5. Relations with shareholders

Throughout the year the Company maintains a regular dialogue with institutional investors and market analysts, providing them with such information on the Company’s progress and future plans as is permitted within the guidelines of the Listing Rules. In particular, twice a year, at the time of announcing the Company’s half and full year results, they are invited to briefings given by the CEO and CFO. 

The Company’s major institutional shareholders have been advised by the CEO that, in line with the provisions of the Code, the Senior Independent Director and other non-executives may attend these briefings and, in any event, would attend if requested to do so.

During the year the board responded to the following key issues:

  • The Remuneration Report at the 2018 AGM was rejected by 58% of the shareholders the Board listened to concerns of shareholders and the Chair of the Remuneration Committee has attended a series of meetings with investors to understand their concerns more fully. In response to shareholder views, the Committee has refined the measurement of executive management performance targets and has set performance targets which the Board considers to be challenging. 
  • The Board dedicated significant resources towards engaging with an active shareholder who had requisitioned a general meeting. After coming to an accord this meeting was cancelled and the resolutions withdrawn. 

All shareholders are given the opportunity to raise matters for discussion at the AGM, for which more than the recommended minimum 21 working days’ notice is given. 

Details of proxies lodged in respect of the AGM will be published on the AGM page as soon as is practicable following the meeting. Significant interests in shares are detailed in the annual report.