ZPG receives significant shareholder vote against remuneration report
Source - SMW
ZPG Group, which owns the Zoopla property website, said a significant minority of shareholders had voted against its remuneration report at the company's annual general meeting.
A vote of 25.56% was recorded against the adoption of the remuneration report, while a vote of 31.94% was cast against a revised directors' remuneration policy.
ZPG said its remuneration committee would engage with dissenting shareholders to discuss their concerns.
'It is the committee's initial understanding that some shareholders were concerned with the level of salary rise to our CFO, Andy Botha, of 16.4%,' committee chair Sherry Coutu said.
'The increase for the CFO encompassed the annual adjustment for all employees of 6% plus ongoing adjustment to bring the CFO's salary in line with ZPG's targeted market positioning as he grows in the role and based on his performance to date.'
The company had set Botha's salary materially below the market on appointing him to the position to reflect his lack of experience as a FTSE 250 CFO.
'The changes made by the committee to his remuneration over the previous two financial years are to bring his remuneration more in line with the market as he gains experience and based on his excellent performance in the role since appointment,' Coutu said.
At 1:20pm: (LON:ZPG) Zoopla Property Group share price was +0.8p at 348.6p