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Sun December 08 2019

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Kier shareholders reject directors' pay deal

18 Nov Kier shareholders have voted down the board’s plan to pay its directors sums that could top £1m.

Andrew Davies – paid too much?
Andrew Davies – paid too much?

At Kier’s annual; general meeting on Friday nearly 54% of shareholders voted against the resolution to approve the directors’ remuneration report.

Kier chief executive is on a basic salary of £595,000 a year, plus 7.5% pension and a bonus of up to £743,000. His package also includes share options and long term incentives.

Kier’s share price has dropped from around £8 a share a year ago to a low of 58 pence in the summer. The company made a pre-tax loss of £245m for the year to June 2019. A new chief executive, Andrew Davies, joined in April to sort out the company’s financial problems.

Kier said that it was talking to its major shareholders regarding their concerns about the board’s remuneration policies,

It said after the AGM: “The remuneration committee will engage further with the Company's shareholders and the proxy advisers to understand their views and to decide how to address them. In addition, the remuneration committee will consult with shareholders when reviewing the company's remuneration policy, which shareholders will be asked to approve at the 2020 AGM.”

It added: “The company will publish an update within the next six months on the views it has received from shareholders and the actions it has taken, or proposes to take, in response.”

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