Annual General Meeting were approved by shareholders, with the Directors’ Remuneration Report (DRR) receiving 79.39% support, falling just short of the 80% threshold recommended by the UK Corporate Governance Code.
The remuneration report detailed compensation arrangements for Anthony Kirby, who succeeded Mark Irwin as Group Chief Executive on March 1, 2025. According to the company statement, Kirby’s base salary was set 2.5% above Irwin’s final compensation.
In determining Kirby’s compensation, the Remuneration Committee considered factors including role complexity, comparable industry pay levels, and Kirby’s qualifications. The committee noted that Kirby’s salary incorporated the scheduled increase Irwin would have received had he remained in position.
Prior to the AGM, Serco’s Remuneration Committee Chair contacted the company’s top 20 shareholders and proxy advisors to explain the decision, but reportedly received no feedback. Following the vote, the company initiated additional shareholder consultations to understand concerns behind the 20.61% opposition.
Despite the follow-up consultations, Serco reported that shareholders did not raise "any material concerns" about the remuneration decisions.
The company stated it will continue considering shareholder and advisor feedback when making future remuneration decisions and will ensure clear rationales are provided in subsequent reports.
The information is based on a press release statement issued by Serco Group plc on August 22, 2025.
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