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Wood Group (John) - AGM 11 May 2019

Item 3: Approve the remuneration report

The structure is unsatisfactory.  The maximum bonus and total potential variable remuneration exceed ECGS guidelines. Furthermore, the base salary was increased 15% last year and will increase 9% this year.  These increases also increase incentive pay, as it is calculated as a percentage of base salary. Therefore, these salary increases are potentially inflationary for total remuneration. Finally, there are concerns that, for the second year in a row, a bonus has been paid when the company has made a loss.  We recommend shareholders oppose.

John Wood Group PLC

John Wood Group provides services primarily to the oil and gas and power generation industries worldwide. Co. designs, modifies, constructs and operates industrial facilities, mainly in the oil and gas sector. Co. provides its services across the asset life cycle and enhances this with a range of specialist technical solutions. Co. operates through three segments: Asset Life Cycle Solutions East (ALCS East), Asset Life Cycle Solutions West (ALCS West), and Specialist Technical Solutions (STS). ALCS provides projects and modifications and operations and maintenance services mainly in the oil and gas sector. STS engages in automation and subsea and technology activities.


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