Kingspan Group – AGM 1st May 2020
Items 2 and 9: Dividends and share buybacks
Kingspan Group withdrew the final dividend proposal due to the COVID-19 uncertainty. In such cases, ECGS will also oppose any share buybacks.
According to The Irish Times, Gene Murtagh sent a letter to staff, saying that from 1 st April 2020, executives would take a 50% pay cut while all other staff must take a 40% reduction ofor the two full months of April and MaypThis 50% cut is thought to apply to the groupns top 10 managers. Mr Murtaghns letter acknowledged that this was an extreme measure but was critical to protecting as many jobs as possible. Kingspan would also immediately freeze all spending that is not business critical, Gene Murtagh said in the message to staff.
Board elections
The Board lacks independence and female diversity. The number of executives sitting on the Board is excessive and the Chairman of the Board is also former CEO.
Kingspan is a holding company, engaged in the provision of low energy building solutions. Co.'s operating segments include: Insulated Panels, which is engaged in the manufacture of insulated panels, structural framing and metal facades; Insulation Boards, which is engaged in the manufacture of rigid insulation boards, building services insulation and engineered timber systems; Environmental, which is engaged in the manufacture of environmental, pollution control and renewable energy solutions; and Access Floors, which is engaged in the manufacture of raised access floors.
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