Ashtead Group PLC - Proxy Report - 11/09/2018
Leadership Changes
Paul Walker was appointed as Chairman Designate on July 2, 2018. He will assume the role of Chairman.
The current Chairman, Christopher Cole, will retire from the Board on September 10, 2018, the day before the AGM. He is currently Chairman of the Nomination Committee and we note that there is insufficient gender diversity on the Board.
Item 2: Approve the Remuneration Report
The structure is unacceptable. Although it is more weighted toward the long term, the weighting difference is minor. Furthermore, the maximum bonus exceeds guidelines and the quantum is excessive. Accelerated vesting in the event of a change of control is possible and pension contributions exceed guidelines.
Item 11: Appoint the Auditors
The auditor's tenure exceeds the limits set out in our guidelines and may undermine
auditor independence.
Ashtead Group is an international equipment rental company. Co. rents a range of construction and industrial equipment across a variety of applications to a diverse customer base. Co.'s equipment can be used to lift, power, generate, light, move, dig, compact, drill, support, access, scrub, pump, direct, heat and ventilate. Co.'s rental fleet ranges from hand-held tools to construction equipment. As of Apr 30 2017, Co. had 612 stores in 47 states in the U.S. and 17 stores in Canada, and 179 stores in the U.K. Co. operates as Sunbelt in North America and as A-Plant in the U.K.
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