XP Power replaces pay committee chair after revolt

XP Power has replaced the head of its remuneration committee after shareholders protested over pay at its last annual general meeting.

The power systems supplier said non-executive director Pauline Lafferty would take over as chair of the remuneration committee from 1 December. She will replace Polly Williams who will stay as a director and a member of the committee.

The FTSE 250 company said Lafferty had lots of experience as a non-executive director and remuneration committee member. She has been on XP's pay committee since December 2019 and has chaired SEC Ltd's remunerating committee for more than six years. Before that as Weir Group's chief people officer Lafferty helped support the company's remuneration committee.

At the company's AGM in April more than one in five votes were cast against the company's remuneration policy and similar protests were registered against the remuneration report and the restricted share plan for executives. In June XP said it had contacted disgruntled investors and that it would continue to talk to shareholders but that it would take no further action on pay.

James Peters, chairman of XP, said: "On behalf of the board, I would like to thank Polly for chairing the remuneration committee since January 2015, and look forward to welcoming Pauline to the post. Pauline’s experience in remuneration and strategic human resources management make her ideally qualified for the role."