3 March 2023

Ashtead Group plc ("Ashtead")

2022 Annual General Meeting - Voting Results Update Statement

At the AGM held on 6 September 2022, the total votes received in favour of Resolution 2 (Directors' Remuneration Report) was 67.27% and Resolution 8 (the re-election of Lucinda Riches as a director) was 74.87% and we understand from shareholders that this was linked to Lucinda's role as Chair of the Remuneration Committee. 

Given more than 20 per cent of votes were cast against these resolutions, Ashtead is providing an update on the views received from shareholders and actions taken as set out under the provisions of the UK Corporate Governance Code. 

Following the AGM, the Company has continued to engage with shareholders and specifically targeted those shareholders it identified as voting against one or both of these resolutions.  Based on this engagement and additional conversations with proxy voting advisors it is clear that the main concerns continued to relate to changes made to the Remuneration Policy implemented in 2021. 

The Board would like to thank shareholders that took part in the engagement process and values the feedback and insights it has gained.  These insights will be factored into the development of the next Remuneration Policy.  In line with our normal practice the Board will continue to engage with shareholders and their representative bodies on remuneration and other governance matters and will provide a final update in the 2023 Directors' Remuneration Report.

Enquiries:

Ashtead Group Plc     Will Shaw                                +44 (0) 20 7726 9700