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(Alliance News) - Dialight PLC on Wednesday said it has engaged with top shareholders and reviewed reasons for the low levels of support shown in respect of three resolutions proposed at the annual general meeting in April.
The industrial lighting technology firm engaged with 16 top investors to address concerns regarding the company's 2019 remuneration report. At the company's annual meeting, 29% shareholders voted against the remuneration report.
Dialight said, of the concerns identified, the issue relating to remuneration to a former chief executive officer will be now non-recurring, whereas issues concerning pay levels of current chief executive officer and chair have been addressed and disclosed on the company's website.
The remaining remuneration issue primarily concerned with operation of a performance bonus scheme and will be addressed either in the company's draft 2020 remuneration report or by the Remuneration Committee in setting performance targets for future awards, Dialight said.
In respect of resolutions 15 and 16 regarding pre-emption rights, Dialight said it also recognised that there were significant votes against, principally from three shareholders, one of whom no longer holds shares in the company.
Dialight said it has consulted with each of these shareholders and will take note of their objections when deciding whether or not to seek similar such powers at the 2020 annual general meeting and when drafting explanatory notes in relation to the use by the company of any such powers granted.
Dialight shares were trading 7.6% lower on Wednesday in London at 311.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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