2021 AGM – Voting Results Update Statement

11 March 2022

Ashtead Group plc (“Ashtead”)

2021 Annual General Meeting – Voting Results Update Statement

Ahead of proposals being put to shareholders at its 2021 Annual General Meeting ("AGM"), Ashtead undertook an extensive consultation process with its largest shareholders on proposed changes to Remuneration Policy. Ashtead was cognisant of the varying views of investors who engaged in that process and sought to amend its proposals whilst remaining true to the need to offer incentives to senior executives in-line with Ashtead’s newly proposed business plan.                              

At the AGM held on 17 September 2021, the total votes received in favour of remuneration-related resolutions were 63.97% (Resolution 2 - Directors' Remuneration Report), 60.72% (Resolution 3 - Directors' Remuneration Policy) and 74.44% (Resolution 15 – new Long-Term Incentive Plan). 

Given more than 20 per cent of votes were cast against these three resolutions, Ashtead is providing an update on the views received from shareholders and actions taken as set out under the provisions of the UK Corporate Governance Code.

Following the AGM, the Company has continued to engage with shareholders and invited shareholders holding almost 50% of Ashtead’s issued share capital to meet with the Chair, Paul Walker.  Those that accepted and have been seen to date support the decisions and recommendations of the Remuneration Committee which recognised the need to retain and incentivise its strong management team to deliver the Group’s ambitious growth strategy detailed in its Sunbelt 3.0 presentation in April 2021.   

The Board would like to thank shareholders that took part in the engagement process and values the feedback and insights it has gained.  In line with our normal practice the Board will continue to engage with shareholders and their representative bodies on remuneration and other governance matters and will provide a final update in the 2022 Directors' Remuneration Report.

Enquiries:

Ashtead Group  Will Shaw  [phone]