Post 2021 AGM Shareholder Engagement
Foxtons Group plc
(the "Company" or "Foxtons")
29 September 2021
Post 2021 AGM Shareholder Engagement - Update Statement
At the Annual General Meeting (the "AGM") of Foxtons Group plc held on 22 April 2021, Resolution 2, an advisory vote on the implementation of the Company's 2020 Remuneration Policy (the "Policy"), and Resolution 6, the reappointment of Alan Giles, the Chairman of the Remuneration Committee, were approved by 60.63% and 67.41% of shareholders, respectively.
The Committee has consulted with its larger shareholders to understand their views. The performance of the business in 2020 met the conditions set out in the remuneration framework for the payment of bonuses but, considering the circumstances, the Committee exercised its discretion by reducing this award by 50%. Despite the discretion, it was clear that a significant proportion of shareholders did not agree with the decision to pay bonuses to Executive Directors under the Bonus Banking Plan, because the Company had benefited from Government support.
The Policy, which itself was approved by 79% of voting shareholders at the 2020 AGM, was designed to better align executives reward with shareholders' interests. The Remuneration Committee acknowledges shareholders' concerns around the implementation of the policy in 2020, however believes the decisions were appropriate and in the long term interests of stakeholders.
While the Board believes the Policy approved at the 2020 AGM is the best structure to drive long-term shareholder value and stakeholder interests in a highly cyclical business such as Foxtons, we will review the Policy during the year ahead, in consultation with shareholders, to ensure that it continues to be in the best interests of the Company and its shareholders in the longer term.
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For further information please contact: |
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Foxtons Group plc |
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Christopher Hough, Company Secretary |
+44 20 7893 6322 investor@foxtonsgroup.co.uk |
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Sanctuary Counsel |
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Robert Morgan / Rachel Miller |
+44 7557 413 275 / +44 7918 606 667 |
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