OXB Oxford Biomedica Plc

TIDMOXB

RNS Number : 5592W

Oxford Biomedica PLC

13 December 2023

2023 AGM Post Meeting Update Statement

Oxford, UK - 13 December 2023: Oxford Biomedica plc (LSE:OXB) ("Oxford Biomedica" or "the Company"), a quality and innovation-led cell and gene therapy CDMO, today provides a statement to update shareholders on the actions taken following the voting outcome of Resolution 2 at the Company's Annual General Meeting held on 23 June 2023 ("2023 AGM").

At the 2023 AGM, the resolution to receive and adopt the Directors' Remuneration Report (Resolution 2) was passed, with a majority of 79.93%. As a result, and in accordance with Provision 4 of the UK Corporate Governance Code, the Company has subsequently undertaken a period of engagement with those shareholders who voted against the resolution and committed to publish details of any further actions taken by the Company no later than 23 December 2023.

The Company acknowledges that executive pay is a topic that generates a wide range of opinions among investors. The Company has consistently pursued an approach to executive pay which it believes to be measured, fair, and conducive to the sustainable advancement of its long-term strategy. The Company has engaged with a number of shareholders to understand their perspectives, and notes that shareholders are largely supportive of its approach to executive remuneration. Shareholder feedback notably emphasised the need for enhanced transparency in bonus award calculations and a more simplified Remuneration Policy in the future. In response, the Company's Remuneration Committee will be reviewing executive bonus calculations and reporting, alongside simplifying the remuneration policy as part of its triennial Remuneration Policy review, aiming to align the Company's practices more closely with shareholder expectations.

Further, following the shareholder engagement , the Remuneration Committee, with the agreement of the relevant Executive Directors, and i n recognition of the potential for windfall gains, approved a scale-back of all 2023 Long Term Incentive Plan (LTIP) awards. As outlined on 4 October 2023 , the LTIP awards to the newly appointed Corporate Executive Team members were scaled back by 20% while awards to all other senior executive team members were scaled back by 30%. In addition, the Remuneration Committee approved a scale back of 10% to all other 2023 Oxford Biomedica employee share awards.

Finally, Stuart Paynter (CFO) and John Dawson (previous CEO) agreed to a reduction of 10% to their overall 2022 Bonus Awards and Dr. Roch Doliveux elected to waive the additional fee of GBP225,000 (to be satisfied in the form of shares acquired in the market) previously awarded in recognition for his increased duties and significant time commitment serving as Interim CEO between January 2022 and the end of March 2023.

The Remuneration Committee would like to thank the shareholders who have engaged with the Company during this process.

-Ends-

Enquiries:

Oxford Biomedica plc:

Sophia Bolhassan, VP, Corporate Affairs and IR - T: +44 (0) 7394 562 425 / E: ir@oxb.com

ICR Consilium:

T: +44 (0)20 3709 5700 / E: oxfordbiomedica@consilium-comms.com

Mary-Jane Elliott / Matthew Neal / Davide Salvi

About Oxford Biomedica

Oxford Biomedica (LSE: OXB) is a quality and innovation-led cell and gene therapy CDMO with a mission to enable its clients to deliver life changing therapies to patients around the world.

One of the original pioneers in cell and gene therapy, the Company has more than 25 years of experience in viral vectors; the driving force behind the majority of gene therapies. The Company collaborates with some of the world's most innovative pharmaceutical and biotechnology companies, providing viral vector development and manufacturing expertise in lentivirus, adeno-associated virus (AAV) and adenoviral vectors. Oxford Biomedica's world-class capabilities span from early-stage development to commercialisation. These capabilities are supported by robust quality-assurance systems, analytical methods and depth of regulatory expertise.

Oxford Biomedica, a FTSE4Good constituent, is headquartered in Oxford, UK. It has locations across Oxfordshire, UK and near Boston, MA, US. Learn more at www.oxb.com , and follow us on LinkedIn and YouTube .

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