Report
Expert Corporate Governance Service (ECGS)
EUR 500.00 For Business Accounts Only

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.

Underlying
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.

Provider
Proxinvest
Proxinvest

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Analysts
Expert Corporate Governance Service (ECGS)

Other Reports on these Companies
Philip Morrish
Other Reports from Proxinvest
Other Reports from these Analysts

ResearchPool Subscriptions

Get the most out of your insights

Get in touch