The notice of the Annual General Meeting of Safestore to be held on Wednesday 22 March 2017 includes proposals to adopt a new Directors’ Remuneration Policy and the Long Term Incentive Plan (LTIP), which is intended to replace the existing LTIP (the proposals).
Following consultations with shareholders, Safestore no longer intends to seek shareholders’ approval for the proposals. As a result, the existing Directors’ Remuneration Policy as approved by shareholders at the 2014 AGM will remain in place to 31 October 2017 during which time the Company will seek shareholder approval for a new Directors’ Remuneration Policy.
Chairman Alan Lewis said: “After an extensive consultation process which resulted in amendments to and tightening of performance conditions, the Board had proposed a new and innovative long term incentive plan. Its central aim was to incentivise and reward a wider group of executive directors and senior management to drive corporate performance over the next five years.
While we have received considerable support from shareholders on the proposed structure it is clear that for others concerns remain. Under these circumstances the Board considers it appropriate to withdraw the remuneration proposals. The Board will continue to engage in dialogue with shareholders to find a solution that best meets the needs of all.”
SAFE : Safestore withdraws incentive plan proposal