(Alliance News) - Standard Life Aberdeen PLC said Thursday it plans to resubmit a proposal to hold future annual general meetings electronically following shareholders voting against the proposal at the 2020 meeting.
At the meeting in May, over 37% of shareholders voted against the proposal.
This change, the FTSE 100-listed wealth manager said, was put forward to allow flexibility in the organisation of meetings, and in the context of Covid-19 restrictions, which the firm felt was "uncontroversial".
Following failure to receive the necessary 75% majority for a special resolution, the company contacted shareholders representing 19% of the dissenting vote.
SLA continued: "Those who had voted against the resolution were concerned that the proposed changes had not been clear enough as to the company's future intentions and would have allowed the company to hold 'virtual only' shareholder meetings (i.e. one where there was no physical location at which shareholders could attend the meeting in person)."
Standard Life stressed the "importance" of shareholder meetings, including the AGM, and "values its engagement with shareholders, in particular due to the company's strong base of retail shareholders."
"The board has no plans to do away with physical meetings, when social distancing rules allow, and believes that allowing shareholders to also participate by electronic means would be in the interests of shareholders to allow engagement with those unable to travel to the meeting," Standard Life added.
So, Standard Life plans to resubmit the proposal at its 2021 AGM, but with clearer language.
Shares in Standard Life Aberdeen closed down 0.7% in London on Thursday at 258.70 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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