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 £2bn.
LEI number:
549300QO4MBL43UHSN10
Classification: 3.1