Kentz Corp., an Irish oil-engineering company, said it will revise its policy on directors’ pay after shareholders voted measures down at the annual general meeting.
The changes would allow “emergency payments which might not otherwise be set out” in the policy and gives the renumeration committee “discretion to pay additional benefits in exceptional circumstances,” according to the company’s 2013 annual report.
“The issue is that shareholders object to a clause in the remuneration report about the company having discretion to make additional payments based on unforeseen or exceptional circumstances,” Alex Brooks, an analyst at Canaccord Geunity Corp. in London, said by phone.
Kentz will consult further with shareholders to make sure it fully understands their concerns and will come up with a new policy in due course, it said in an e-mailed statement. All resolutions proposed today apart from the two relating to directors’ pay were passed, it said.
The shares fell 3 percent to 668 pence at the close in London trading, valuing the company at 792 million pounds ($1.3 billion).
The company said today it sees “considerable” growth for the group in 2014 and is confident of delivering on targets after backlog rose to $4.5 billion in the four months to the end of April compared with $2.8 billion a year earlier.