AGM alert: BT Group, National Grid, British Land

An electricity pylon at the National Grid Training centre in Eakring. Photo: Darren Staples/AFP via Getty Images.

Allison Kirkby’s £5.6 million pay deal after she oversaw an 80% surge in the price of BT Group (LSE:BT.A) shares will be among the areas of focus at the telecom group’s AGM next month.

The total remuneration package is the largest for the role of chief executive since Ian Livingston got £9.4 million in relation to the 2012-13 financial year.

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Kirkby’s haul is driven by the impact of share price growth on the value of long-term incentives, which have vested for the first time and are being released over three years.

Shares rose from 116p on her first day in February 2024 to 210.5p by the end of the 2025-26 financial year, aided by cost reduction progress and the faster-than-expected full-fibre roll out.

The company’s 549,000 individual shareholders are set to receive a dividend of 5.87p a share on 9 September, which has increased the total for the year by 2% to 8.32p a share.

With free cash flow on course for £3 billion by the end of decade, the company intends to grow the dividend by a low to mid single-digit percentage each year until it reaches metrics consistent with a BBB+ credit rating.

BT’s annual meeting is typically among the best attended of the AGM season, although shareholders have been encouraged to do so remotely.

BT Group

When: 11am, Thursday 9 July.

Where: Online and at  One Braham, 1 Braham Street, London E1 8EE.

How to participate: The company is hosting a combined online and physical meeting as part of efforts to include shareholders “wherever they’re located and whatever their ability”. BT added: “We strongly encourage shareholders to join the meeting online and we’ll prioritise making the experience engaging, accessible and inclusive.” Voting instructions should be returned no later than 2pm, Tuesday 7 July. More AGM details can be found here.

Who’s in the chair? Former ITV and Royal Mail boss Adam Crozier, who was appointed in December 2021.

How did the company do in the year to 31 March? Adjusted revenue of £19.6 billion fell 4%, driven by lower international revenue as well as declines in handset trading and UK service revenue. Underlying earnings of £8.2 billion were flat year-on-year as cost controls offset the fall in revenues, while earnings per share fell 3% to 18.3p. Capital expenditure rose 6% to £5.1 billion, reflecting higher full-fibre provisioning and build activity. Free cash flow of £1.5 billion fell 6%, while net debt was broadly stable at £20 billion. A final dividend of 5.87p is due to be paid on 9 September, increasing the total for the year by 2% to 8.32p a share.

What’s happening with the dividend? The board has adopted a new policy to grow the dividend per share by a low to mid single-digit percentage each year in the current financial period and onwards until it reaches metrics consistent with a BBB+ credit rating. Free cash flow is expected to reach £2 billion in the current year and £3 billion by the end of the decade.

How have shares performed? Up 27% to 210.5p (195.55p on Thursday).

How much is the boss paid? Allison Kirkby received a total of £5.58 million, up from £2.5 million the year before and the highest sum paid for the CEO role of the past decade. The increase was driven by long-term incentives, with 86% of the £3.25 million contribution from Kirkby’s first vesting of Restricted Share Awards attributable to share price growth. The total also included cash and deferred shares worth £1.08 million after the annual bonus scheme paid 49% of the maximum opportunity. Kirkby received a 3% salary increase with effect from 1 June, which is the first change since she joined the company on £1.1 million in February 2024.

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How was variable pay determined? The scorecard for the annual bonus was 70% focused on  three financial metrics, with the rest aligned to BT’s transformation strategy. Tight cost controls helped deliver underlying earnings growth between threshold and target, while the metrics of free cash flow and adjusted service were just above target. Net Promoter Score, which accounted for 10%, reached a new record during the year but the remuneration committee reduced the outcome for this metric in order to give a fairer reflection of customer experience in the year.

The vesting of Restricted Share Plan awards granted in 2023 was subject to the underpins of return on capital employed and progress versus sustainability commitments.

How much is the new finance chief due to be paid? Patricia Cobian will join the board on 20 July and succeed Simon Lowth as chief financial officer on 1 September. She has been appointed on a base salary of £750,000. The remuneration committee has agreed to buy out certain elements of remuneration which would have been forfeited on her departure from her. previous role at Virgin Media. Replacement awards will be on a like-for-like basis.

How did last year’s AGM go? The new remuneration policy, which included changes to the vesting schedule for long-term restricted share plan awards, was approved with 98.42% of votes in favour. The annual remuneration report got 98.68% support.

How’s the company doing on diversity? The board comprised five female directors, representing 35.7% of the total. Cobian’s appointment means this will improve to 42.9%, with three women in senior board positions. Six directors are from an ethnic minority background.

National Grid

When: 11am, Tuesday 14 July.

Where: King’s High School, Venues & Events Warwick, Banbury Road, Warwick, CV34 6YE.

How to participate: An online meeting platform will enable shareholders to attend remotely, watch and hear the proceedings, ask questions and vote. Proxy voting instructions should be returned by 11am, Friday 10 July. More AGM details can be found here.

Who’s in the chair? Paula Rosput Reynolds, who has over 20 years’ experience as a board director in the UK and US, has held the role since May 2021.

How did the company do in the year to 31 March? Underlying profit from continuing operations increased 9% at constant currency to £5.68 billion, driven by strong performance across its regulated businesses in the UK and US. Underlying earnings per share of 78p rose 8% at constant currency, or by 6% when reflecting the weaker dollar. Capital investment for continuing operations rose by 18% to a record £11.6 billion. Net debt was £2.8 billion higher at £44.2 billion, while return on equity improved 80 basis points to 9.8% A final dividend of 32.14p is due to be paid on 23 July, lifting the total for the year by 3.8% to 48.49p a share.

How have shares performed? Up 26% to 1,269.5p (1,200p on Thursday). Over the last 10-year period, National Grid (LSE:NG.) total shareholder return was 145% versus the FTSE 100 Index at 143%.

How much is the new boss paid? Zoë Yujnovich became chief executive in November on a starting salary of £1.3 million. Her total remuneration for 2025/26 amounted to £6.5 million following the grant of shares with a face value of £4.2 million to replace remuneration foregone when leaving her previous employment at Shell. The total also included £1.1 million in cash and deferred shares after the annual bonus scheme paid 74.22% of the maximum opportunity. Her base salary for this year has increased by 4.5% to £1.36 million, alongside an annual bonus opportunity worth 200% of salary and grant of long-term incentives at 400% of salary.

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What about the former boss? John Pettigrew, who was in charge from April 2016, was on a salary of £1.25 million in his final year as CEO. His remuneration for 2025/26 amounted to £2 million, which included a pro-rated bonus of £899,000 based on 71.22% of the maximum opportunity. Long-term incentives granted in 2023 were valued at £4.96 million, reflecting a vesting outcome of 82.54% and share price appreciation of £794,000. In 2024/25 he got £6.5 million when the annual bonus was 91.92% and vesting outcome 76.31%. The annual report discloses that Pettigrew owned 2.1 million shares at the end of the financial year, as well as 1.2 million conditional shares relating to long-term incentives. Former executive directors are required to continue to hold their vested shares post-employment for a period of two years.

How was variable pay determined? Performance for the annual bonus was assessed against financial measures (70%), operational measures (15%) and individual objectives (15%). Financial performance delivered an outcome of 72.58% of maximum, reflecting the results for underlying earnings per share and return on equity. The vesting outcome for long-term incentives was  driven by the maximum result for cumulative three-year earnings per share.

How did last year’s AGM go? The new three-year remuneration policy was approved with 98.38% of votes in favour. Changes include an increase in the maximum annual bonus opportunity from 125% to 200% of salary, representing the first change since 2014, and an increase in maximum long-term incentive opportunity for the CEO to 400% of salary from 350% previously. The annual remuneration report was backed with 98.65% of votes in favour.

How’s the company doing on diversity? The gender split of the board is 45.5% female, including two senior positions. Two directors are from an ethnic minority background.

British Land

When: 11,30am, Tuesday 14 July.

Where: Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London E1 6PW.

How to participate: The deadline for proxy voting instructions is 11.30am, Friday 10 July. More AGM details can be found here.

Who’s in the chair? William Rucker, who was appointed in July 2024, is the current chair of ICG and has led the boards of Crest Nicholson, Quintain Estates and Development and Marston’s.

How did the company do in the year to 31 March? The value of the portfolio rose 2.3% to £10.1 billion, while total property return improved 7.4% and net tangible assets per share lifted 4% to 590p. Occupancy was slightly lower at 96.9% as the retail and London campuses owner improved underlying profit by 5% to £294 million and earnings per share by 1% to 28.9p. A final dividend of 10.8p is due on 24 July, increasing the total for the year by 1% to 23.12p.

How have shares performed? Down 4% to 355.4p (402.4p on Thursday).

How much is the boss paid? Simon Carter, who is leaving British Land Co (LSE:BLND) in order to join P3 Logistics Parks, got a total of £948,000 as his resignation as CEO meant he was not eligible for an annual bonus. In addition, awards granted under the company’s long-term incentives scheme will not vest. Carter received a total of just over £10 million in the years following his CEO appointment in 2020, including £2.7 million in 2024/25. He rejoined British Land in 2018, having previously held senior roles at the company between 2004 and 2015.

Who is replacing Carter? Joanne McNamara is currently executive vice president for Europe at Oxford Properties, which is owned by one of Canada's largest pension funds. She joined Oxford in 2010 as one of its first team members in London and has overseen several of its most significant transactions. Prior to joining Oxford, she worked at Hammerson and DTZ.

How much will she be paid? McNamara, who is expected to join by the end of November, has been appointed on a base salary of £800,000. This compares with Carter’s £796,000 as he did not receive an increase for this year. McNamara will get a payment of up to £900,000 in 2027 to compensate for the lost bonus opportunity at her current employer. Replacement shares worth £1 million will take the form of a restricted share award with vesting in 2027, plus two long-term awards each with a value at the time of their grant of £2 million. In addition, a 2026 award under the company's long term incentive plan will be made following joining of up to 250% of salary, which will align her incentive awards with those of other executives. Full details will be disclosed in next year’s annual report.

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How was variable pay determined? The annual bonus scheme awarded 69.13% of the maximum opportunity, which for finance chief David Walker generated £508,000 in cash and deferred shares. This outcome was driven by the metrics of total property return and underlying profit. The 54% vesting of long-term incentives granted in 2023 reflected the maximum result for total property return and operational energy reduction over the three-year period.

How are this year’s bonus targets changing? The remuneration committee said it had recognised the increased focus of investors on earnings growth by increasing the weighting to profitability related measures to 70% from 60% previously. This means that 10% of the plan is now weighted to environmental targets compared with 20% last year.

How did last year’s AGM go? The new three-year remuneration policy was approved with 94.40% of votes in favour. The annual remuneration report got 92.81% support.

How’s the company doing on diversity? The gender split of the board at the end of March was 45%, including one senior role. One director is from a minority ethnic background, which is below the company’s own target of two directors. The gender pay gap decreased from 13.6% to 6.9%, having been 40.6% in 2018, while the ethnicity pay gap fell from 20.0% to 17.4%.