Safestore has withdrawn proposals for a new directors’ remuneration policy and long-term incentive plan after it was rejected by shareholders.
The company set out plans for an updated policy in its annual report last year, with the expectation that it would be approved at its annual general meeting on 22 March.
It said it carried out an “extensive consultation process” before putting together the policy but that a recent consultation with shareholders showed that they did not want to replace the current policy, which will now stay in place until 31 October 2017.
A new policy will be drawn up and put forward to shareholders.
Alan Lewis, chairman of Safestore, said: “While we have received considerable support from shareholders on the proposed structure it is clear that for others concerns remain. Under these circumstances the board considers it appropriate to withdraw the remuneration proposals. The board will continue to engage in dialogue with shareholders to find a solution that best meets the needs of all.”
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