Chemring Group PLC Withdrawal of AGM resolutions (7513Z)
17 3월 2017 - 4:00PM
UK Regulatory
TIDMCHG
RNS Number : 7513Z
Chemring Group PLC
17 March 2017
FOR IMMEDIATE RELEASE 17 MARCH 2017
CHEMRING GROUP PLC
DIRECTORS' REMUNERATION POLICY AND PROPOSED NEW INCENTIVE
PLAN
The notice of annual general meeting ("AGM") of Chemring Group
PLC (the "Company") to be held today, 17 March 2017, includes at
resolution 2 a proposal to adopt a new directors' remuneration
policy (the "New Policy"), which would replace the existing
directors' remuneration policy, and at resolution 14 a proposal to
establish the Chemring Incentive Plan (the "CIP") in line with the
New Policy. The New Policy was developed in line with the
Investment Association's Executive Remuneration Working Group
alternative model proposals.
Following consultations with shareholders, the Company announces
that it no longer intends to seek shareholders' approval for the
New Policy or the CIP at the AGM, and that the directors'
remuneration policy and its associated metrics as approved by
shareholders at the Company's AGM held in 2016 will continue to
apply.
Chairman Carl-Peter Forster said: "We have been actively
engaging with shareholders regarding long-term incentives for some
time and, while we received majority support for the proposed
revised approach, the Board believes that the right course of
action now is to withdraw the resolutions and consider these plans
further.
"The Board continues to believe that revising the policy is
necessary for retaining and attracting the right calibre of talent
to ensure the continued sustainable growth of the business and we
will re-engage with shareholders to reach a consensus on this
important issue."
-ENDS-
For further information:
Daniel Dayan Remuneration Committee Chair, 01794 833901
Chemring Group PLC
Rupert Pittman Group Director of Corporate Affairs,
Chemring Group PLC
Andrew Jaques MHP Communications 020 3128 8100
John Olsen
James White
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 17, 2017 03:00 ET (07:00 GMT)
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