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Greencore to 'Re-engage' With Shareholders As 40% Reject CEO's New Pay Deal

Published on Feb 1 2017 2:27 PM

Greencore to 'Re-engage' With Shareholders As 40% Reject CEO's New Pay Deal

 

Greencore will re-enage with it's shareholders on the remuneration of it's CEO Patrick Coveney, as 40% rejected the move to double the maximum long-term share bonus he maybe entitled to. This motion was agreed upon at the convenience groups annual general meeting which took place yesterday, according to Irishtimes.ie

Reportedly, Greencore chairman Gary Kennedy said that the outcome of the non-binding vote would prompt it to consult again with it's investors again over the next year.

This will particularly be the case for new shareholders who backed a €512.1 million share sale in December 2016, to partly fund Greencore’s purchase of US good group Peacock Foods, he said.

Seemingly, Institutional Shareholder Services (ISS), advised investors ahead of yesterdays meeting to vote against the new pay deal to double the amount that could be granted to Coveney under a so-called performance share plan, to 200% of salary, for the year to September.

In the 13 weeks to December 30th, Greencore reported revenue of €485 million up 17.1% on the previous year

© 2017 - Checkout Magazine by Donna Ahern

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