Media reports earlier this week that the Playtech agm today (Wednesday) could see fireworks over investor concerns concerning executive remuneration (see preceding Infoowa report) have been followed closely by a statement from the company on this contentious issue and the way that stakeholders voted.
The announcement details the results about the resolution on remuneration:
For: 98,840,469
Against: 137,203,120
Votes withheld: 1,773,241.
Playtech’s Wednesday afternoon announcement noted that the Annual Report on Remuneration did not pass, commenting:
“Ahead of this AGM, Playtech ran an in-depth shareholder engagement programme to be able to better understand shareholders’ objections to certain areas of the remuneration policy.
“But in what’s an extremely active and energetic industry, Playtech’s Remuneration Committee has sought to balance the parameters of a publicly listed firm’s remuneration policy with the requirement to retain and incentivise its leadership team.
“The Company has considered the factors for the results of the meeting, reflected in the voting results concerning the remuneration report and the re-election of John Jackson, the Chairman of the Remuneration Committee and Alan Jackson, Chairman of the Board, and will take them into consideration in the execution of its remuneration policy moving forward.
“Playtech intends to review the composition of its Remuneration Committee and discussions are also underway with prospective candidates to join the Board as a non-executive manager. ”
Alan Jackson, Group Chairman, said: &ldquoWe have listened to our customers and we understand their concerns. We’re devoted to working with investors to tackle the issues raised moving forward”.
