Result of AGM
Man Group plc held its Annual General Meeting at 10.00am on Friday 5 May 2017. All resolutions presented at the Annual General Meeting were put to the meeting on a poll and were passed with the requisite majority. The full results are detailed below.
The issued ordinary share capital as at 3 May 2017, the voting record date, was 1,663,164,179.
RESOLUTION |
VOTES FOR |
VOTES AGAINST |
VOTES ABSTAIN |
Receive the Annual Report and financial statements |
1,249,564,369 |
871,737 |
76,958 |
Approve the Directors' Remuneration report |
851,330,872 |
335,157,811 |
64,024,380 |
Declare a final dividend |
1,249,319,223 |
1,189,154 |
4,687 |
Reappoint Katharine Barker as a director |
1,249,862,254 |
284,405 |
366,405 |
Reappoint Richard Berliand as a director |
1,242,798,409 |
4,698,044 |
3,016,611 |
Reappoint Phillip Colebatch as a director |
924,478,359 |
323,771,246 |
2,263,459 |
Reappoint John Cryan as a director |
1,246,389,121 |
3,746,141 |
377,802 |
Reappoint Luke Ellis as a director |
1,250,046,811 |
324,463 |
141,790 |
Reappoint Andrew Horton as a director |
1,249,924,099 |
218,662 |
370,303 |
Reappoint Mark Jones as a director |
1,241,478,688 |
8,680,259 |
354,117 |
Reappoint Matthew Lester as a director |
1,248,328,505 |
1,815,361 |
369,198 |
Reappoint Ian Livingston as a director |
1,227,810,326 |
11,264,972 |
11,437,766 |
Reappoint Dev Sanyal as a director |
1,249,827,227 |
316,534 |
369,303 |
Reappoint Nina Shapiro as a director |
1,249,158,732 |
870,046 |
484,286 |
Reappoint Jonathan Sorrell as a director |
1,249,881,830 |
277,047 |
354,187 |
Reappoint Deloitte LLP as auditor |
1,249,829,870 |
423,559 |
258,100 |
Determine the remuneration of the auditor |
1,250,050,309 |
291,839 |
170,916 |
Authorise political donations and expenditure |
1,203,889,044 |
46,372,456 |
251,564 |
Authorise the directors to allot shares |
1,058,036,874 |
192,381,105 |
97,585 |
Authorise the directors to allot shares for cash other than on a pro-rata basis to existing shareholders* |
1,096,228,271 |
154,173,778 |
113,515 |
Authorise the directors to allot shares for cash other than on a pro-rata basis to existing shareholders in relation to acquisitions and specified capital investments* |
1,061,256,023 |
189,149,282 |
110,259 |
Authorise the Company to purchase its own shares* |
1,227,782,781 |
22,211,609 |
521,174 |
Authorise the directors to call general meetings on 14 clear days' notice* |
1,167,472,513 |
82,960,212 |
82,838 |
* Special Resolution requiring 75% majority
The Board notes that there were a significant number of votes cast against Resolution 2 (approval of the Directors' Remuneration Report (the "DRR")) although support for the DRR has improved significantly since the prior year. During the latter part of 2016 and early 2017, the newly appointed Chairman of the Remuneration Committee undertook extensive consultation with the Group's largest shareholders and, in response to their feedback, the Committee made some material changes to the implementation of the Remuneration Policy, including reducing the maximum bonus for 2016 performance, weighting the bonus more heavily on quantified financial targets, reducing the maximum long-term incentive awarded for 2014-2016 performance, and capping the 2017 long-term incentive award. From our recent discussions with shareholders, it is clear that a number of them acknowledge the positive steps taken to address previous concerns and this is reflected in the voting outcome. It is also clear that there is still more work to be done and the Committee will continue to work closely with shareholders in the year ahead to conduct a fundamental review of the Remuneration Policy for submission to the 2018 AGM. Any shareholders wishing to discuss the outcome of the 2017 AGM vote or any other remuneration matter should contact the Committee Chairman.
The Board also notes that there were a significant number of votes cast against Resolution 6 (reappointment of Phillip Colebatch as a director). As previously announced, Phillip has decided, after more than 9 years' service, to step down from Man Group's Board on 30 September 2017 and we are grateful for his outstanding service and contribution over that period.