National Storage Mechanism | Additional information
RNS Number : 4113Y
Savills PLC
12 May 2021
 

12 MAY 2021

 

SAVILLS PLC

('the Company')

 

ANNUAL GENERAL MEETING - 12 MAY 2021: RESOLUTIONS

 

 

The Savills plc  Annual General Meeting was held on Wednesday 12 May 2021 at Finsbury Circus House, 15 Finsbury Circus, London EC2M 7EB.  All resolutions were passed on a poll

 

An analysis of the proxy votes lodged against each resolution prior to the AGM is set out below:

 

 

Resolution

 

No. of Votes For

% For

No. of Votes Against

% Against

Total No. of Votes Cast

Total No. of Votes Withheld/ Abstentions

Poll Yes/No

1


To receive the 2020 Annual Report and Accounts, the Directors' Reports and the Auditors' Report on the 2020 Annual Report and Accounts

 

116,258,719

100.00%

185

0.00%

116,258,904

173,157

Yes

2

To approve the Directors' Remuneration Report contained in the Annual Report and Accounts for the financial year ended 31 December 2020

86,458,864

79.05%

22,920,316

20.95%

109,379,180

7,052,881



Yes

3

To declare a final dividend of 17.0p per ordinary share

116,427,799

100.00%

0

0.00%

116,427,799

4,262


Yes

4

To re-elect Nicholas Ferguson as a Director

115,413,693

99.14%

998,106

0.86%

116,411,799

20,262

Yes

5

 To re-elect Mark Ridley as a Director

111,165,785

95.49%

5,246,014

4.51%

116,411,799

20,262

Yes

6

To re-elect Tim Freshwater as a Director

109,705,281

94.24%

6,706,366

5.76%

116,411,647

20,414

Yes

7

To re-elect Simon Shaw as a Director

111,748,467

95.99%

4,663,180

4.01%

116,411,647

20,414

Yes

8

To re-elect Stacey Cartwright as a Director

109,036,778

93.66%

7,374,869

6.34%

116,411,647

20,414

Yes

9

To re-elect Florence Tondu-Mélique as a Director

109,673,848

94.21%

6,737,951

5.79%

116,411,799

20,262

Yes

10

To re-appoint Dana Roffman as a Director

109,035,181

93.66%

7,376,466

6.34%

116,411,647

20,414

Yes

11

To re-appoint Philip Lee as a Director

116,261,036

99.87%

150,611

0.13%

116,411,647

20,414

 

12

To re-appoint Richard Orders as a Director

116,259,046

99.87%

152,601

0.13%

116,411,647

20,414

 

13

To appoint Ernst & Young as the Auditors

116,152,451

99.78%

256,900

0.22%

116,409,351

22,710

Yes

14

To authorise the Directors to determine the Auditors' remuneration

116,408,007

100.00%

3,773

0.00%

116,411,780

20,281

Yes

15

To authorise the extension of the Savills plc Performance Share Plan

115,428,115

99.15%

985,894

0.85%

116,414,009

18,052

 

16

To renew the Directors' power to allot shares

110,077,891

94.57%

6,325,330

5.43%

116,403,221

28,840

Yes

17

To authorise a general  disapplication of statutory pre-emption rights #

115,903,965

99.57%

498,540

0.43%

116,402,505

29,556

Yes

18

To authorise an additional disapplication of statutory pre-emption rights#

109,322,994

93.92%

7,079,510

6.08%

116,402,504

29,557

Yes

19

To renew the Company's authority to purchase its own shares #

116,199,774

99.94%

65,665

0.06%

116,265,439

166,622

Yes

20

To authorise the Directors to call general meetings on 14 clear days' notice #

103,658,926

89.04%

12,756,333

10.96%

116,415,259

16,802

Yes

 

# Passed as a special resolution.

 

 

 

 

 

The Board acknowledges the level of votes cast against Resolution 2, the advisory vote on the implementation of the Company's 2020 Remuneration Policy, itself approved by 90% of shareholders at last year's AGM. 

 

In advance of the AGM the Board engaged with both shareholders and proxy advisors in respect of concerns raised on aspects of the Directors' Remuneration Report.  The Board understands that shareholders' primary concern was its decision to take into account a wider number of operational and strategic performance metrics than the profit targets set prior to the pandemic. The Board applied discretion to specifically award 21% of the maximum potential profit related bonus element to the Executive Directors to recognise the significant operational and strategic progress in the year, reflected by the impressive market share gains. This decision resulted in total remuneration of the Executive Directors being reduced by 45% year-on-year. Some shareholders also felt that Executive Directors pension provision may not be aligned with the all-employee rate although this is fully aligned with the rates available to colleagues with an equivalent level of service.

 

The Board is satisfied that its recommendation was made in the best interests of all stakeholders.  In light of the voting outcome, and in any event as part of the planned introduction of the new Chair of the Remuneration Committee to our leading shareholders, it will engage with our leading shareholders over the coming months. In accordance with the UK Corporate Governance Code, the Company will publish an update on that engagement within six months of the 2021 AGM

 

 

 

 

 

 

NOTES:

 

All resolutions were passed

 

1.      Votes 'withheld' have not been included in the calculation of whether a resolution is carried. Percentages have been rounded to two decimal places.

 

2.     Copies of Resolutions 17 to 20 , will be submitted to the National Storage Mechanism and in due course will be available to view at  http://data.fca.org.uk/#/nsm/nationalstoragemechanism using Savills plc's  code 'SVS'.

 

3.      Details of the votes received on the resolutions are available on the Company's website: http://ir.savills.com/shareholder-information/agm

 

4.     The issued share capital was 143,073,983 ordinary shares of 2.5 pence each and the total number of voting rights in respect of these ordinary shares was 143,073,983 each ordinary share having one vote.

 

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