- Home repairs and improvements provider HomeServe said it was proposing a change to its pay policies after a substantial number of shareholders voted against its remuneration report.

At HomeServe's annual general meeting on 19 July, the remuneration report was supported by a substantial majority of shareholders but received less than 80% support.

Some shareholders expressed concerns about payments made to two directors who left in 2018 and whose departures were announced prior to the start of their notice periods.

The company was now planning to amend its remuneration policy to specify that if notice was served to an executive director, that would commence at the date of announcement and therefore allow for no more than 12 months' pay from the date of announcement.

'Feedback from the consultation is that shareholders recognise this change would prevent the situation which caused concern from occurring again and on that basis are fully supportive of this change,' Homeserve said.

The proposed new policy would be subject to a vote at the AGM on 17 July 2020.

At 1:26pm: [LON:HSV] Homeserve PLC share price was +4p at 1272p

Story provided by