Shareholder revolt over executive pay at bathroom specialist
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Norcros, the bathroom specialist, has suffered a major shareholder revolt over executive pay proposals.
At its AGM yesterday, the firm, which owns Nuneaton-based Triton and Stoke-based Johnson Tiles and Norcros Adhesives, saw over 30% of shareholder votes go against a resolution to approve directors’ pay, with just under 70% in favour.
The moves comes after a period of recovery for the firm. In the UK, revenues almost doubled for the 13 weeks to July 4.
A statement from Norcros said: “The Remuneration Committee and board are obviously disappointed with the outcome of the voting on the remuneration report. Whilst we believe our executive remuneration arrangements are fully aligned with our Directors’ Remuneration Policy, which was approved by a significant majority of our shareholders at our 2020 AGM, we place great value on direct engagement with and feedback from our shareholders. We will continue our active dialogue with shareholders; particularly those who decided to vote against this resolution to understand more fully their views.
“We will publish an update on that engagement and on any action taken as a result of this within six months of the AGM, in accordance with the UK Corporate Governance Code.”