REG - Pearson PLC - Result of AGM - Update Statement

PearsonAnnouncement

31/10/2023 10:45

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RNS Number : 8775R  Pearson PLC  31 October 2023

Pearson plc

 

Results of Annual General Meeting on 28 April 2023 - Update Statement

 

In accordance with the UK Corporate Governance Code, Pearson plc ("Pearson" or
the "Company") is providing this update following the outcome of the Annual
General Meeting ("AGM") on 28 April 2023. Whilst the Board very much
appreciated the support shown by the majority of shareholders, it was
naturally disappointed a significant minority of shareholders (46.37%) voted
against Pearson's Directors' Remuneration Policy ("Policy").

 

In advance of finalising the Policy prior to the AGM, Pearson undertook an
extensive shareholder consultation exercise and directly engaged with or
received feedback from shareholders accounting for more than half of Pearson's
ownership and key shareholder representative bodies. In light of the outcome
at the AGM and given the Company's commitment to an ongoing and transparent
dialogue with shareholders and their advisers, a further engagement exercise
was initiated to understand shareholders' views on the Company's executive
remuneration arrangements following the AGM vote.

 

To date, the feedback has focused primarily on the extent of the increases in
variable incentive opportunities in both our annual and long-term incentive
plans, including the decision to increase the maximum incentive opportunities
in one year rather than over a number of years. Attracting and retaining the
right calibre of talent has been and will continue to be crucial in delivering
on our strategy, accelerating the growth of our Company and creating long-term
sustainable value for all stakeholders. The Committee believes that the Policy
is necessary for remaining competitive in the global talent market as
reaffirmed by the Board's recent appointment of Omar Abbosh as the Company's
new Chief Executive Officer. Omar is a highly regarded global leader with over
30 years of experience in enterprise technology and will be joining Pearson
from Microsoft, one of the world's largest multinational technology companies.
The Board is therefore delighted to have attracted such an outstanding
candidate as Omar with remuneration arrangements that are consistent with the
Policy. Further, incentives at Pearson will only be realised in full if
stretching annual and longer-term performance targets are met and the
Committee has a demonstrated track record of ensuring that pay outcomes
reflect performance and the wider stakeholder experience.

 

Pearson would like to thank all those who participated in the engagement
exercise in the run-up to and following the AGM. All feedback received is
invaluable to the Remuneration Committee. Pearson is committed to having a
constructive and positive relationship with our shareholders and their
advisors and will continue to engage as appropriate going forward.

 

 

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