Faroe Petroleum PLC (FPM)

Faroe Petroleum PLC (FPM)

AGM Reports

Faroe Petroleum (FPM) AGM Report 2012

Faroe Petroleum is a small oil exploration and production company that is listed on AIM (revenue only £80m last year but that was up from £15m). ShareSoc issued a press release on the 2nd May which complained about the proposed “Exceptional Performance Incentive Plan (EPIP)” and other aspects of the remuneration of directors at this company. To quote from the press release: “Faroe Petroleum is a good example of what is wrong with executive remuneration in public companies. Multiple complex incentive ...

ShareSoc News

Faroe Petroleum Responds to ShareSoc’s Concerns

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to the proposed Faroe Petroleum Exceptional Performance Incentive Plan ("EPIP") and consequently Resolution 7 has been withdrawn.”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 ...

ShareSoc Recommends Voting Against the “Exceptional Performance Incentive Plan” at Faroe Petroleum

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 ...
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