REG-Travis Perkins Travis Perkins: Statement regarding shareholder consultation

Travis PerkinsAnnouncement

18/11/2024 09:15

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   Travis Perkins (TPK)
   Travis Perkins: Statement regarding shareholder consultation

   18-Nov-2024 / 09:00 GMT/BST

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                       Travis Perkins plc (the “Company”)

                                        

             Statement regarding shareholder consultation following

               voting at the 2024 Annual General Meeting (“AGM”)

    

   As announced following the Company's AGM on 22 April 2024, 79.06% of votes
   cast were in favour of resolution 3 and 76.41% of votes cast were in
   favour of resolution 12.  The details of those resolutions were:

    

   Resolution 3:  To receive and approve the Directors’ remuneration policy,
   which is contained in the Directors’ remuneration report as set out on
   pages 112 to 119 of the Annual Report and Accounts for the financial year
   ended 31 December 2023 which will take effect from the date of its
   approval.

    

   Resolution 12: To re-elect Jasmine Whitbread as a Director of the Company.

    

   Addressing resolution 12 first, Jasmine Whitbread stood down from the
   Board of the Company on 31 May 2024.  A rigorous and extensive search
   process led to the appointment in July of Geoff Drabble to the Board as a
   Non-executive Director & Chair Designate.  He joined the Board on 1
   October 2024 and will take up the position of Chair of the Board as soon
   as his capacity allows.  In the meantime, Jez Maiden (Senior Independent
   Director) is acting as Interim Chair of the Board.

    

   In relation to resolution 3, the Company engaged with shareholders, first
   to seek confirmation of how they cast their vote at the AGM, subsequently
   following up, where shareholders sought further engagement, to gain a
   better understanding of why they voted as they did.  Either through
   initial responses received, through further engagement, or as a result of
   previously articulated positions, the Company believes that it understands
   the rationale behind the majority of votes which did not support
   resolution 3.  The consistent theme identified was a lack of support, in
   the context of current underlying performance, for elements of the
   Company’s Restricted Share Plan (“RSP”).

    

   The RSP was approved by shareholders at the Company’s AGM in 2021 with
   88.02% of votes cast in favour of the Plan.  The RSP was introduced
   following a comprehensive shareholder consultation process and the Company
   does not believe it would be in the best interests of shareholders, the
   significant majority of whom supported its Directors’ Remuneration Policy
   at the 2024 AGM, to change its long term incentive plan so soon after its
   introduction.  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.

    

   The Company will continue to engage with shareholders generally on
   remuneration related matters.  Consistent with the provisions of the UK
   Corporate Governance Code 2018 a final summary will be provided in the
   Company’s next annual report.

    

   Robin Miller

   General Counsel & Company Secretary

   +44 (0)7515 197975

    1 robin.miller@travisperkins.co.uk

    

   Enquiries:

    

   Travis Perkins                   FGS Global
   Matt Worster                     Faeth Birch / Jenny Davey / James Gray
   +44 (0)7990 088548               +44 (0)207 251 3801
   matt.worster@travisperkins.co.uk TravisPerkins@fgsglobal.com

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BK9RKT01
   Category Code:  MSCL
   TIDM:           TPK
   LEI Code:       2138001I27OUBAF22K83
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   359527
   EQS News ID:    2031509


    
   End of Announcement EQS News Service

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References

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   1. mailto:robin.miller@travisperkins.co.uk


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