StockMarketWire.com - Convenience store group SSP said it would undertake a further round of consultation with investors following a significant vote against its remuneration report at its annual general meeting in February.

The company said that feedback to date indicated that the disclosure of its annual bonus plan was a key area of concern for investors.

SSP said it would also consult with proxy advisors regarding pay awarded in 2019, as well as gathering views on its future remuneration arrangements.

The company said it had amended annual bonus terms for chief executive Simon Smith, such that it would be determined by both the financial performance of the group and his personal performance against objectives.

At the AGM, a significant proportion of investors also voted against the re-election of chairman Vagn Sorensen, amid concern about the length of his tenure and weight of his external responsibilities.

'The board and the senior management team continue to believe that Vagn is a very effective independent chairman, SSP said.

Sorensen had extensive experience and knowledge of the business, while the company said his dedication and leadership had been invaluable, particularly during Smith's transition to CEO, succeeding Kate Swann.

'In line with our commitments made in the response to the AGM results on 21 February 2019, the board will continue to engage with shareholders on this topic and will keep Vagn Sorensen's portfolio of board appointments and the length of his tenure as a director under review.'

'The board looks forward to engaging further with shareholders on these two matters over the coming months.'



At 2:56pm: [LON:SSPG] SSP Group Plc share price was +5.5p at 694.5p



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