AGM alert: SSE, Mitie, Land Securities

After more than a decade in charge, the boss of one of the country's largest energy companies attends his final shareholder meeting. Graeme Evans runs through salaries and performance here and at two other popular companies.

27th June 2025 10:55

Graeme Evans from interactive investor

The efforts of an “exceptional” chief executive who delivered “true and lasting value” will be recognised when renewables giant SSE (LSE:SSE) holds its AGM next month.

Alistair Phillips-Davies hands over the reins to Martin Pibworth after the meeting on 17 July, having served as chief executive since 2013. He joined SSE's predecessor company Southern Electric in 1997.

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Chair John Manzoni said recently: "Alistair has been an exceptional chief executive, leading the company's transition into being the UK and Ireland's clean energy champion, whilst delivering true and lasting value for all of our stakeholders.

“As well as his legacy at SSE, his support in ensuring a smooth handover of responsibilities continues to be greatly appreciated."

Pibworth, who steps up from the role of chief commercial officer, joined SSE in 1998.

The annual report revealed that Phillips-Davies got total remuneration of £3.9 million for 2024/25, including an annual bonus of cash and deferred shares worth £1.3 million.

SSE

When: 12.30pm, Thursday, 17 July.

Where: Perth Concert Hall, Mill Street, Perth PH1 5HZ.

How to participate: Those joining online will be able to watch the meeting, ask questions and vote in real time. Proxy voting instructions should be returned no later than 12.30pm, Tuesday 15 July. More AGM details can be found here.

Who’s in the chair? Former BP executive John Manzoni was appointed in April 2021.

How did the company do in the year to 31 March? Adjusted earnings per share of 160.9p matched last year and were in line with expectations, despite the normalisation of profitability in its flexible thermal portfolio. Capacity additions drove an 18% increase in renewables output, despite variable weather conditions. The group delivered record capital investment of £2.9 billion and has reiterated its 2027 target of 175-200p earnings per share before sustainable growth to 2030 and beyond. A final dividend of 43p a share is due to be paid on 18 September, increasing the total for the year by 7% to 64.2p a share.

How have shares performed? Down 3% to 1,594p (1,831p on Thursday).

How much is the boss paid? Alistair Phillips-Davies is leaving the group after the AGM, having been chief executive for 12 of his 28 years with SSE. He got total remuneration of £3.9 million for 2024/25, which included an annual bonus of cash and deferred shares worth £1.3 million, which was based on 81% of the maximum opportunity. The 59% vesting of long-term incentives contributed £1.4 million to the overall figure. His best year in terms of total remuneration came in 2022/23, with a figure of £4.78 million.

How was variable pay determined? Financial objectives accounted for 50% of the bonus scorecard, with the target for earnings per share delivered and cash flow exceeded. Progress was also made in operational performance related to the Net Zero Acceleration Programme. Adjusted earnings per share (EPS) growth targets performed well under the long-term incentive scheme, meaning this measure paid out in full. However, total shareholder return was only just above median ranking against both the FTSE 100 and European utilities peer groups as macroeconomic challenges affected SSE’s share price towards the end of the performance period.

What about the pay of the new CEO? The starting salary of chief commercial officer Martin Pibworth will be £970,000, 10% less than the salary of Phillips-Davies upon leaving. The remuneration committee plans to increase his salary by 8% to £1.05 million with effect from 1 April, subject to satisfactory performance in the role. His pension allowance will be reduced from 15% to 12% of base salary, which is in line with current policy and the potential pension contribution available to the wider workforce. This means his overall fixed pay from 1 April will be around 22% lower than the fixed pay of his predecessor on stepping down from the board.

What’s changing in the new remuneration policy? An increase in the maximum annual bonus opportunity of up to 200% of salary for executive directors, up from 150% previously. An increase in the maximum annual awards under the performance share plan (PSP) of up to 300% of salary, compared with 250% currently. There’s also an increase in shareholding requirement to align with the face value of annual awards of shares under the PSP.

Why the changes? All three executive directors were appointed internally and have been with SSE for a number of years. Due to this and legacy final salary pension arrangements, the fixed pay of the CEO is around 40% of his total target remuneration. This will reduce to 30% under the new policy, as SSE places more emphasis on performance-related pay. It said: “This will allow us to pay competitively without relying too heavily on base pay. This is designed to create value for money for shareholders and link executive pay more directly to SSE’s performance.”

How did last year’s AGM go? The annual remuneration report was approved with 97.97% of votes in favour. The remuneration policy was last approved at the 2022 AGM with 91.43% support.

How’s the company doing on diversity? The board gender balance is 46% female, including one senior role. There are two directors from ethnic minority backgrounds. The company recently endorsed an ambition of 6% ethnic minority representation in senior management to be achieved by December 2027.

Mitie

When: 11.30am, Tuesday 22 July.

Where: Level 12, The Shard, 32 London Bridge Street, London SE1 9SG.

How to participate: Shareholders will be able to view the MITIE Group (LSE:MTO) AGM electronically via webcast. Proxy voting instructions should be returned no later than 11.30am, Friday 18 July. More AGM details can be found here.

Who’s in the chair? Derek Mapp has held the role since 2017 and will not be seeking re-election. Former Whitbread finance boss Christopher Rogers was appointed to the board as chair elect in March.

How did the company do in the year to 31 March? Revenue rose 13% to £5.1 billion, including 9% organic growth following new contract wins and a 4% contribution from acquisitions. The facilities management group reported a record total order book of £15.4 billion, up 35% on a year earlier. Operating profit at the start of the company’s three year plan decreased by 2% to £162 million, while earnings per share fell 16% to 8.2p. A final dividend of 3p a share is due to be paid on 4 August, increasing the total for the year by 8% to 4.3p.

How have shares performed? Up 4% to 114.8p (140.6p on Thursday).

How much is the boss paid? Phil Bentley got a total of £6.5 million, which included £4.1 million from the 100% vesting of long-term incentives. The annual bonus scheme contributed £1.47 million, which was based on 81.8% of the maximum opportunity. In 2023/24, Bentley’s total remuneration hit £16.7 million after the vesting of a one-off plan put in place around the time of Mitie’s acquisition of Interserve in 2020 contributed £11.1 million. His salary of £900,000 has been unchanged since his appointment in 2016.

How was variable pay determined? The annual bonus metrics of operating profit and revenue were between target and maximum, while free cash flow exceeded the maximum. Long-term incentives were measured on earnings per share, return on invested capital and environmental, social, and governance (ESG) targets.

How was discretion used? The remuneration committee applied a reduction of 5% to the bonus outcomes for all participants as it took into account the wider performance of the group, and the context of both the shareholder and employee experience.

How did last year’s AGM go? The annual remuneration report got 89.39% support, while the new three-year remuneration policy was backed with 83.15% of votes in favour. The policy included a new reward scheme aligning Bentley’s remuneration with the company’s 2025-2027 strategy, including through the one-off grant of long-term incentives worth 600% of salary. Bentley’s maximum annual bonus increased to 200% of salary, from 160% previously.

How’s the company doing on diversity? At the end of March, 40% of board positions were held by women but none in senior roles. Two directors were from an ethnic minority background.

Land Securities

When: 10am, Thursday 10 July.

Where: 80 Victoria Street, London, SW1E 5JL.

How to participate: The deadline for the return of proxy voting instructions is 10am, Tuesday 8 July. More AGM details can be found here.

Who’s in the chair? Ian Cheshire, who joined the Land Securities Group (LSE:LAND) board in March 2023, was chief executive of B&Q owner Kingfisher from 2008 to 2015.

How did the company do in the year to 31 March? The EPRA industry benchmark for earnings rose £3 million to £374 million as 5% growth in like-for-like net rental income and lower overhead costs more than offset significant disposals and a rise in finance costs. EPRA earnings per share rose 0.4% to 50.3p, better than initial guidance. Growth in estimated rental value of 4.2% supported a £119 million or 1.1% uplift in portfolio value, resulting in a 6.4% return on equity and a 1.7% increase in net tangible assets per share. A final dividend of 12.3p is due to be paid on 25 July, increasing the total for the year by 2% to 40.4p. A move to half-yearly dividends is planned for the 2026 financial year, starting with the interim award in January.

How have shares performed? Down 16% to 550p (631.5p on Thursday).

How much is the boss paid? Mark Allan’s total remuneration for 2024/25 amounted to £3.3 million, including cash and deferred shares worth £1.1 million after the annual bonus scheme paid 83% of the maximum. The 60% vesting of long-term incentives contributed £1.2 million to the overall figure. His base salary for this year has increased by 2.5% to £905,000.

How was variable pay determined? Both the EPRA earnings and net rental income targets of the annual bonus scheme were between target and maximum and the company reported good progress against strategic measures. The vesting of the long-term incentives awarded in 2022 was based on the maximum result for relative total shareholder return versus FTSE 350 real estate peers and environmental targets. There was no vesting for total return on equity.

How did last year’s AGM go? The directors’ remuneration policy secured 97.63% votes in favour, while the annual remuneration report got 96.71% support.

How’s the company doing on diversity? The company complies with UK Listing Rules as 45% of the 11-strong board are women, including two senior roles. Three directors are from minority ethnic backgrounds.

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