SIG shareholders unhappy with payment to Steve Francis
Materials firm SIG has promised to look at how much it rewards its executives after it narrowly saw off a shareholder revolt over plans to hand chief executive Steve Francis a 拢375,000 payout.
Described by the firm as a one-off payment, it attracted the ire of shareholders in the embattled company who have in recent months seen it dive to a 拢112m pre-tax loss, pull plans to sell its insulation panels business to Kingspan for 拢37.5m and turn to a cash-raising initiative to drum up 拢165m in new equity.
More than 44% of shareholders voted against the plan to award Francis (pictured), who was appointed in February, the money which it was said was made 鈥渙utside the terms of the Directors鈥� Remuneration Policy鈥�.
The firm, which furloughed 2,000 staff at the height of the covid-19 pandemic, added: 鈥淸The company] acknowledges that a significant number of votes were cast opposing the resolution [to pay the 拢375,000].
鈥淭he Board intends to consult with shareholders on amendments to the Directors鈥� Remuneration Policy, including with respect to long term incentive plan arrangements, over the coming months and will include consultation with relevant shareholders as part of this process.鈥�
The announcement was made as part of SIG鈥檚 general meeting which rubber-stamped a 拢165m equity raise which included 拢60m from New York private equity firm Clayton, Dubilier & Rice.
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