Keller Group PLC Update statement with regard to the 2019 AGM results
21 Oktober 2019 - 4:19PM
UK Regulatory
TIDMKLR
21 October 2019
Keller Group plc
Update statement with regard to the 2019 Annual General Meeting results
announcement
Keller Group plc (LSE: KLR) ("Keller", or "the Company"), today provides an
update statement with regard to its 2019 Annual General Meeting results
announcement.
The Keller Board noted that all resolutions were passed with the requisite
majority, although there was a significant minority vote against the approval
of the directors' remuneration report (20.03%).
Prior to the AGM, ISS proxy advisors recommended that shareholders vote against
Resolution 2 (To approve the Directors' remuneration report) due to the number
of shares awarded to Executive Directors in 2019 under the Company's Long Term
Incentive Plan not being scaled back in recognition of the fall in the
Company's share price during 2018.
We engaged with a large number of our major shareholders ahead of our AGM. As
a result, the Remuneration Committee undertook that, at the time of vesting of
the 2019 award it will make a determination as to whether to use its discretion
to reduce vesting levels as appropriate. The Remuneration Committee also
determined that should the share price at the time of the 2020 grant not be
materially higher than that on which the 2019 grants were awarded, the 2020
awards will be scaled back from those awarded in 2019.
The majority of our shareholders, including the Company's major shareholders,
were supportive in their vote and the Board and the Remuneration Committee will
continue to engage with shareholders on this subject going forward.
The Company intends to post a copy of this Update Statement on the public
register maintained by the Investment Association. A final update on these
matters will be included in the Company's next annual report and accounts.
For further information, please contact:
Keller Group plc www.keller.com
Kerry Porritt, Group Company Secretary and Legal Advisor 020 7616
7575
Notes to editors:
Keller is the world's largest geotechnical specialist contractor providing a
wide portfolio of advanced foundation and ground improvement techniques used
across the entire construction sector. With around 10,000 staff and operations
across six continents, Keller tackles an unrivalled 7,000 projects every year,
generating annual revenue of more than GBP2bn.
LEI number: 549300QO4MBL43UHSN10
Classification: 3.1
END
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