Pushback on incentive schemes
Almost one in five shareholders opposed the proposed amended share plan at the AGM of Genus last week.
According to voting results released by the company, 19.15% opposed the scheme, with minimal abstentions. PIRC had recommended that shareholders oppose the plan, in part because of concerns about potential excessiveness. The company also saw a vote against its remuneration report of just under 9%.
Elsewhere Kofax received a vote of 17% against its new equity incentive plan. That’s actually an improvement on last year, when Kofax was defeated on an incentive scheme proposal. PIRC had recommended opposition due to concerns that the plan was overly dilutive and that individual limits under the plan were excessive at 400% of earnings. The company also saw votes over 10% against two non-executives.