Last checked at 
20 Sep 2022 14:59
20 September 2022
UTILICO EMERGING MARKETS TRUST PLC
(LEI Number: 2138005TJMCWR2394O39)
Result of Annual General Meeting
Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2022 Annual General Meeting of its shareholders on 20 September 2022.
All resolutions proposed at the meeting were passed on a show of hands. A copy of the Notice of Meeting is available at www.uemtrust.co.uk.
The proxy voting figures received in advance of the meeting are shown below.
Resolution | Votes for/discretionary | % | Votes against | % | Total votes cast | Votes withheld |
Ordinary Resolutions | ||||||
1. To receive the Company's Accounts and the Reports of the Directors and Auditor | 137,174,968 | 100.00 | 159 | 0.00 | 137,175,127 | 18,007 |
2. To approve the Directors' Remuneration Policy | 137,077,065 | 99.94 | 75,647 | 0.06 | 137,152,712 | 40,422 |
3. To approve the Directors' Remuneration Report | 137,072,932 | 99.95 | 65,763 | 0.05 | 137,138,695 | 54,439 |
4. To approve the Company's dividend policy | 137,173,149 | 100.00 | 41 | 0.00 | 137,173,190 | 19,944 |
5. To elect Mr Bridgeman | 137,164,476 | 99.99 | 7,523 | 0.01 | 137,171,999 | 21,135 |
6. To elect Ms Liu
| 137,161,455 | 99.99 | 8,607 | 0.01 | 137,170,062 | 23,072 |
7. To re-elect Mr Rennocks | 137,163,341 | 100.00 | 6,721 | 0.00 | 137,170,062 | 23,072 |
8. To re-elect Ms Hansen | 103,638,782 | 75.55 | 33,531,280 | 24.45 | 137,170,062 | 23,072 |
9. To re-elect Mr Stobart | 109,925,227 | 80.14 | 27,244,835 | 19.86 | 137,170,062 | 23,072 |
10. To re-appoint KPMG LLP as auditor of the Company | 137,038,485 | 99.92 | 115,427 | 0.08 | 137,153,912 | 39,222 |
11. To authorise the Directors to determine the auditor's remuneration | 137,152,548 | 99.99 | 17,199 | 0.01 | 137,169,747 | 23,387 |
12. To authorise the Directors to allot securities | 137,126,099 | 99.98 | 33,007 | 0.02 | 137,159,106 | 34,028 |
Special Resolutions |
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13. To authorise the Directors to disapply pre-emption rights | 137,031,803 | 99.90 | 137,980 | 0.10 | 137,169,783 | 23,351 |
14. To authorise the Company purchase its own shares | 137,148,150 | 99.98 | 24,799 | 0.02 | 137,172,949 | 20,185 |
The Board has noted that shareholder proxies representing 24.45% of the shares voted (representing 16.16% of the issued share capital) were against the annual re-election of Ms Susan Hansen. Ms Hansen is also a director of a company associated with the Investment Managers and is therefore not deemed to be independent. The vast majority of these shares were voted by one shareholder, with whom the Company has previously engaged, and who indicated its opposition to those directors it did not believe are sufficiently independent.
In accordance with the principles of the UK Corporate Governance Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Ms Hansen is and remains independent in character and judgement and that her appointment to the Board is in the best interests of the Company and its shareholders. The Company announced the appointments last year of Mark Bridgeman and Isabel Liu as new independent directors to the Board of UEM and the Board continues to consider board refreshment.
A copy of the full text of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at http://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Name of contact and telephone number for enquiries:
ICM Investment Management Limited +44(0)1372 271486
Charles Jillings / Alastair Moreton
Montfort Communications
Gay Collins, Pippa Bailey +44(0)20 3770 7913
utilico@montfort.london