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Results of AGM/EGM

Crest shareholders unhappy directors' remuneration

23 March 2017 14:23

Crest Nicholson has announced that the resolution to approve this year's directors remuneration report was not carried.

The Company said it understands from dialogue with shareholders ahead of the AGM that the main area of concern relates to the profit before tax per share targets for the 2017-2019 LTIP which makes up 50% of the performance condition.

Crest added:

"As stated previously, the Board expects the rate of profit growth will remain robust but not at levels seen in recent years due to tough comparators, additional investment in land, examining approaches to offsite manufacture and a new division required to support our stretching annual growth targets of 4,000 new homes and £1.4 billion of sales by 2019.

"The PBT Element was agreed by the Remuneration Committee after taking into account those factors, and taking into account the uncertain economic backdrop and the competitive environment in which the Company operates. The remaining 50% of the LTIP is based on targets relating to return on capital employed, ensuring a balance of profitability and capital efficiency for shareholders. The Committee believes that this combination of measures presents a sufficiently stretching LTIP.

"Every year, we have a regular dialogue with leading shareholders on a range of matters including remuneration. During the course of this year, we will continue this engagement with shareholders and will discuss remuneration arrangements and next year's LTIP targets; and seek to better communicate underlying rationale to shareholders with earlier engagement."

At 2:23pm: (LON:CRST) Crest Nicholson Holdings Plc share price was -6.25p at 554.75p

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