INMARSAT PLC - ANNUAL GENERAL MEETING - 2 May 2018
Inmarsat plc (the 'Company') announces that at its Annual General Meeting held on 2 May 2018 at 10am at 99 City Road, London EC1Y 1AX, all resolutions set out in the Notice of Annual General Meeting dated 29 March 2018 were duly passed by shareholders by means of a poll vote, with the exception of resolution 2.
In accordance with Listing Rule 9.6.18, a summary of the resolutions passed and details of the proxy votes received are detailed below.
As at 30 April 2018, Inmarsat plc's issued capital consisted of 458,556,833 ordinary shares of Euro 0.0005 each with voting rights. Inmarsat plc held no ordinary shares in Treasury. Shareholders are entitled to one vote per share. A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes validly cast. Resolutions 1 to 19 were Ordinary Resolutions and Resolutions 20 to 24 were Special Resolutions.
In accordance with Listing Rule 9.6.2, copies of the resolutions passed as special business have been submitted to the National Storage Mechanism and will be available for inspection at http://www.morningstar.co.uk/uk/NSM.
|
Resolutions |
Votes For |
% |
Votes Against |
% |
Votes Withheld |
1. |
Receipt of the 2017 Annual Report |
340,219,349 |
100.00% |
16,052 |
0.00% |
57,578 |
2. |
To approve the Annual Report on Remuneration |
141,196,411 |
41.51% |
198,994,463 |
58.49% |
22,105 |
3. |
To declare a final dividend |
338,301,005 |
99.41% |
1,991,203 |
0.59% |
771 |
4. |
To appoint Warren Finegold as a Director |
338,276,740 |
99.41% |
2,001,272 |
0.59% |
14,967 |
5. |
To re-appoint Tony Bates as a Director |
337,294,783 |
99.13% |
2,973,803 |
0.87% |
24,393 |
6. |
To re-appoint Simon Bax as a Director |
301,382,420 |
88.87% |
37,736,660 |
11.13% |
1,173,449 |
7. |
To re-appoint Sir Bryan Carsberg as a Director |
323,784,554 |
99.22% |
2,539,440 |
0.78% |
13,968,985 |
8. |
To re-appoint Rtd. General C. Robert Kehler as a Director |
317,679,430 |
93.36% |
22,597,104 |
6.64% |
16,420 |
9. |
To re-appoint Phillipa McCrostie as a Director |
338,257,001 |
99.41% |
2,015,670 |
0.59% |
20,308 |
10. |
To re-appoint Janice Obuchowski as a Director |
338,242,174 |
99.40% |
2,030,217 |
0.60% |
20,139 |
11. |
To re-appoint Rupert Pearce as a Director |
328,386,423 |
96.51% |
11,881,694 |
3.49% |
24,861 |
12. |
To re-appoint Dr Abe Peled as a Director |
335,322,994 |
98.95% |
3,562,962 |
1.05% |
1,407,022 |
13. |
To re-appoint Robert Ruijter as a Director |
336,292,222 |
98.83% |
3,984,618 |
1.17% |
16,139 |
14. |
To re-appoint Andrew Sukawaty as a Director |
309,616,724 |
91.03% |
30,491,425 |
8.97% |
184,829 |
15. |
To re-appoint Dr Hamadoun Touré as a Director |
336,255,279 |
98.82% |
4,021,873 |
1.18% |
15,827 |
16. |
To re-appoint the Auditor |
338,092,379 |
99.36% |
2,193,226 |
0.64% |
7,373 |
17. |
To authorise the Audit Committee to determine the Auditor's remuneration |
340,270,006 |
100.00% |
13,752 |
0.00% |
9,221 |
18. |
Authority to make political donations |
202,879,312 |
65.91% |
104,934,006 |
34.09% |
32,479,660 |
19. |
To grant authority to the Board to allot shares |
297,628,177 |
87.53% |
42,420,347 |
12.47% |
12,963 |
20. |
Authority to disapply pre-emption rights - rights and other pre-emptive issues |
333,472,406 |
99.67% |
1,111,731 |
0.33% |
5,704,958 |
21. |
Authority to disapply pre-emption rights - financing and special capital investments |
324,856,329 |
97.09% |
9,729,438 |
2.91% |
5,703,327 |
22. |
Authority to purchase own shares |
337,964,929 |
99.34% |
2,256,409 |
0.66% |
67,756 |
23. |
Notice of general meetings |
323,008,180 |
94.92% |
17,274,413 |
5.08% |
6,502 |
24. |
The ratification of the payment of dividends otherwise than in accordance with the Act and of the appropriation of the distributable profits in the financial years ended 2010, 2011, 2012, 2013, 2014, 2015 and 2016 and authorise the Directors of the Company to execute the Shareholders' Deed of Release and the Directors' Deed of Release |
253,805,324 |
99.98% |
42,227 |
0.02% |
86,441,544 |
Inmarsat fully acknowledges the depth of shareholder concerns, as expressed in today's AGM vote on the Annual Report on Remuneration.
Following the 2017 AGM voting on this resolution, the Company consulted widely across its shareholder base to understand the concerns being raised. We listened carefully and implemented a plan that addressed the key issues that our shareholders identified.
In light of the 2018 AGM vote, Inmarsat recognises that shareholders have now raised some new additional concerns. The Remuneration Committee will review the resulting feedback and will seek shareholder views as it considers the structure of a new Remuneration Policy. Inmarsat will then consult with shareholders on its updated Remuneration Policy ahead of it being put forward for shareholder approval at the 2019 AGM.
Andrew Sukawaty, Chairman, Inmarsat plc said "Inmarsat recognises that shareholders have raised some new concerns on resolution 2 and we will consult will them further ahead of the 2019 AGM."
We note the votes received against resolution 18 and appreciate the comments provided by shareholders on this resolution as part of the AGM engagement process. We will take these into account as we review our future position on this matter.
Alison Horrocks
Company Secretary