AGM season 2023—Week 8 in review

AGM season 2023—Week 8 in review

AGM season 2023—Week in review

FTSE 350 AGM developments from 01 June 2023 to 08 June 2023.*

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

Meeting format tracker**

 

Key developments

Melrose Industries plc (Melrose)

  • manufacturing and industrial company, Melrose, saw 20% of shareholders vote against the resolution to allot equity securities without pre-emption rights and the resolution to allot equity securities used for an acquisition or capital investment. Both resolutions the directors to sell shares for cash up to an aggregate value of £30m without making an offer to shareholders first. Melrose stated in its that ‘these disapplication authorities are in line with institutional shareholder guidance’ and were essential in giving the company ‘flexibility to raise further equity funding and to pursue acquisition opportunities as and when they arise’
  • 17% of shareholders voted against the remuneration policy, which outlined an adjustment to the weightings of the performance measures in the annual bonus plan. The most significant change was the integration of ESG into remuneration packages by carving out ESG metrics into executive bonuses
  • it’s an eventful time for Melrose as its finalises a demerger with automotive engineering group, Dowlais, that was by shareholders on 23 March 2023. Melrose is currently taking a step back from automotive projects to focus on its aerospace operation. Aircraft sales have boomed for Melrose recently, as the aerospace industry has ‘strong momentum and market recovery’ since the conclusion of the COVID19 pandemic

Significant no votes

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

Date Company Resolution Votes against
4 May 2023 Hammerson plc Director re-election 59%
4 May 2023 Hammerson plc Director re-election 59%
25 May 2023 Ferrexpo plc Director re-election 49%
18 May 2023 Vistry Group plc Approval of the directors’ remuneration report 47%
28 April 2023 Pearson plc Approval of the directors’ remuneration policy 46%
4 May 2023 Hammerson plc Authorisation of director allotment of shares 45%
11 May 2023 Clarkson plc Approval of the directors’ remuneration policy 43%
11 May 2023 Clarkson plc Approval of the directors’ remuneration report 43%
4 May 2023 Hammerson plc Director re-election 39%
4 May 2023 Hammerson plc Approval of the directors’ remuneration report 39%
4 May 2023 Hammerson plc Approval of the directors’ remuneration policy 39%
2 May 2023 Diversified Energy Company plc Approval of the directors’ remuneration report 38%
4 May 2023 Hammerson plc Director re-election 38%
4 May 2023 Hammerson plc Director re-election 37%
26 May 2023 A.G Barr plc Directors’ remuneration policy 33%
17 May 2023 Coca-Cola HBC AC plc Advisory vote on the UK remuneration report 31%
17 May 2023 Coca-Cola HBC AC plc Advisory vote on the Swiss remuneration report 31%
26 May 2023 Glencore plc Approval of the 2022 Climate Report 30%
2 May 2023 Ocado plc Approval of the directors’ remuneration report 30%
2 May 2023 Plus 500 plc Director re-election 30%
4 May 2023 Spirent Communications plc Approval of the directors’ remuneration report 30%
2 May 2023 Plus 500 plc Approval of director share allotment 29%
10 May 2023 Jupiter Fund Management plc Director re-election 26%
17 May 2023 Coca-Cola HBC AC plc Director re-election 25%
5 May 2023 InterContinental Hotels Group plc Approval of the directors’ remuneration policy 25%
10 May 2023 Jupiter Fund Management plc Authorisation for the company to purchase its own shares 25%
18 May 2023 Quilter plc Authorisation of political donations or expenditure by the company and its subsidiaries 25%
24 April 2023 CentralNic plc Approval of the directors’ remuneration report 24%
10 May 2023 Marshalls plc Approval of the directors’ remuneration report 24%
2 May 2023 Plus 500 plc Approval of the directors’ remuneration policy 23%
2 May 2023 Plus 500 plc Approval of director remuneration terms 23%
5 May 2023 InterContinental Hotels Group plc Approval of the directors’ remuneration report 23%
5 May 2023 HSBC Holdings plc To call general meetings (other than an AGM) on 14 clear days’ notice 23%
11 May 2023 Wood Green (John) plc Approval of the directors’ remuneration report 23%
4 May 2023 Morgan Sindall plc Approval of the directors’ remuneration policy 22%
18 May 2023 Energean plc Approval of the directors’ remuneration report 22%
11 May 2023 W.A.G Payment Solutions plc Approval of the Rule 9 Waiver 22%
18 May 2023 St. James’s Place plc Approval of the directors’ remuneration report 22%
5 May 2023 Grafton Group plc Director re-election 21%
5 May 2023 HSBC Holdings plc Authorisation for the directors’ to allot shares 21%
5 May 2023 HSBC Holdings plc Disapplication of pre-emption rights in relation to the issue of Contingent Convertible Securities 20%
5 May 2023 HSBC Holdings plc Authorisation of political donations 20%
5 May 2023 HSBC Holdings plc Director re-election 20%
5 May 2023 HSBC Holdings plc Approval of the directors’ remuneration report 20%
18 May 2023 Next plc Director re-election 20%
8 June 2023 Melrose Industries plc Authorisation for the directors to allot equity securities without application of pre-emption rights 20%
8 June 2023 Melrose Industries plc Authorisation for the directors to allot equity securities used only for the purpose of financing a transaction which the directors determine to be an acquisition or other capital investment 20%

 

Failed resolutions

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

DateCompanyResolutionVotes against
5 May 2023 HSBC Holdings plc Shareholder requisitioned resolution: Midland Bank defined benefit pension scheme 96%
27 April 2023 BP plc Follow This shareholder resolution on climate change targets 83%
5 May 2023 HSBC Holdings Shareholder requisitioned resolution: Strategy review 80%
5 May 2023 HSBC Holdings plc Shareholder requisitioned resolution: Dividend policy 80%
23 May 2023 Shell plc Follow This shareholder resolution on climate change targets 79%
2 May 2023 Plus500 plc Directors’ remuneration report 75%
26 May 2023 Glencore plc Shareholder resolution in respect of the next Climate Action Transition Plan70%
25 May 2023 Ferrexpo plc Authorisation for the directors’ to allot shares 65%
25 May 2023 Ferrexpo plc Disapplication of pre-emption rights 64%
25 April 2023 Beazley plc General disapplication of pre-emption rights. 60%
25 April 2023 Beazley plc Disapplication of pre-emption rights in connection with an acquisition or specified capital investment. 60%
3 May 2023 Unilever plc Directors’ remuneration report 58%
24 May 2023 Playtech plc Disapplication of pre-emption rights 56%
24 May 2023 Playtech Further disapplication of pre-emption rights 56%
24 May 2023 Playtech plc Authorisation for the directors’ to allot shares 55%
24 May 2023 Playtech plc To make market purchases of own shares 49%
4 May 2023 Hammerson plc General disapplication of pre-emption rights. 43%
4 May 2023 Hammerson plc Disapplication of pre-emption rights in connection with an acquisition or specified capital investment. 43%
10 May 2023 Jupiter Fund Management plc Disapplication of pre-emption rights 29%
24 May 2023 Tullow Oil plc Authority for the company to purchase its own shares 27%
10 May 2023 Jupiter Fund Management plc Authorisation for the directors’ to allot shares 25%

 

* 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

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