RNS Number : 3260T
Foxtons Group PLC
13 November 2019
 

Foxtons Group plc

("Foxtons" or the "Company")

Update on May 2019 Annual General Meeting ("AGM") Results

 

In our AGM Statement the Board acknowledged the concerns raised by Shareholders regarding the FY2018 bonus outcomes and the impact this had on the level of support for the resolution approving our 2018 Annual Report on Remuneration (passed with 78%).

As committed to in the AGM Statement, the Committee has now conducted a detailed review of the current Remuneration Policy, resulting in a new proposed Remuneration Policy to be submitted for Shareholders' approval at the 2020 AGM. As part of this review, the Committee considered the changes in the UK Corporate Governance Code along with shareholder and UK remuneration governance guidelines. In addition, the Committee looked at the particular concerns raised by Shareholders in relation to the FY2018 bonus outcomes, namely:-

·      The payment of bonus on personal and strategic objectives despite not achieving the financial targets;

·      The weighting of the bonus to personal and strategic objectives;

·      The selection of some of the personal and strategic objectives and their level of granularity;

·      Insufficient disclosure of the personal and strategic objectives and their basis of satisfaction.

The Committee has addressed all the above issues in the new proposed Remuneration Policy.  

In line with our commitment to maintaining an open and transparent dialogue with Shareholders, we will shortly be consulting with all major Shareholders to gain their input on the new proposed Remuneration Policy before its finalisation.

 

13 November 2019

 

For further information please contact:

Foxtons Group plc


Richard Harris, Chief Financial Officer

Muhammed Patel, Investor Relations

+44 20 7893 6261

LEI: 5493001HCMG6R1MYKC59

 


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