Result of AGM

RNS Number : 0274A
Utilico Emerging Markets Trust PLC
20 September 2022
 

20 September 2022

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

 

Result of Annual General Meeting

 

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2022 Annual General Meeting of its shareholders on 20 September 2022.

 

All resolutions proposed at the meeting were passed on a show of hands.  A copy of the Notice of Meeting is available at www.uemtrust.co.uk

 

The proxy voting figures received in advance of the meeting are shown below.

 

Resolution

Votes for/
discretionary

%

Votes against

%

Total votes cast

Votes withheld

Ordinary Resolutions






1. To receive the Company's Accounts and the Reports of the Directors and Auditor

137,174,968

159

0.00

137,175,127

18,007

2. To approve the Directors' Remuneration Policy

137,077,065

75,647

0.06

137,152,712

40,422

3. To approve the Directors' Remuneration Report

137,072,932

65,763

0.05

137,138,695

54,439

4. To approve the Company's dividend policy

137,173,149

41

0.00

137,173,190

19,944

5. To elect Mr Bridgeman

137,164,476

7,523

0.01

137,171,999

21,135

6. To elect Ms Liu

 

137,161,455

8,607

0.01

137,170,062

23,072

7. To re-elect Mr Rennocks

137,163,341

6,721

0.00

137,170,062

23,072

8. To re-elect Ms Hansen

103,638,782

33,531,280

24.45

137,170,062

23,072

9. To re-elect Mr Stobart

109,925,227

27,244,835

19.86

137,170,062

23,072

10. To re-appoint KPMG LLP as auditor of the Company

137,038,485

115,427

0.08

137,153,912

39,222

11. To authorise the Directors to determine the auditor's remuneration

137,152,548

17,199

0.01

137,169,747

23,387

12. To authorise the Directors to allot securities

137,126,099

33,007

0.02

137,159,106

34,028

Special Resolutions

 

 

 

 

 

13. To authorise the Directors to disapply pre-emption rights

137,031,803

137,980

0.10

137,169,783

23,351

14. To authorise the Company purchase its own shares

137,148,150

24,799

0.02

137,172,949

20,185

 

The Board has noted that shareholder proxies representing 24.45% of the shares voted (representing 16.16% of the issued share capital) were against the annual re-election of Ms Susan Hansen.  Ms Hansen is also a director of a company associated with the Investment Managers and is therefore not deemed to be independent. The vast majority of these shares were voted by one shareholder, with whom the Company has previously engaged, and who indicated its opposition to those directors it did not believe are sufficiently independent.

 

In accordance with the principles of the UK Corporate Governance Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Ms Hansen is and remains independent in character and judgement and that her appointment to the Board is in the best interests of the Company and its shareholders.  The Company announced the appointments last year of Mark Bridgeman and Isabel Liu as new independent directors to the Board of UEM and the Board continues to consider board refreshment.

 

A copy of the full text of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at http://data.fca.org.uk/#/nsm/nationalstoragemechanism .

 

 

Name of contact and telephone number for enquiries:

ICM Investment Management Limited  +44(0)1372 271486

Charles Jillings / Alastair Moreton

 

Montfort Communications

Gay Collins, Pippa Bailey  +44(0)20 3770 7913

utilico@montfort.london

 

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