FirstGroup Plc AGM – 16 July 2014

Do Not Pay for Poor Performance

 

 

Sandell Asset Management yesterday wrote to FirstGroup Plc to voice its concerns over ever increasing levels of pay at the company. Despite years of underperformance, the CEO’s total remuneration has increased over 200% since 2010.

A lack of sector expertise on FirstGroup’s Board relating to the First Student and First Transit businesses has destroyed value in the company. Sandell has already proposed one director with past experience of the US businesses, but FirstGroup insist that the CEO must vet the candidate before he can be put to the nomination committee – this is contrary to their own nomination policy.

 

The letter to the Chairman is attached, and for further reading, please see Sandell’s White Paper on FirstGroup Plc from January 2014

http://www.sandellmgmt.com/documents/FG/sandell/activism/157103_FirstGroup_White_Paper_Jan2014.pdf

 

For further information, or to schedule a meeting or conference call with Sandell, please contact their information agent, Georgeson.

 

Best regards,

 

 

 

Cas Sydorowitz

Georgeson

CEO, Corporate Advisory

Email: cas.sydorowitz@georgeson.com

T  +44 (0)870-703-0302 

M +44 (0)7810-750-442

Moor House, 120 London Wall, 3rd floor

London EC42Y 5ET, United Kingdom

www.georgeson.com

 

 

Please visit the following website to read the Computershare legal notice: http://www.computershare.com/it/about/Pages/Disclaimer.aspx Computershare Plan Managers is a trading name of Computershare Investor Services PLC which is registered in England & Wales Company No. 3498808. Registered Office: The Pavilions, Bridgwater Road, Bristol BS13 8AE Please visit the following website to read the Computershare legal notice: http://www.computershare.com/disclaimer/emea
******************************************************************************
This email and any files transmitted with it are solely intended for the use of the addressee(s) and may contain information that is confidential and privileged. If you receive this email in error, please advise us by return email immediately. Please also disregard the contents of the email, delete it and destroy any copies immediately.

Georgeson Inc. and its subsidiaries do not accept liability for the views expressed in the email or for the consequences of any computer viruses that may be transmitted with this email.

This email is also subject to copyright. No part of it should be reproduced, adapted or transmitted without the written consent of the copyright owner.
******************************************************************************