AGM Statement Update

Further statement in relation to AGM vote on Directors'

Remuneration Report

At our AGM held on 23 May 2019, the Board noted, that 74.97% of shareholders voted in favour of the Remuneration Report, with 25.03% of shareholders voting against. As detailed in our AGM results announcement, the Remuneration Committee carried out a shareholder consultation exercise in early 2019 and was pleased that many shareholders took the time to share their views prior to the AGM.

Whereas, some investors noted their concern for the use of discretion for the one-off legacy award, as this was contrary to their policy on remuneration practices, a number of shareholders recognised that the one-off legacy awards were granted under exceptional circumstances and understood our rationale for discretion and were therefore able to support the resolution. There are currently no other one-off legacy awards in-flight and there is no intention to grant further one-off awards to Executive Directors. 

Following the AGM, the Remuneration Committee commenced a review of the Directors' Remuneration Policy. The review has taken into account recent market trends and development in best practice and we will be seeking approval for a new Directors' Remuneration Policy at our AGM in 2020. A consultation is underway to engage major shareholders and proxy advisors to seek their input on the remuneration arrangements and the new Policy. The Group is committed to maintaining ongoing dialogue with our shareholders and, as part of the development of the new Policy, we will reflect on feedback received from shareholders as we develop our remuneration arrangements going forward.

The Board and the Remuneration Committee are committed to continuing their engagement and dialogue with the Group's shareholders and advisory bodies and welcome their feedback.

A further update on these matters will be included in the Group's Annual Report.

GoCo Group plc

Nick Edwards, Company Secretary

Tel: 01633 654 060