Media reports earlier this week that the Playtech agm today (Wednesday) could see fireworks over investor concerns regarding executive remuneration (see previous Infoowa report) have been followed by a statement from the company on this clearly contentious issue and how stakeholders voted.
The statement details the results on the resolution on remuneration:
Total votes cast: 231,043,589
Votes withheld: 1,773,241.
Playtech's Wednesday afternoon statement noted that the Annual Report on Remuneration did not pass, commenting:
“Ahead of the AGM, Playtech conducted an in-depth shareholder engagement programme in order to better understand shareholders' objections to specific parts of the remuneration policy.
“In what is a highly active and dynamic sector, Playtech's Remuneration Committee has sought to balance the parameters of a publicly listed company's remuneration policy with the need to retain and incentivise its leadership team.
“The Company has considered the reasons for the results of today's meeting, reflected in the voting results regarding 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 these into account in the implementation of its remuneration policy going forwards.
“Playtech intends to review the composition of its Remuneration Committee and discussions are also underway with potential candidates to join the Board as a non-executive director.”
Alan Jackson, Group Chairman, said: “We have listened to our shareholders and we understand their concerns. We are committed to working with shareholders to address the issues raised going forward”.