23 Jan 2020 14:41
ABERDEEN STANDARD EQUITY INCOME TRUST PLC
Legal Entity Identifier (LEI): 21380015XPT7BZISSQ74
23 January 2020
Result of Annual General Meeting
Aberdeen Standard Equity Income Trust plc (the "Company") hereby gives notification that, at the Annual General Meeting of the Company held earlier today, Thursday 23 January 2020, all the Resolutions as set out in full in the Notice of Meeting included within the Annual Report and available on the Company's website, www.aberdeenstandardequityincometrust.co.uk * were duly passed.
The Chairman commented on the results for the year and said that "2019 was tough for the Company and performance was disappointing. The Board recognises that returns that differ markedly from that of the FTSE All-Share index is a risk inherent in an active, index-agnostic investment process. The Board firmly believes that such an approach is in the best interests of shareholders looking for capital returns and a progressive dividend stream over the long term.
As at 31 December 2019, the Company had delivered real growth in dividends paid to shareholders over the last 1,3,5 and 10 years and real growth in capital over 1 and 10 years.
The Board continues to have confidence that the Company will be able to achieve its stated objective of providing an above average income and real growth in capital and income under the management of Tom Moore and his team. Tom is definitely one of the best UK equity managers I've come across in my career."
The total number of proxy votes lodged for the Annual General Meeting were as follows:
For and Discretionary | Against | Votes | Total Votes | |||
Resolution | No. of | % of | No. of | % of | Withheld | (excluding Votes Withheld) |
Number | Votes | Votes Cast | Votes | Votes Cast | ||
1. Receive Report & Accounts | 10,899,684 | 99.98 | 2,672 | 0.02 | 15,223 | 10,902,356 |
2. Approve Directors' Remuneration Report | 10,793,423 | 98.95 | 113,986 | 1.04 | 30,455 | 10,907,409 |
3. Approve Directors' Remuneration Policy | 10,760,012 | 98.90 | 119,902 | 1.10 | 57,950 | 10,879,914 |
4. Approve Final Dividend | 10,906,069 | 99.99 | 1,260 | 0.01 | 10,250 | 10,907,329 |
5. Elect Ms S. Patel | 10,867,197 | 99.68 | 34,586 | 0.32 | 15,794 | 10,901,783 |
6. Re-elect Mr R.R.J. Burns | 9,754,308 | 89.32 | 1,166,242 | 10.68 | 17,312 | 10,920,550 |
7. Re-elect Ms C.M. Hitch | 10,831,568 | 99.49 | 55,694 | 0.51 | 30,315 | 10,887,262 |
8. Re-elect Mr J. J. Tigue | 10,818,211 | 99.06 | 102,339 | 0.94 | 17,312 | 10,920,550 |
9. Re-elect Mr M.B.E White | 10,828,650 | 99.35 | 70,900 | 0.65 | 38,312 | 10,899,550 |
10. Re-appoint KPMG LLP as Auditor | 10,845,688 | 99.63 | 40,775 | 0.37 | 31,115 | 10,886,463 |
11. Remuneration of the Auditor | 10,858,538 | 99.78 | 23,672 | 0.22 | 35,368 | 10,882,210 |
12. Allotment of new equity | 10,842,118 | 99.59 | 44,911 | 0.41 | 30,550 | 10,887,029 |
13. Disapply pre-emption rights | 10,784,585 | 99.27 | 79,585 | 0.73 | 53,407 | 10,864,170 |
14. Authorise market purchases of ordinary shares | 10,828,099 | 99.59 | 44,194 | 0.41 | 45,285 | 10,872,293 |
A copy of the AGM resolutions which require to be lodged with the UKLA have been submitted to the National Storage Mechanism (NSM) and will shortly be available for inspection at: www.morningstar.co.uk/uk/NSM*
*Neither the NSM website nor the Company's website nor the content of any website accessible from hyperlinks on those websites (or any other website) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.
For Aberdeen Standard Equity Income Trust plc
Aberdeen Asset Management PLC
Company Secretary
23 January 2020
Tel: 0131 372 2200