PRESS RELEASE 26 (25/05/2012)
At yesterday’s AGM, Faroe Petroleum withdrew a resolution authorising large performance incentive payments to its executives. John Bentley, Faroe Chairman said:
“Since the publication of the Notice of Annual General Meeting in April 2012, the Company has been in further dialogue with its larger shareholders. Following those discussions, the Company intends to make a number of changes to the proposed Faroe Petroleum Exceptional Performance Incentive Plan ("EPIP") and consequently Resolution 7 has been withdrawn.”
On 2nd May, ShareSoc issued a ...
PRESS RELEASE 23 (02/05/2012)
ShareSoc (the “UK Individual Shareholders Society”) suggests that shareholders in Faroe Petroleum should vote against the new management incentive scheme. This scheme which is entitled the Exceptional Performance Incentive Plan (EPIP) will permit substantial grants of nil-cost options to senior executives, subject to certain performance conditions.
The details of the performance conditions are complex but the prime requirement for full vesting is total shareholder return of 25% per annum over 3 years. ShareSoc suggests that a performance incentive scheme ...