MJ Gleeson - AGM 03 December 2020
ECGS has serious concerns about the way the Remuneration Committee has assessed the impact of the Covid-19 pandemic on the executive remuneration. While the Board agreed to a 30% reduction in salary and fees for the period from 6 April 2020 to 30 June 2020, the base salary is only a minor part of the executive pay. ECGS does not consider appropriate that the CEO’s bonus paid out at 56% of base salary in light of the group’s performance in 2019/20.
ECGS also does not support the re-testing of the LTIP performance conditions under any circumstances without shareholder approval.
In line with our policy, ECGS holds accountable the Chair of the Remuneration committee for any serious shortfallings in the executive remuneration and recommends to oppose his re-election. We also recommend to oppose the advisory approval of the remuneration report.
MJ Gleeson is engaged in two businesses: housebuilding on brownfield land in the North of England and land trading, primarily in the South of England. Co.'s Gleeson Homes division builds low cost homes for people on low incomes, while its Gleeson Strategic Land division is a land promotion business that is engaged in sourcing developable sites in the South of England.
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