Ferguson PLC 2019 AGM Results - Update Statement (6993M)
13 Mayo 2020 - 3:00AM
UK Regulatory
TIDMFERG
RNS Number : 6993M
Ferguson PLC
13 May 2020
13 May 2020
FERGUSON PLC
2019 ANNUAL GENERAL MEETING RESULTS - UPDATE STATEMENT
At the Company's Annual General Meeting ("AGM") held on 21
November 2019, the total votes received in favour of remuneration
related resolutions were 74.49% (Resolution 2 - Remuneration
Report), 70.29% (Resolution 3 - Remuneration Policy), and 72.03%
(Resolution 19 - LTIP Rules).
Given more than 20 per cent of votes cast were against these
resolutions the Company is providing an update on the views
received from shareholders and actions taken as set out under the
provisions of the UK Corporate Governance Code.
Following the AGM, the Board has sought to engage with several
shareholders who it identified as having voted against those
resolutions and who despite our best efforts had not engaged with
the Company during the earlier consultation process. The Company
wrote directly to these shareholders representing about 12 per cent
of issued share capital setting out its position.
During this engagement Ferguson sought to clarify its position
on the various components of total compensation including fixed
pay, bonus and Long Term Incentive Plans. The Board thanks
shareholders for the feedback it has received to date and as no new
concerns were raised during the engagement the Board remains of the
view that the Remuneration Policy is appropriate to reflect the
size and scale of Ferguson. However, the Board will continue to
review how we apply the remuneration policy and approach,
particularly in the current environment.
In line with our normal practice the Board will continue to
engage with shareholders and their representative bodies and will
provide a final update in the Company's 2020 Annual Report and
Accounts.
For further information, please contact:
Graham Middlemiss, Group Company Secretary
+44 (0) 118 927 3800
Notes to editors:
Ferguson plc is a value added distributor of plumbing and
heating products to professional contractors principally operating
in North America and the UK. Revenue for the year ended 31 July
2019 was $21.8 billion and ongoing trading profit was $1.6 billion.
Ferguson plc is listed on the London Stock Exchange (LSE: FERG) and
is in the FTSE 100 index of listed companies. For more information,
please visit www.fergusonplc.com or follow us on Twitter
https://twitter.com/Ferguson_plc .
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END
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