48% of shareholders reject NCC’s remuneration report

More than 48% of shareholders at the AGM of Manchester-based cyber security company NCC Group voted against the directors’ remuneration report on Tuesday.

NCC said 48.47% of shareholders voted against the directors’ remuneration report, other than the directors’ remuneration policy, for the year ended May 31, 2020 — with just under 71% of NCC’s issued share capital being voted.

About 18.5% of shareholders voted against a separate motion to approve the directors’ remuneration policy (as contained in the directors’ remuneration report for the year ended 31 May 2020).

NCC said: “Following recent engagement on our remuneration report with approximately 25 of our larger shareholders, we would like to thank those that took the time to discuss their views with us.

“We were reassured that the vast majority with whom we consulted agreed that our policy and our plans for its implementation in 2020/21 were appropriate, though we acknowledge a significant minority of shareholders did not agree.    

“Following the AGM, the remuneration committee will continue to engage with shareholders to fully understand their concerns and will consider the full range of feedback.

“We will publish an update on our engagement, in accordance with the UK Corporate Governance Code, within six months of the 2020 AGM.”

NCC has around 2,000 staff in 12 countries

NCC also published a trading statement, saying: “The group continues to trade ahead of the same period last year. 

“Overall trading is in line with expectations, with the range of outcomes for the full financial year remaining unusually broad.

“The group expects to report its half-year results for the six months to 30 November 2020, on 4 February 2021.”

NCC CEO Adam Palser said: “We have had a positive start to the new financial year.

“Our balance sheet is strong, we are a growing and resilient global company with a dedicated team of cyber security experts and are well placed to thrive as the economy recovers.”