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AGM season 2023—Week in review

FTSE 350 AGM developments from 25 May 2023 to 01 June 2023.*

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

Meeting format tracker**

Key developments

A.G Barr plc (Barr)

• 33% of shareholders voted against the directors’ remuneration policy at food and beverage company, Barr’s AGM. The outlines significant changes from the previous year. Notable developments in the policy include executives receiving pension allowances in line with the contribution levels available to the wider workforce, an increase in existing two-year deferral applied to any bonus paid from 20% to 25%, LTIP awards subject to a holding period of two years post vetting and the shareholding requirement for new executive directors will be set at 200%. The significant no vote comes after a for the company, with profit before tax up by 13% and revenue up by 18%
  

Glencore plc                                                                                                                         

• mining company, Glencore, saw 70% of investors vote against a shareholder requisitioned resolution on the Climate Action Transition Plan. The resolution was requisitioned by a group of investors coordinated by both the Australian Centre for Corporate Responsibility and ShareAction. Among other things, the activist shareholders sought a disclosure of how the Company’s projected thermal coal production aligns with the Paris Agreement’s objectives to pursue efforts to limit the global temperature increase to 1.5°C. The Board unanimously shareholders vote against resolution 19, because it was ‘unnecessary, unclear and undermining of the Board’s responsibility and accountability for the Company’s strategy’

• Glencore similarly suffered a significant no vote on its resolution to approve the 2022 climate report. 30% of shareholders – likely the same group of activists that voted in favour of the shareholder requisitioned resolution – voted against the climate report. The report the ‘activities undertaken and progress made in 2022 against the Climate Action Transition Plan’. The company made increased disclosures after 23% of shareholders voted against the same resolution at the AGM. However, activist shareholders remain the company’s climate report is insufficient and would be ‘improved by enhanced disclosure of the forward projections for thermal coal production and more frequent reporting against key milestones towards the 2050 net zero ambition’

PageGroup plc

• 19% of investors voted against the re-election of Angela Seymour-Jackson at PageGroup’s AGM. Angela Seymour Jackson has been the Chair of the Board at the consultancy company since October 2017. Seymour-Jackson also holds appointments on the Boards of Future plc, Janus Henderson Group plc, Trustpilot Group Plc and Pikl

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