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British multinational plumbing and heating products distributor based in Wokingham today announced an update to the results from the 2020 annual general meeting.
At the meeting held in December last year, the companys remuneration report received marginally less than 80% support from shareholders.
Some shareholders expressed concern about the lack of disclosure on how bonuses were determined for Executive Directors. Fergusons remuneration committee were also made aware that a small portion of shareholders would oppose the resolution due to a lack of post-employment shareholding requirements, bonus structures, and the companys long term incentive plan scorecard.
As a consequence of the dissatisfaction, the remuneration committee will be implementing various measures including: greater transparency to shareholders in the 2021 annual report, an increase in shareholding requirement for the CEO, and at the next remuneration policy review in 2022, to further review metrics and consideration of feedback from shareholders on bonus structure.