Last checked at 21 Nov 2019 15:33
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21 November 2019
2019 ANNUAL GENERAL MEETING RESULTS - UPDATE STATEMENT
As previously announced, at Metro Bank's Annual General Meeting ("AGM") on 21st May 2019, whilst all resolutions were passed by a large majority of shareholders, the Board was disappointed that Resolutions 2 (to approve the Annual Report on Remuneration section of the Directors Remuneration Report), 7 (to approve the re-election of Stuart Bernau), 8 (to approve the re-election of Eugene Lockhart) and 11 (to approve the Re-election of Monique Melis) received more than 20 percent of votes against. A breakdown of the votes received is included below.
Since the AGM, Metro Bank has continued to actively engage with our shareholders to fully understand their views and voting decisions. Shareholder feedback is very important to us and this will be an ongoing process as we prepare for the update to our remuneration policy in 2020.
The Board has continued to focus on succession planning and independence with a number of changes recently. As announced on 23 October 2019 Metro Bank has appointed Sir Michael Snyder, an independent non-executive Director, as interim Chairman subject to regulatory approval and the search for a new independent chairperson is progressing. In addition, Michael Torpey joined the Board in September 2019 as an independent Non-Executive Director and has been appointed as Audit Committee Chairman from 1 November 2019, subject to regulatory approval.
The Bank will continue to engage with shareholders and will set out further detail on this within the 2019 Annual Report & Accounts.
Summary of votes received:
RESOLUTION | VOTESFOR | % | VOTES AGAINST | % | VOTESTOTAL | % of ISC** VOTED | VOTES WITHHELD*** | |
2 | To approve the Annual Report on Remuneration section of the Directors Remuneration Report | 58,189,686 | 79.33 | 15,165,144 | 20.67 | 73,354,830 | 75.30% | 1,448,784 |
7 | Re-election of Stuart Bernau | 53,231,904 | 71.93 | 20,775,088 | 28.07 | 74,006,992 | 75.97% | 796,776 |
8 | Re-election of Eugene Lockhart | 53,321,609 | 71.98 | 20,752,935 | 28.02 | 74,074,544 | 76.04% | 729,224 |
11 | Re-election of Anna Melis | 59,307,751 | 79.29 | 15,494,013 | 20.71 | 74,801,764 | 76.78% | 1,984 |
Enquiries
Metro Bank PLC
Enquiries
For further information on this announcement, please contact:
Metro Bank PLC
Investor Relations
Jo Roberts
+44 (0)20 3402 8900
IR@metrobank.plc.uk
Media Relations
Charlotte Sjoberg / Tina Coates
+44 (0)7970 633255 / +44 (0)7811 246016
pressoffice@metrobank.plc.uk
Teneo
Charles Armitstead / Haya Herbert‐Burns
+44 (0) 7703 330269 / +44 (0) 7342 031051
Metrobank@teneo.com
About Metro Bank
Metro Bank is the revolution in British banking. It is celebrated for its exceptional customer experience and achieved the top spot in the Competition and Market Authority's Service Quality Survey among personal current account holders for its overall service and came second among business current account holders in August 2019. It was also awarded 'Best All Round Personal Finance Provider' at the Moneynet Personal Finance Awards 2019. It is also recognised by Glassdoor in its 'Best Place to Work UK 2019' top 50 list. Offering retail, business, commercial and private banking services, it prides itself on using technology to give customers the choice to bank however, whenever and wherever they choose. Whether that's through its growing network of stores open seven days a week, from early in the morning to late at night, 362 days a year; on the phone through its UK-based 24/7 contact centres manned by people not machines; or online through its internet banking or award-winning mobile app: the bank offers customers real choice. The bank employs around 3,900 colleagues and is headquartered in Holborn, London. Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trade mark of Metro Bank PLC. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
Most relevant deposits are protected by the Financial Services Compensation Scheme. For further information about the Scheme refer to the FSCS website www.fscs.org.uk.
All Metro Bank products are subject to status and approval. Metro Bank PLC is an independent UK bank - it is not affiliated with any other bank or organisation (including the METRO newspaper or its publishers) anywhere in the world. Please refer to Metro Bank using the full name.