National Storage Mechanism | Additional information
RNS Number : 3675P
Tesco PLC
17 June 2022
 

Tesco PLC

 

17 June 2022

 

Tesco PLC - Results of AGM

 

Tesco PLC held its Annual General Meeting on Friday 17 June 2022 at 2:00 p.m.  All resolutions proposed were passed by shareholders. A poll was held on each of the resolutions proposed.  The results of the polls are as follows:

                                                                                               



VOTES
FOR

%

VOTES AGAINST

%

TOTAL VOTES

VALIDLY CAST

% ISSUED

SHARE CAPITAL

VOTES WITHHELD

1

To receive the report and accounts

5,533,201,278

100.00

238,631

0.00

5,533,439,909

73.67%

70,885,741

2

To approve the Directors' remuneration policy

5,147,774,233

91.98

448,770,044

8.02

5,596,544,277

74.51%

7,776,447

3

To approve the Directors' remuneration report

5,166,112,551

92.22

435,857,530

7.78

5,601,970,081

74.59%

2,350,578

4

To declare a final dividend

5,601,439,521

99.98

1,314,021

0.02

5,602,753,542

74.60%

1,569,692

5

To re-elect John Allan as a Director

5,118,678,207

91.37

483,387,983

8.63

5,602,066,190

74.59%

2,258,484

6

To re-elect Melissa Bethell as a Director

5,599,359,867

99.95

2,567,162

0.05

5,601,927,029

74.58%

2,392,587

7

To re-elect Bertrand Bodson as a Director

3,925,294,116

70.71

1,625,682,078

29.29

5,550,976,194

73.91%

53,343,300

8

To re-elect Thierry Garnier as a Director

5,528,480,470

99.88

6,854,600

0.12

5,535,335,070

73.70%

68,979,284

9

To re-elect Stewart Gilliland as a Director

5,412,760,790

96.62

189,207,412

3.38

5,601,968,202

74.59%

2,348,609

10

To re-elect Byron Grote as a Director

5,188,802,296

92.62

413,188,604

7.38

5,601,990,900

74.59%

2,325,240

11

To re-elect Ken Murphy as a Director

5,599,871,230

99.96

2,173,302

0.04

5,602,044,532

74.59%

2,278,676

12

To re-elect Imran Nawaz as a Director

5,582,314,438

99.65

19,648,474

0.35

5,601,962,912

74.59%

2,355,404

13

To re-elect Alison Platt as a Director

5,317,636,945

94.92

284,423,088

5.08

5,602,060,033

74.59%

2,256,387

14

To re-elect Lindsey Pownall as a Director

5,533,818,670

99.97

1,552,344

0.03

5,535,371,014

73.70%

68,943,892

15

To re-elect Karen Whitworth as a Director

5,600,596,623

99.97

1,437,727

0.03

5,602,034,350

74.59%

2,276,182

16

To reappoint the auditors

5,530,907,538

99.92

4,491,480

0.08

5,535,399,018

73.70%

68,918,053

17

To authorise the Audit Committee to determine the auditors' remuneration

5,598,200,298

99.93

4,034,546

0.07

5,602,234,844

74.59%

2,079,196

18

To authorise political donations by the Company and its subsidiaries

5,444,793,973

97.18

157,975,046

2.82

5,602,769,019

74.60%

1,546,158

19

To authorise the Directors to allot shares

4,966,303,301

88.64

636,475,708

11.36

5,602,779,009

74.60%

1,513,220

20

To authorise the Directors to disapply pre-emption rights*

5,196,739,007

92.85

400,351,779

7.15

5,597,090,786

74.52%

7,225,206

21

To authorise the Directors to disapply pre-emption rights for acquisitions and other capital investment*

5,046,619,746

90.17

550,470,865

9.83

5,597,090,611

74.52%

7,215,547

22

To authorise the Company to purchase its own shares*

5,495,401,729

98.19

101,354,548

1.81

5,596,756,277

74.52%

7,563,767

23

To authorise a 14 day notice period for general meetings*

5,263,512,191

93.95

338,775,001

6.05

5,602,287,192

74.59%

2,028,429

 

*Special resolutions

 

 

 

 

 

While the Board is pleased that all other resolutions were carried with large majorities, the Board was disappointed with the level of votes cast against Resolution 7, the re-election of Bertrand Bodson, which received 70.71% approval. 

 

The Board unanimously supports Bertrand's re-election and confirms that he continues to make an effective and valuable contribution to the Board and Corporate Responsibility Committee.  Throughout the year Bertrand has demonstrated his commitment to the Company and the ability to dedicate sufficient time to his duties, with 100% attendance record for Board and Committee meetings. Bertrand continues to bring exceptional leadership and business expertise, with significant knowledge of digital and technology matters which deepens and enriches the overall set of skills and experience available to the Board.

 

The Nominations and Governance Committee carefully monitors all directors' external time commitments and would take appropriate action should concerns be identified that could impact on their ability to devote sufficient time to their duties at the Company. The Board believes that all directors, including Bertrand, continue to devote the required amount of time in discharging their responsibilities as directors of the Company.

 

Following the AGM, the Board will continue to engage with shareholders to discuss any ongoing concerns but we understand that this was primarily driven by the votes of some shareholders who applied a more stringent voting policy on directors' external commitments, despite his exemplary attendance record and the value he adds to the Board through his expertise and experience.

 

We will publish an update on our engagement, in accordance with the UK Corporate Governance Code, within six months of the 2022 AGM.

 

 

Notes

 

Results of the poll can also be viewed on the Company's website: https://www.tescoplc.com/investors/shareholder-centre/shareholder-meetings/

 

Please note a 'vote withheld' is not a vote under English law and is not counted in the calculation of votes 'for' and 'against' a resolution.

 

The total number of ordinary shares in issue on 15 June 2022 at 6.30pm was 7,510,821,405. Shareholders are entitled to one vote per share. 

           

In accordance with Listing Rule 9.6.2 copies of the resolutions (other than those relating to ordinary business) will be submitted to the FCA National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

 

 

 

Enquiries:                    

 

Group Company Secretary         Robert Welch    +44 (0) 7793 222569

 

Tesco PLC

Tesco House

Shire Park

Kestrel Way

Welwyn Garden City

Hertfordshire

AL7 1GA

 

 

LEI Number: 2138002P5RNKC5W2JZ46

 

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