17 May 2017 16:30
PREMIER OIL PLC
Result of Annual General Meeting
The Annual General Meeting ("AGM") of Premier Oil plc (the "Company") was held today, 17 May 2017, at No. 11 Cavendish Square, London, W1G 0AN at 11.00am. Each of the resolutions contained in the Notice of Meeting were put to the AGM, voted on by way of a poll and duly approved. Furthermore, following the retirement of Joe Darby from the Board, Jane Hinkley has been appointed Senior Independent Director of the Company with effect from the conclusion of the AGM. Jane will also continue to chair the Company's Remuneration Committee.
The total number of votes received on each resolution put to the AGM was as follows:
No. | Resolution | Votes FOR (a) | % | Votes AGAINST | % | Votes WITHHELD (b) |
1 | Annual Report and Accounts | 143,012,120 | 99.34 | 945,916 | 0.66 | 54,136 |
2 | Remuneration Policy | 126,747,108 | 88.18 | 16,991,271 | 11.82 | 273,793 |
3 | Annual Report on Remuneration | 99,381,186 | 69.51 | 43,595,136 | 30.49 | 1,035,850 |
4 | Re-elect Robin Allan | 143,213,985 | 99.49 | 736,528 | 0.51 | 61,659 |
5 | Re-elect Anne Marie Cannon | 142,482,858 | 98.98 | 1,467,206 | 1.02 | 62,108 |
6 | Re-elect Tony Durrant | 143,043,672 | 99.37 | 903,013 | 0.63 | 65,487 |
7 | Re-elect Jane Hinkley | 142,228,542 | 98.80 | 1,722,304 | 1.20 | 60,380 |
8 | Re-elect Iain Macdonald | 143,414,415 | 99.64 | 520,580 | 0.36 | 62,414 |
9 | Re-elect Richard Rose | 143,305,320 | 99.56 | 627,962 | 0.44 | 63,181 |
10 | Re-elect Mike Welton | 143,184,349 | 99.47 | 765,901 | 0.53 | 61,922 |
11 | Appoint Ernst & Young LLP as Auditor | 143,174,768 | 99.44 | 811,050 | 0.56 | 26,354 |
12 | Auditor remuneration | 142,531,224 | 98.99 | 1,447,560 | 1.01 | 31,748 |
13 | Authorise Company to make political donations | 139,067,534 | 96.64 | 4,841,906 | 3.36 | 102,732 |
14 | Authorise Directors to allot shares | 142,451,098 | 98.96 | 1,494,656 | 1.04 | 66,418 |
15 | Approve the Premier Oil 2017 Long Term Incentive Plan | 124,971,037 | 86.92 | 18,804,240 | 13.08 | 236,895 |
16 | Authority to disapply pre-emption rights (up to 5% of issued share capital) (c) | 143,320,399 | 99.59 | 592,216 | 0.41 | 99,557 |
17 | Authority to disapply pre-emption rights in connection with specific acquisition/ investment (further 5% of issued share capital) (c) | 142,038,754 | 98.69 | 1,887,806 | 1.31 | 85,612 |
18 | Authority to purchase own shares (c) | 140,491,940 | 97.56 | 3,510,052 | 2.44 | 20,180 |
19 | Notice period for General Meetings (c) | 139,966,920 | 97.21 | 4,010,610 | 2.79 | 34,642 |
NOTES:
(a) The "For" proxy vote includes those giving the Chairman discretion.(b) A vote "Withheld" is not a vote in law and is not counted in the calculation of the proxy votes "For" or "Against" the resolution.(c) Special resolution.
The Board notes that Resolution 3 to approve the remuneration report has received a significant number of votes cast against it (43,595,136 votes, 30.49% of votes validly cast). The Committee will now analyse the voting outcome and will continue to engage with major shareholders to more fully understand their perspectives, as appropriate. We thank those shareholders who have spoken with us to explain their reasons for voting against the Resolution. The Remuneration Committee is committed to continuing dialogue with shareholders to help shape the implementation of our Remuneration Policy over the coming years.
Votes "For" and "Against" are expressed as a percentage of all proxy votes received in advance of the AGM, excluding any "Withheld" votes.
The total number of shares in issue on 15 May 2016, the deadline for casting votes by proxy in advance of the AGM, was 510,824,261 shares. 28.19% of voting capital, including votes withheld, was instructed in respect of the resolutions put to the AGM.
The full text of the resolutions can be found in the Notice of Annual General Meeting, which is available on the Company's website at www.premier-oil.com
In accordance with the UK Listing Authority's Listing Rule 9.6.2, copies of all the resolutions passed by the Company's shareholders, other than ordinary business have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
Enquiries |
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Premier Oil plc | Tel: 020 7730 1111 |
Company Secretariat:Daniel Rose |
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Investor Relations:Elizabeth Brooks |
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