19 September 2024

Statement regarding further shareholder consultation on the 2024 Directors' Remuneration Policy ("Policy") and Long-Term Incentive Plan ("LTIP")

Ashtead Group plc announces the conclusion of its further shareholder consultation on the Remuneration Policy and the amendment to the rules of the LTIP following shareholder approval at the Annual General Meeting held on 4 September 2024 (the "AGM").

Resolution 3 (Approval of the Directors' Remuneration Policy) and resolution 16 (the amendment to the rules of the Long-Term Incentive Plan) (the "Resolutions") received less than 80% shareholder support at the AGM. In accordance with the provisions of the UK Corporate Governance Code, Lucinda Riches, Chair of the Remuneration Committee subsequently sought further engagement with investors comprising a majority of the Company's issued share capital to consult with and seek additional feedback on the Resolutions.

The additional consultation period ran until 18 September 2024. Shareholders with which the Company had previously engaged during the original consultation (and who had voted in favour of the Resolutions) reaffirmed their original feedback to the Board as well as their continued support for the Policy. They also acknowledged the revisions that had been made to the initial proposals as a direct result of feedback received during that consultation process.  Shareholders who voted against the Resolutions reiterated their earlier comments made during the first consultation.  

A small number of shareholders contacted the Company to share the rationale for their support for (or decision to vote against) the Resolutions. These comments reflected the general themes of feedback received previously, and which had been reflected in the final proposals tabled for shareholders' approval.

Following closure of the consultation and given the absence of new feedback from investors who did not support the Resolutions, the Policy and the LTIP will now be implemented on the terms approved by shareholders at the AGM.  The Company will continue to engage shareholders and proxy agencies on these and other remuneration matters.

Contact:

Ashtead Group plc

Will Shaw (Director of Investor Relations) - 020 7726 9700

H/Advisors Maitland                     

Sam Cartwright - 020 7379 5151