Proactive Investors - Travis Perkins (LSE:LON:TPK) said it has listened to why almost 21% of votes were cast against its executive pay scheme at the last annual meeting, but it is not going to change it.
The builders' merchant has appointed a new chairman and chief executive since April's meeting, with Pete Redfern now CEO and Geoff Drabble to become chairman ‘as soon as his capacity allows’.
With regards to management pay, the struggling FTSE250 business said that after talking to its dissenting owners, the consistent theme was “A lack of support, in the context of current underlying performance, for elements of the company’s Restricted Share Plan (“RSP”).”
Even so, having only been introduced in 2021, the board does not think it would be in the best interests of shareholders to change its long-term incentive plan so soon.
“The company believes that the RSP remains an appropriate element of its executive remuneration package and continues to fulfil its aims and objectives of simplifying and focusing executive remuneration in order to support long-term sustainable business performance, and aligning the management and shareholder experience.”
Shares in Travis dipped 0.8% to 794p and are down 15% since a trading update in the last week of October.