Electronic trading major IG Group Holdings plc (LON:IGG) has just posted the results of the Annual General Meeting (AGM) held earlier today.
All resolutions put to vote were approved by the shareholders. The list of resolutions included, among other things, the (re-)election of directors, as well as an advisory vote on the Directors’ Remuneration Report. The latter resolution was passed with 97.77% of the votes cast in favor of the report.
Let’s note that the salaries for the Executive Directors for 2021 will be increased in line with the wider UK workforce by 0.73%. June Felix’s new salary, which applies from 1 June 2021, is £614,500.
There are no planned changes to the incentive levels in the 2022 financial year, with the maximum opportunity under the SPP remaining at 500% of salary for the CEO and 400% of salary for the other Executive directors. SPP awards for the 2022 financial year will continue to be based 55% on Eps performance, 25% on Tsr performance relative to the FTSE 250 (excluding investment trusts) and 20% on non-financial measures.
The company has been keeping abreast of remuneration regulatory developments, particularly with the introduction of the FCA’s new Investment Firms prudential regime (IFPR) and the EU’s Investment Firm directive and regulation (IFD/IFR), which will impact IG Group’s regulated Entities – including IG Index limited, IG Markets limited, IG Europe GmbH, spectrum MTF operator GmbH and Brightpool limited – from the 2023 financial year onwards for UK companies and from 26 June 2021 for non-UK companies.
The Group is in the process of implementing these new rules and will consult with shareholders if any substantive changes are required to the directors’ remuneration policy.