2 Dec 2019 15:00
Biffa plc
(the 'Company')
2 December 2019
Update on 2019 Annual General Meeting Resolution Vote
In accordance with the requirement of Provision 4 of the UK Corporate Governance Code (2018) (the 'Code'), Biffa plc, is providing this update following the 20.48% of votes against the resolution to re-elect Ken Lever ('Chairman') at its annual general meeting ('AGM') held on 10 July 2019.
The Board and Company are aware of the expanded focus on 'overboarding' of directors following the publication of the updated Code last year and that a number of institutional investors and proxy advisers have developed specific guidelines with regard to this. Since the 2019 AGM, the Company has actively sought to engage with significant shareholders who voted against the resolution to understand their views with respect to multiple board commitments.
The Board is confident that the Chairman discharges effectively his role as Chairman notwithstanding his other board commitments. The Board will continue to monitor the Chairman's appointments, as it does for other Board members. The Board believe that the Chairman plays a pivotal role in helping drive the strategy of the Group and remain fully supportive of the role and guidance he provides to the Company.
The Company will continue to engage with relevant shareholders on this topic and will set out further details within the Company's 2020 Annual Report and Accounts.
Enquiries:
Investors
Michael Topham, Chief Executive Officer
Richard Pike, Chief Financial Officer
ir@biffa.co.uk
Media & Analysts
Houston PR
biffa@houstonpr.co.uk
Registered in England and Wales:
10336040
Registered office at:
Coronation Road,
Cressex,
High Wycombe,
Buckinghamshire
HP12 3TZ
About Biffa
Biffa, is the UK's leading sustainable waste management business. We have over 8,000 employees working across more than 200 sites to change the way people think about waste. We operate across the waste management value chain, including the collection, treatment, processing and disposal of waste, as well as the production and sale of recovered commodities such as energy, paper, glass, metals and plastic. We are first choice for customers, with our national customer base including local authorities, large corporates and SMEs, and purchasers of end-product commodities and energy. We are structured in to two divisions: Collections and Resources & Energy. In FY19, the Group's total revenue was £1,091.2m and its Underlying EBITDA was £150.7m. Biffa has been listed on the London Stock Exchange since in October 2016 under the ticker "BIFF".
For more information visit www.biffa.co.uk