Update in relation to 2023 Annual General Meeting

Plus500 Limited

02 November 2023

 

2 November 2023                                                                                                                                           

Plus500 Ltd.

("Plus500", the "Company" or together with its subsidiaries the "Group")

Update in relation to 2023 Annual General Meeting  

Plus500, an established global multi-asset fintech group operating proprietary technology-based trading platforms, today issues an update on the views received from shareholders and the actions taken following the voting outcomes at its Annual General Meeting ("AGM") held on 2 May 2023, in accordance with Provision 4 of the UK Corporate Governance Code (the "Code").

At the 2023 AGM, four resolutions were passed with more than 20% of votes cast against. The resolutions related to the re-election of Mr. Steve Baldwin as Non-Executive Director, an allotment of shares to the Chair of the Board, the approval of the remuneration policy for Directors and Executives and the remuneration terms for the CEO. A non-binding advisory vote on the Directors' Remuneration Report was not approved by the requisite majority. All other 17 resolutions were well supported by shareholders, with at least 80% of votes cast in favour.

Since the AGM, in line with the Company's commitment to maintaining ongoing, transparent dialogue with its shareholders, the Company has engaged with various shareholder advisory bodies and its top shareholders, in order to gather their feedback on these resolutions.

In relation to resolution 3, 29.68% of votes cast were against the re-election of Mr. Steve Baldwin as a Non-Executive Director. The Company understands that the reason for this relates in part to his position as the Chair of the Company's ESG Committee. Plus500 is dedicated to operating responsibly and sustainably in all aspects of its business, including taking the necessary actions to reduce the relatively minimal impact of its operations on the environment. As detailed in its 2022 Annual Report, the Company has extended significantly the level of disclosure provided around its environmental footprint, which now also includes a comprehensive report on Plus500's alignment to the Task Force on Climate-Related Financial Disclosures ("TCFD"), and is continuing to monitor this area on an ongoing basis. Therefore, the Board reaffirms its belief that Mr. Baldwin remains highly suitable in his position as a Non-Executive Director and as Chair of the ESG Committee.

The other three resolutions which were passed with more than 20% of votes cast against, relate to remuneration.

The Board values the feedback and insights received as part of this process and believes it has a good understanding of the reasons behind the votes cast, having engaged with shareholders and further explained the Board's position in this regard. The Board will continue to take shareholders' views into consideration as part of its approach to achieving high governance standards and delivering shareholder value.

In accordance with provision 4 of the Code, a final update on this matter will be included in the Company's 2023 Annual Report.

For further details

Plus500 Ltd.
Elad Even-Chen, Chief Financial Officer Owen Jones, Head of Investor Relations	[phone] [phone] [e-mail]
Dentons Global Advisors
James Melville-Ross James Styles Methuselah Tanyanyiwa	[phone] [e-mail]

About Plus500

Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC ("Over-the-Counter" products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures.

The Group retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the Seychelles, the United States, Estonia, Japan, the UAE and the Bahamas and through its OTC product portfolio, offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade its OTC products in more than 50 countries and in 30 languages. Plus500 does not permit customers located in the US to trade its OTC products.

Plus500 does not utilise cold calling techniques and does not offer binary options. Plus500's trading platforms are accessible from multiple operating systems (Windows, iOS and Android) and web browsers. Customer care is and has always been integral to Plus500, as such, OTC customers cannot be subject to negative balances. A free demo account is available on an unlimited basis for OTC trading platform users and sophisticated risk management tools are provided free of charge to manage leveraged exposure, and stop losses to help customers protect profits, while limiting capital losses.

Plus500 shares have a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and are a constituent of the FTSE 250 index. www.plus500.com.

 

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