Bovis Homes Group PLC - Result of AGM
At the Company's 2018 Annual General Meeting ("AGM") held on 23 May 2018 all resolutions put to the meeting were voted on by poll and were passed by shareholders. The results will be available shortly on the Company's website www.bovishomesgroup.co.uk.
A copy of the relevant resolutions is being submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.
For information, the results of the poll voting are given below:
|
|
Votes for (including discretion) |
Votes against |
Votes withheld |
Total votes cast (excluding votes withheld) |
|
Resolution |
Number of shares |
% of shares voted |
Number of shares |
% of shares voted |
Number of shares |
Number of shares |
% of issued share capital |
1 |
To receive the audited accounts of the Company for the year ended 31 December 2017 and the reports of the directors and auditors. |
104,959,050 |
98.69 |
1,388,829 |
1.31 |
7,899 |
106,347,879 |
78.95% |
2 |
To approve the directors' remuneration report. |
65,095,214 |
62.38 |
39,265,744 |
37.62 |
1,994,818 |
104,360,958 |
77.47% |
3 |
To declare the final dividend recommended by the directors. |
106,354,729 |
100.00 |
1,050 |
0.00 |
0 |
106,355,779 |
78.95% |
4 |
To re-appoint Ian Paul Tyler as a director of the Company. |
98,215,584 |
95.54 |
4,582,441 |
4.46 |
3,544,689 |
102,798,025 |
76.31% |
5 |
To re-appoint Margaret Christine Browne as a director of the Company. |
95,710,854 |
90.07 |
10,557,039 |
9.93 |
87,885 |
106,267,893 |
78.89% |
6 |
To re-appoint Ralph Graham Findlay as a director of the Company. |
95,677,990 |
91.34 |
9,068,807 |
8.66 |
1,608,981 |
104,746,797 |
77.76% |
7 |
To re-appoint Nigel Keen as a director of the Company. |
95,703,191 |
90.04 |
10,586,258 |
9.96 |
66,329 |
106,289,449 |
78.90% |
8 |
To re-appoint Michael John Stansfield as a director of the Company. |
105,259,294 |
99.03 |
1,029,406 |
0.97 |
67,079 |
106,288,700 |
78.90% |
9 |
To re-appoint Gregory Paul Fitzgerald as a director of the Company. |
105,844,084 |
99.58 |
445,526 |
0.42 |
66,169 |
106,289,610 |
78.90% |
10 |
To re-appoint Earl Sibley as a director of the Company. |
105,378,498 |
99.15 |
900,872 |
0.85 |
76,409 |
106,279,370 |
78.90% |
11 |
To re-appoint PricewaterhouseCoopers LLP as auditors of the Company. |
106,287,563 |
99.99 |
6,498 |
0.01 |
61,718 |
106,294,061 |
78.91% |
12 |
To authorise the directors to determine the remuneration of the auditors. |
106,313,713 |
100.00 |
4,214 |
0.00 |
37,852 |
106,317,927 |
78.93% |
13 |
Authority to allot shares. |
104,407,363 |
98.23 |
1,882,702 |
1.77 |
65,714 |
106,290,065 |
78.90% |
14 |
To allow a general meeting other than an Annual General Meeting to be called on not less than 14 clear days' notice. |
103,039,014 |
96.91 |
3,282,136 |
3.09 |
34,629 |
106,321,150 |
78.93% |
15 |
Authority to disapply pre-emption rights. |
106,227,438 |
99.88 |
122,872 |
0.12 |
5,469 |
106,350,310 |
78.95% |
16 |
Authority to purchase own shares. |
104,528,227 |
98.42 |
1,679,425 |
1.58 |
148,126 |
106,207,652 |
78.84% |
The issued share capital at the date of the meeting was 134,706,805 ordinary shares of 50p each.
A 'vote withheld' is not a vote in law and has not been counted in the calculation of votes for and against.
Statement regarding voting result
The Board is pleased that all of the resolutions put to shareholders at the AGM were passed. However, the Board recognises that a significant minority opposed resolution 2 being the 2017 Annual Remuneration Report.
Given the unusual backdrop to the remuneration decisions that had to be taken this year (the departure of our previous CEO, the CFO acting as interim CEO, two unsolicited bids, the arrival of a new CEO and the launch of a challenging turnaround plan) the Remuneration Committee consulted extensively with shareholders prior to the AGM on its approach to executive remuneration for 2017/18. This process helped shape the remuneration decisions that were taken.
In reaching its decisions, the Committee's priorities were to ensure that the Directors' remuneration arrangements were fully aligned with the business and incentivised the successful delivery of the Company's challenging turnaround plan, whilst also ensuring that they were fair and reasonable both for the executives and shareholders, in what was an unusual year.
Going forward, the Committee is committed to continuing an open dialogue with all shareholders. It welcomes feedback at all times and would like to thank those shareholders and proxy bodies who participated in its consultation this year.