(Alliance News) - De La Rue PLC on Thursday said it was "disappointed" after 48% of votes at its annual general meeting were in opposition to its remuneration report
The banknote and passport printer said it was "disappointed with the lower level of support received for the advisory vote" on its remuneration report for the year to March 2019, noting that it has "received strong support" for its report and policy in recent years.
The company said it had spoke to shareholders who voted against the report and found that they had "different and sometimes contrasting factors in reaching their decisions", including the recommendation to vote against it by proxy agency ISS.
De La Rue noted that "the proxy agencies PIRC and Glass Lewis both recommended that shareholders vote in favour".
"The company is committed to continuing to engage with shareholders to further understand and determine how best to address their concerns. The remuneration committee will seek shareholder views as the company develops the new directors' remuneration policy which will be put forward for approval at the 2020 AGM in line with our usual cycle for renewal," said De La Rue.
Shares in De La Rue closed up 1.5% at 234.50 pence on Thursday.
De La Rue (DLAR)