Update statement on 2023 Annual General Meeting

LondonMetric Property PLC

18 December 2023

 

18 December 2023

LONDONMETRIC PROPERTY PLC

Update statement on 2023 Annual General Meeting

Further to the result of the General Meeting announced separately today, and as required by provision 4 of the UK Corporate Governance Code, LondonMetric Property Plc ("LondonMetric" or "Company") provides an update statement on its Annual General Meeting held on 12 July 2023 ("AGM").

In respect of the AGM, Resolution 3 (approval of the Directors' Remuneration Policy ("Policy")) was withdrawn in advance of the meeting. Whilst the Company had undertaken extensive consultation on the Policy in December 2022, it had become clear that market conditions had changed and that certain shareholders and proxy voting agencies had reservations with the proposal.

Therefore, and as announced on the date of the AGM, the Remuneration Committee ("Committee") led by the Committee Chair, Robert Fowlds, committed to undertake a new consultation with shareholders and seek shareholder approval for a new Directors' Remuneration Policy ("New Policy") before 31 March 2024.

The Committee engaged with LondonMetric's shareholders representing over 67% of the Company's issued share capital as well as key proxy voting agencies in November 2023. The Committee was pleased that the vast majority of those providing feedback were supportive of the New Policy.

A handful of shareholders requested that, in alignment with the corresponding policy for LTIP awards, a provision was introduced in relation to annual bonus performance targets such that any changes in exceptional circumstances would be no less challenging. The New Policy was updated accordingly and, as announced separately, was approved at the General Meeting today with overwhelming support in favour.

The Committee is grateful to those shareholders who took part in the consultation process and values the feedback provided.

For further information, please contact:

LondonMetric Property Plc

Andrew Jones / Martin McGann / Gareth Price

Tel: [phone]

 

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