REG - Wizz Air Holdings - 2021 Annual General Meeting Update

Wizz Air HoldingsAnnouncement

21/01/2022 07:05

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RNS Number : 1491Z  Wizz Air Holdings PLC  21 January 2022

2021 Annual General Meeting Update

 

LSE: WIZZ

 

Geneva, 21 January 2022: At the Wizz Air Holdings Plc ("Wizz Air" or "the
Company") Annual General Meeting ("AGM") held on 27 July 2021, all resolutions
proposed were approved by shareholders. Two of those resolutions, the
Directors' Remuneration Policy; and the Wizz Air Value Creation Plan ("VCP")
were supported by 67% and 68% of shareholders, respectively. Consequent on
this vote, the Company engaged with shareholders to solicit their feedback on
voting at the AGM.

 

Background

In advance of the 2021 AGM, the Wizz Air Board engaged in an extensive
consultation with a majority of shareholders to discuss the proposed
Remuneration Policy and VCP; and to set out the primary drivers of the
proposals. Following multiple rounds of shareholder engagement, the Board
incorporated shareholder feedback into the final proposals put to shareholders
at the AGM.

 

Post AGM Engagement

While the Board was pleased that the majority of shareholders approved all AGM
proposals, the Company conducted a further consultation following the meeting
to solicit further feedback from shareholders on the Remuneration Policy and
the VCP. As outlined, the structure of the VCP was updated to incorporate
shareholder feedback prior to the AGM. Despite recognising the stretch nature
of targets and the role of the plans in retaining and incentivising the senior
leadership team, some shareholders reiterated during the post AGM consultation
that they considered the maximum potential payout to be excessive.
Shareholders were broadly supportive of the other elements of the Remuneration
Policy. Understanding that shareholders and other representative bodies are
fine tuning their policies regarding the adoption of VCPs, particularly after
the increase in their adoption during the 2021 AGM season, the Board looks
forward to maintaining an ongoing dialogue with shareholders on remuneration
and related issues. The Board appreciates the time and engagement of its
shareholders in this process and, acknowledges and respects the views
expressed by some shareholders in the comments to the proposals at the AGM.

 

The Board believes it has taken the right decisions in the interest of the
business and its stakeholders as a whole; and implemented a series of plans
which will incentivise superior performance, from an all-time high share
price, over the next five years.

 

The Board, through the Remuneration Committee, is committed to structuring
incentive arrangements that serve to support the business in retaining key
talent and delivering strong returns to shareholders, while remaining
conscious of the wider stakeholder experience and business performance.

 

The Board would like to thank all shareholders that took part in engagement
and values the feedback and insight it has gained through the process.

 

-Ends-

 

 

ABOUT WIZZ AIR

Wizz Air, the fastest growing European low-cost airline, operates a fleet of
149 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals
delivers superior service and very low fares, making Wizz Air the preferred
choice of 10.2 million passengers in the financial year F21 ending 31 March
2021. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ.
The company was recently named one of the world's top ten safest airlines
by airlineratings.com (http://airlineratings.com/) , the world's only safety
and product rating agency, and 2020 Airline of the Year by ATW, the most
coveted honour an airline or individual can receive, recognizing individuals
and organizations that have distinguished themselves through outstanding
performance, innovation, and superior service.

 

 

 For more information:

 Zlatko Custovic, Wizz Air:                             +36 1 777 9407
 Christie Rawlings, Wizz Air:                           +36 70 685 1583/ +44 78 1115 5205
 Natasha Seager Smith, Wizz Air:                        +36 1 777 8475
 Edward Bridges / Jonathan Neilan, FTI Consulting LLP:  +44 20 3727 1017

 

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