At the company's extraordinary general meeting (EGM) held on 30th August 2023, 55.28% of votes were received in favour of resolution 2, with 44.72% voting against the policy. 

This proposal increased the maximum bonus and LTIP opportunity to 300% of base salary and strengthened long-term alignment with our shareholders through increased bonus deferral, strengthened deferred bonus leaver conditions, and increased shareholding guidelines.

Vistry has stated that the amendments have been applied for the CEO only to date.

In a statement addressing the EGM vote, the company said: “The committee understands that the reasons for the number of votes cast against was primarily concerned with the step up in maximum opportunity for the CEO which was more than usual levels within the FTSE 250.

•   The Finance Professional Show 2023: The Video
•   Housing delivery down 9% year-on-year
•   Dominus and Cheyne Capital complete two senior loans for PBSA developments in the City of London

“The committee acknowledges these concerns — however, they maintain their view that the positioning of remuneration under the new policy is aligned with a framework that is highly performance orientated, and emphasises variable, equity-based remuneration designed to incentivise growth and creation of shareholder value over the long term.

“The committee is grateful to shareholders for their engagement and acknowledges that through the engagement process shareholders have expressed different perspectives.

“The company remains committed to ongoing shareholder engagement and will continue to do so to ensure that the company understands shareholders' views and is able to consider feedback, as well as to provide clarity on the company's approach to remuneration going forward.”