Result of AGM

Utilico Emerging Markets Trust PLC
17 September 2024
 

17 September 2024

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

 

Result of Annual General Meeting

 

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2024 Annual General Meeting of shareholders on 17 September 2024.

 

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

125,008,618

100.00

0

0.00

125,008,618

13,659

2. To approve the Directors' Remuneration Report

124,904,664

99.96

52,966

0.04

124,957,630

64,647

3. To approve the Company's dividend policy

125,010,368

100.00

0

0.00

125,010,368

11,909

4. To re-elect Mr Rennocks

124,969,425

99.99

17,225

0.01

124,986,650

35,627

5. To re-elect Mr Bridgeman

124,966,110

99.99

13,040

0.01

124,979,150

43,127

6. To re-elect Ms Liu

124,923,982

99.96

55,168

0.04

124,979,150

43,127

7. To re-elect Mr Stobart

97,462,577

77.98

27,516,573

22.02

124,979,150

43,127

8. To elect Ms Wells

 

124,920,957

99.96

55,168

0.04

124,976,125

46,152

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

124,856,550

99.90

127,992

0.10

124,984,542

37,735

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

124,974,947

99.98

22,072

0.02

124,997,019

25,258

11. To authorise the Directors to allot securities

124,945,200

99.95

64,956

0.05

125,010,156

12,121



 

 

 

 

 

 

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

124,819,271

99.85

185,138

0.15

125,004,409

17,868

13. To authorise the Company purchase its own shares

124,988,911

99.98

26,231

0.02

125,015,142

7,135

 

While a significant majority of shareholder proxies supported Resolution 7 (re-election of Mr Eric Stobart), the Board is disappointed that a notable number representing 22.02% of the shares voted (14.63% of the issued share capital) were against the annual re-election of Mr Eric Stobart.  Approximately 97% of these shares were voted by one shareholder, with whom the Company has previously engaged and will continue to engage, and who has indicated its opposition to the appointment of Mr Stobart.

 

Mr Stobart, who joined the Board in 2019, is an Independent Director pursuant to the UK Corporate Governance Code and in accordance with the principles of the Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Mr Stobart is and remains independent in character and judgement and that his appointment to the Board is in the best interests of the Company and its shareholders.  Earlier this year the Company announced the appointment of Ms Nadya Wells as a new Independent Director to the Board, continuing the cycle of 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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