Draper Esprit VCT plc - Result of AGM

Draper Esprit VCT plc
Legal Entity Identifier: 2138003I9Q1QPDSQ9Z97
Result of AGM
22 September 2020

At the Annual General Meeting (“AGM”), of Draper Esprit VCT plc held on 22 September 2020, which was held as a closed meeting, all resolutions were passed.

Details of the proxy votes in respect of the resolutions passed at the AGM received as at 11:00am on 18 September 2020, 48 hours before the time of the meeting (excluding weekends), at the receiving agent, Downing LLP, are set out below:

	For	Discretionary	Against	Total	Withheld
Resolution No.	No. of	No. of	No. of	No. of	No. of
	Votes Cast	Votes Cast	Votes Cast	Votes Cast	Votes
	% of votes	% of votes	% of votes	% of votes
1	4,389,300	90,463	-	4,479,763	8,805
	97.98%	2.02%	0.00%	100.00%
2	4,073,549	62,471	185,066	4,321,086	167,482
	94.27%	1.45%	4.28%	100.00%
3	4,055,238	62,471	215,850	4,333,559	155,009
	93.58%	1.44%	4.98%	100.00%
4	4,405,924	62,471	11,368	4,479,763	8,805
	98.36%	1.39%	0.25%	100.00%
5	4,160,417	123,672	178,797	4,462,886	25,682
	93.22%	2.77%	4.01%	100.00%
6	4,289,852	62,471	74,353	4,426,676	61,892
	96.91%	1.41%	1.68%	100.00%
7	4,278,882	62,471	85,323	4,426,676	61,892
	96.66%	1.41%	1.93%	100.00%
8	4,264,477	62,471	91,461	4,418,409	70,159
	96.52%	1.41%	2.07%	100.00%
9	4,209,280	121,907	95,489	4,426,676	61,892
	95.09%	2.75%	2.16%	100.00%
10	4,423,625	62,471	2,472	4,488,568	-
	98.55%	1.39%	0.06%	100.00%
11	4,279,708	62,471	134,442	4,476,621	11,947
	95.60%	1.40%	3.00%	100.00%
12	4,194,408	62,471	231,689	4,488,568	-
	93.45%	1.39%	5.16%	100.00%

A copy of the resolutions passed will be submitted to the National Storage Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism

The Company decided to hold its AGM as a closed meeting because of the practical difficulties in holding open meetings with the ongoing social distancing restrictions. The board invited questions from shareholders in writing and comments on the issues raised by shareholders as follows:

Board independence and director tenure
Even though all directors have sat on the board of the Company for more than 9 years, the board is satisfied that the four independent directors have continued to act independently in the manner in which they undertake their duties. For example, the Board has been closely involved in developing the new management arrangements with Draper Esprit which have been put in place over the last couple of years and which have effectively resulted in a change of manager for the Company.

The Board accepts that it is helpful for the director’s appointment dates to be included in the Annual Report and will ensure this is done in future.

Board succession planning
Board structure has been a discussion topic for some time now, as the Company has undergone a transition in putting in place the arrangements with Draper Esprit.  One director stepped down at this AGM today and the Board is considering some further changes in due course.

Auditor’s re-election and remuneration as separate AGM resolutions
The Board will give consideration to having the Auditor’s re-election and the authority for the directors to determine the Auditor’s remuneration as separate resolutions in future.