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On The Beach To Reflect On Pay After Concerns Raised About Report.

(Alliance News) - On The Beach Group PLC said Friday it will reflect on feedback provider about its pay report after concerns were raised about its handling of engagement surrounding a significant minority vote against the report.

In February, a "significant minority" of 21% voted against the remuneration report of the travel firm at its annual general meeting. On The Beach said its understands this opposition was "primarily" due to the salary increase awarded to Chief Financial Officer Paul Meehan.

In 2018, Meehan saw his base salary jump 42% to GBP253,000 from GBP178,000 the year prior.

"There was an active engagement process with shareholders to discuss all of the changes being made to the remuneration arrangements, including this salary increase, ahead of the publication of the annual report and the company's major shareholders were supportive of the proposed changes," On The Beach said in a statement.

On The Beach added that it "believes that the salary increase awarded resulted in an appropriate market positioning as Paul Meehan has become more established in his role and taken on a wider range of responsibilities since his appointment in 2017."

The firm explained, however, that as its major shareholders were "supportive" of the changes being made and voted 82% in favour of its remuneration policy the firm had taken "no action" or further engagement with shareholders over the significant voted against the report.

"The remuneration committee has however noted the concerns raised by some of its shareholders and the proxy organisations as part of the engagement process prior to the AGM," On The Beach added.

"The remuneration committee will reflect on this feedback as it considers the remuneration of the executive directors for future years, whilst maintaining focus on alignment with the best interests of shareholders and also with the company's overarching reward principles," On The Beach added.

Shares in On The Beach were 1.3% lower at 470.42 pence in London on Friday.

By Ahren Lester; ahrenlester@alliancenews.com

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Publication:Alliance Newswire
Date:Jul 26, 2019
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