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SSP Group PLC (SSPG)

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Tuesday 25 August, 2020

SSP Group PLC

Interim Statement

RNS Number : 0806X
SSP Group PLC
25 August 2020
 

                                                                                                                      LEI: 213800QGNIWTXFMENJ24

                                                                                                                                                25 August 2020

SSP Group plc

(the "Company")

 

Interim Statement

 

In line with Provision 4 of the 2018 UK Corporate Governance Code (the "2018 Code"), the Board has released this statement to provide an update to shareholders on the actions taken following the outcome of Resolution 2: Approval of the Remuneration Report at the 2020 AGM.

Resolution 2: Approval of the Remuneration Report

Ahead of the 2020 AGM the Remuneration Committee Chair wrote to shareholders making up 75% of our shareholder base in order to understand their views of executive remuneration at SSP Group. This was followed by meetings with shareholders representing 64% of our shareholder base. The Remuneration Committee appreciated the feedback received and the level of engagement from our shareholders. Following these consultations we made a number of improvements to our executive remuneration framework, including:

· the introduction of the mandatory deferral of at least 33% of any bonus;

·increasing our minimum shareholding requirements to 250% of salary and 200% of salary for the Group CEO and Group CFO respectively;

· the introduction of a post-employment shareholding requirement;

· introducing non-financial objectives into the Group CEO's annual bonus by basing 20% of total bonus opportunity on objectives linked to the Group's strategic goals; and

· improved disclosure of our annual bonus targets.

 

Following the 2020 AGM outcome in respect of the Remuneration Report, the Board sought further feedback.  The Committee understood that the key areas of concern were the legacy leaving arrangements for Kate Swann, our former Group CEO, and the increased salary and Performance Share Plan opportunity for Jonathan Davies, our Group CFO, following the material increase to his remit and responsibilities in early 2019. The background to the leaving arrangements for Kate Swann was very specific to the circumstances of the timing of her departure and handover to the new Group CEO. However the Committee recognises shareholders' concerns on these matters.

During the year SSP, as a travel-based food retailer, has been significantly impacted by COVID-19. In response, the Board has taken all available actions to protect profit and preserve cash, whilst working closely with our clients and other stakeholders to maintain appropriate service levels. These actions included significant salary reductions across all senior management, the Group Executive and Group Board.

The Committee intends to continue engagement with shareholders over the coming months regarding our approach to executive pay in the current environment and, in line with the normal three year cycle, our review of the Directors' Remuneration Policy.

In line with the 2018 Code, a final summary of the above matter will be included in the 2020 Annual Report.

Approved by SSP Group plc

25 August 2020

 

For further information contact:

Helen Byrne, General Counsel  &  Company Secretary, SSP Group plc

Email:  [email protected]

Investor and analyst enquiries

Sarah John, Director of Corporate Affairs, SSP Group plc

Email:  [email protected]

About SSP    

SSP is a leading operator of food and beverage concessions in travel locations worldwide, operating restaurants, bars, cafés, food courts, lounges and convenience stores in airports, train stations, motorway service stations and other leisure locations.

Prior to the onset of COVID‐19, during 2019 SSP Group employed c 40,000 colleagues (on average) around the world, serving around one and a half million customers every day at approximately 180 airports and 300 rail stations in 36 countries around the world and operated more than 550 international, national and local brands across our c. 2,800 units.  www.foodtravelexperts.com .

 

 

 

 

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