Result of AGM

RNS Number : 3666E

Man Group plc

05 May 2017

 

Result of AGM

Man Group plc held its Annual General Meeting at 10.00am on Friday 5 May 2017.  All resolutions presented at the Annual General Meeting were put to the meeting on a poll and were passed with the requisite majority.  The full results are detailed below. 

The issued ordinary share capital as at 3 May 2017, the voting record date, was 1,663,164,179.

RESOLUTION	VOTES FOR	VOTES AGAINST	VOTES ABSTAIN
Receive the Annual Report and financial statements	1,249,564,369	871,737	76,958
Approve the Directors' Remuneration report	851,330,872	335,157,811	64,024,380
Declare a final dividend	1,249,319,223	1,189,154	4,687
Reappoint Katharine Barker as a director	1,249,862,254	284,405	366,405
Reappoint Richard Berliand as a director	1,242,798,409	4,698,044	3,016,611
Reappoint Phillip Colebatch as a director	924,478,359	323,771,246	2,263,459
Reappoint John Cryan as a director	1,246,389,121	3,746,141	377,802
Reappoint Luke Ellis as a director	1,250,046,811	324,463	141,790
Reappoint Andrew Horton as a director	1,249,924,099	218,662	370,303
Reappoint Mark Jones as a director	1,241,478,688	8,680,259	354,117
Reappoint Matthew Lester as a director	1,248,328,505	1,815,361	369,198
Reappoint Ian Livingston as a director	1,227,810,326	11,264,972	11,437,766
Reappoint Dev Sanyal as a director	1,249,827,227	316,534	369,303
Reappoint Nina Shapiro as a director	1,249,158,732	870,046	484,286
Reappoint Jonathan Sorrell as a director	1,249,881,830	277,047	354,187
Reappoint Deloitte LLP as auditor	1,249,829,870	423,559	258,100
Determine the remuneration of the auditor	1,250,050,309	291,839	170,916
Authorise political donations and expenditure	1,203,889,044	46,372,456	251,564
Authorise the directors to allot shares	1,058,036,874	192,381,105	97,585
Authorise the directors to allot shares for cash other than on a pro-rata basis to existing shareholders*	1,096,228,271	154,173,778	113,515
Authorise the directors to allot shares for cash other than on a pro-rata basis to existing shareholders in relation to acquisitions and specified capital investments*	1,061,256,023	189,149,282	110,259
Authorise the Company to purchase its own shares*	1,227,782,781	22,211,609	521,174
Authorise the directors to call general meetings on 14 clear days' notice*	1,167,472,513	82,960,212	82,838

* Special Resolution requiring 75% majority

The Board notes that there were a significant number of votes cast against Resolution 2 (approval of the Directors' Remuneration Report (the "DRR")) although support for the DRR has improved significantly since the prior year.  During the latter part of 2016 and early 2017, the newly appointed Chairman of the Remuneration Committee undertook extensive consultation with the Group's largest shareholders and, in response to their feedback, the Committee made some material changes to the implementation of the Remuneration Policy, including reducing the maximum bonus for 2016 performance, weighting the bonus more heavily on quantified financial targets, reducing the maximum long-term incentive awarded for 2014-2016 performance, and capping the 2017 long-term incentive award.  From our recent discussions with shareholders, it is clear that a number of them acknowledge the positive steps taken to address previous concerns and this is reflected in the voting outcome. It is also clear that there is still more work to be done and the Committee will continue to work closely with shareholders in the year ahead to conduct a fundamental review of the Remuneration Policy for submission to the 2018 AGM. Any shareholders wishing to discuss the outcome of the 2017 AGM vote or any other remuneration matter should contact the Committee Chairman. 

The Board also notes that there were a significant number of votes cast against Resolution 6 (reappointment of Phillip Colebatch as a director). As previously announced, Phillip has decided, after more than 9 years' service, to step down from Man Group's Board on 30 September 2017 and we are grateful for his outstanding service and contribution over that period.

 

END

 

 

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