AssetCo scraps bonus scheme following disapproval from shareholders

Replacement scheme 'in due course'

AssetCo has abandoned its long term incentive plan (LTIP) for executives after investors expressed their dissatisfaction with the remuneration structure.

According to a company statement, following a decision to open a review of the policy by its remuneration committee last year, and a period of consultation with advisers and shareholders, it decided to cancel the LTIP beyond the period 8 January 2021 to 30 September 2021. "The company will take time to consult with its advisers and shareholders in terms of appropriate schemes/arrangements to replace the LTIP and will make an announcement in due course," it said. Under the LTIP, 993,315 ordinary shares of 10p each would have been granted to executives over a five-year deferral period, ...