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FTSE 350 AGM developments from 22 June 2023 to 29 June 2023. *

The Market Tracker ‘AGM season 2023—Week in review’ series looks at key developments across the AGMs held each week. In this final update, the Market Tracker team reviews results from the nine companies that held an AGM this week.

Look out for our Market Insights report ‘AGM season 2023 —Recap’ that will be published after the season concludes. The report will feature an analysis of shareholder voting patterns this AGM season, alongside an exclusive three-part video series by expert contributors.

Meeting format tracker**

Key developments

JD Sports plc

• shareholders voted against the re-election of Non-Executive Director and Chair of the Remuneration Committee, Mahbobeh Sabetnia, although no breakdown of the results was available immediately after the AGM. Sabetnia was appointed to the fashion retailers’ board in 2021 after holding executive roles at Amazon Inc, McDonald’s Corporation, HSBC and Mars Inc. Sabetnia’s appointment to the JD Sports board was crucial in the company the requirements of the review

   

• executive remuneration has been a hot topic for JD Sports since the pandemic. In , 31% of shareholders voted against the remuneration report while 32% voted against the remuneration policy. Dissent hit the company again in with 31% of investors voting against the remuneration report, 20% against the remuneration policy and 54% against the re-appointment of Chairman of the Remuneration Committee, Andrew Leslie. The trend continued in with 27% of voters rebelling against the remuneration report  
  

   

• from to executives at JD Sports were awarded an overly generous remuneration package despite the company receiving more than £100m in COVID-19 government support. On 13 December 2022, JD Sports called a where a revised remuneration policy was put to a vote. All the resolutions at the 2022 general meeting were duly on a poll

Kingfisher plc

• 21% of shareholders voted against the disapplication of pre-emption rights for an additional 10% at international home improvement company, Kingfisher’s AGM. The resolution for the Board to allot equity securities for cash and to sell ordinary shares held by the company as treasury shares for cash

   

• in addition, 18% of shareholders voted against the resolution to authorise the directors to allot shares and 19% voted against the disapplication of pre-emption right, both of which were to pass the resolution to approve the disapplication of pre-emption rights for an additional 10%

Serica plc

• Director Guillaume Vermersch saw 19% of shareholders oppose his re-election at Serica's AGM, although no further comment was provided by the company, which only provided a brief update on the result. 

Trainline plc

• 23% of shareholders voted against the re-election of chair Brian McBride at Trainline's AGM. Trainline confirmed in its update that the opposing votes were due to the board reporting only 29% female representation in its annual report. Trainline confirmed its support of McBride's re-election and stated that' the board and the nomination committee have taken steps to address board composition and recognise this requires further action'.

Significant no votes

Significant no votes will be tracked in the table below as the season progresses.

Failed resolutions

Failed resolutions will be tracked in the table below as the season progresses.

* statement of scope: AGM results must be released by 4pm on the day of publishing to be included. AGM results released after this time will be included in the following review

** the data tracked in this series will be updated weekly on an aggregate basis