AGM Resolution – votes against in excess of 2...

BlackRock Latin American Investment Trust plc

(LEI: UK9OG5Q0CYUDFGRX4151)

AGM Resolution – votes 'against' in excess of 20%

At the Company’s Annual General Meeting held in March, resolution 5 relating to the re-election of Craig Cleland, the Chairman of the Audit Committee, was passed but 3,309,708 votes (representing 20.63% of the total votes cast) were cast against this resolution. As a result, the Board is required by Provision 1.D.4 of the 2018 UK Code of Corporate Governance and Provision 5.2.4 of the 2019 AIC Code of Corporate Governance, to provide an update on the views received from shareholders.
 

The Board, represented by its Broker (Cenkos Securities plc), has discussed the reasons for the ‘against’ vote with the Proxy/Voting advisors to the shareholders who had cast 2,218,142 of these votes and also with the investment manager that cast an additional 454,846 of these votes on behalf of managed funds  (in total 2,672,142 shares or  approximately 81% of the votes against resolution 5) and has been notified that these shares were voted against because Mr Cleland’s attendance record as set out on page 33 of the annual report for the year ended 31 December 2021 reflected the fact that he had missed the Board, Management Engagement Committee and Nomination Committee meetings held on 16 November 2021.  The Broker has explained to the relevant advisory and manager representatives that Mr Cleland had missed the meeting due to illness.  The Broker also advised that Mr Cleland is now fully recovered, and this issue is not expected to recur.  In response to this explanation, the advisory representatives and representatives of the investment manager confirmed that had this information been made publicly available at the time, they would have been fully supportive of Mr Cleland’s re-election, and they had no other issues to raise in this respect. 

The Board notes that in future the Company’s annual report will give additional detail in respect of the reason/justification for non-attendance to the extent this ever recurs.

Contact:

Ms S Beynsberger
For and on behalf of BlackRock Investment Management (UK) Limited, Company Secretary

Tel: [phone]

Date: 18 August 2022