Result of AGM

RNS Number : 7710A

Aberdeen Standard Equity Income Tst

23 January 2020

 

ABERDEEN STANDARD EQUITY INCOME TRUST PLC

Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74

23 January 2020

Result of Annual General Meeting

Aberdeen Standard Equity Income Trust plc (the "Company") hereby gives notification that, at the Annual General Meeting of the Company held earlier today, Thursday 23 January 2020, all the Resolutions as set out in full in the Notice of Meeting included within the Annual Report and available on the Company's website, www.aberdeenstandardequityincometrust.co.uk * were duly passed.

The Chairman commented on the results for the year and said that "2019 was tough for the Company and performance was disappointing. The Board recognises that returns that differ markedly from that of the FTSE All-Share index is a risk inherent in an active, index-agnostic investment process. The Board firmly believes that such an approach is in the best interests of shareholders looking for capital returns and a progressive dividend stream over the long term.

As at 31 December 2019, the Company had delivered real growth in dividends paid to shareholders over the last 1,3,5 and 10 years and real growth in capital over 1 and 10 years.

The Board continues to have confidence that the Company will be able to achieve its stated objective of providing an above average income and real growth in capital and income under the management of Tom Moore and his team. Tom is definitely one of the best UK equity managers I've come across in my career."

The total number of proxy votes lodged for the Annual General Meeting were as follows:

	For and Discretionary		Against		Votes	Total Votes
Resolution	No. of	% of	No. of	% of	Withheld	(excluding Votes Withheld)
Number	Votes	Votes Cast	Votes	Votes Cast
1. Receive Report & Accounts	10,899,684	99.98	2,672	0.02	15,223	10,902,356
2. Approve Directors' Remuneration Report	10,793,423	98.95	113,986	1.04	30,455	10,907,409
3. Approve Directors' Remuneration Policy	10,760,012	98.90	119,902	1.10	57,950	10,879,914
4. Approve Final Dividend	10,906,069	99.99	1,260	0.01	10,250	10,907,329
5. Elect Ms S. Patel	10,867,197	99.68	34,586	0.32	15,794	10,901,783
6. Re-elect Mr R.R.J. Burns	9,754,308	89.32	1,166,242	10.68	17,312	10,920,550
7. Re-elect Ms C.M. Hitch	10,831,568	99.49	55,694	0.51	30,315	10,887,262
8. Re-elect Mr J. J. Tigue	10,818,211	99.06	102,339	0.94	17,312	10,920,550
9. Re-elect Mr M.B.E White	10,828,650	99.35	70,900	0.65	38,312	10,899,550
10. Re-appoint KPMG LLP as Auditor	10,845,688	99.63	40,775	0.37	31,115	10,886,463
11. Remuneration of the Auditor	10,858,538	99.78	23,672	0.22	35,368	10,882,210
12. Allotment of new equity	10,842,118	99.59	44,911	0.41	30,550	10,887,029
13. Disapply  pre-emption rights	10,784,585	99.27	79,585	0.73	53,407	10,864,170
14. Authorise market purchases of ordinary shares	10,828,099	99.59	44,194	0.41	45,285	10,872,293

A copy of the AGM resolutions which require to be lodged with the UKLA have been submitted to the National Storage Mechanism (NSM) and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM*

*Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Aberdeen Standard Equity Income Trust plc

Aberdeen Asset Management PLC

Company Secretary

23 January 2020

Tel: [phone]

 

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