Wood Group sets AGM for June 18 amid director changes

LONDON - John Wood Group (LON:WG) PLC, a global engineering and consulting company, has scheduled its Annual General Meeting (AGM) for June 18, 2025, as confirmed by a notice published on the company’s website today. This announcement comes in the wake of an independent review by Deloitte, which was initiated due to exceptional charges noted in the company’s first half of the 2024 financial results. The review, which concluded without additional findings, was first reported on March 31, 2025.

The AGM is set before the publication of the company’s FY24 accounts, which have been delayed due to the review’s complexity and the additional work required for audit preparation. Wood Group has stated that the accounts will not be ready to present to shareholders before June 30, 2025, and plans to hold a subsequent meeting to lay out the FY24 accounts once they are finalized.

In conjunction with the AGM announcement, Wood Group has also revealed upcoming directorate changes. Three non-executive directors, David Lockwood, Catherine Michel, and Sue Steele, have decided not to stand for re-election. The decisions were mutually agreed upon with the company, citing significant time commitments and, in Steele’s case, retirement. Chairman Roy Franklin will seek re-election but intends to step down once there is greater clarity on the company’s future direction.

In response to the review’s findings, Wood Group has been implementing a remediation and governance plan, led by the Chief Financial Officer and overseen by the Audit, Risk, and Ethics Committee Chair, to address issues and improve the company’s financial culture, governance, and controls. This plan includes cultural enhancements, governance improvements, and strengthening of internal systems and controls.

Additionally, on April 14, 2025, Wood Group received a non-binding conditional proposal from Sidara to acquire all issued and to be issued share capital for 35 pence per share. As of May 15, 2025, discussions with Sidara are ongoing, and there is no certainty of an offer being made.

Wood Group has also been engaging with lenders and noteholders following temporary retrospective waivers obtained for its committed debt facilities, which have been extended to June 30, 2025. The company is in talks regarding debt term modifications and liquidity arrangements related to Sidara’s potential offer.

The information in this article is sourced from a press release statement by Wood Group.

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