8 May 2015 13:53
Result of AGM
Man Group plc held its Annual General Meeting at 10.00am on Friday 8 May 2015. All resolutions were put to the meeting on a poll, the full results of which are detailed below.
The issued ordinary share capital as at 6 May 2015, the voting record date, was 1,715,455,317.
RESOLUTION | VOTES FOR | VOTES AGAINST | VOTES ABSTAIN |
Receive the reports and financial statements | 1,037,474,992 | 1,772,156 | 7,410,449 |
Approve the directors' remuneration policy | 591,048,110 | 442,929,218 | 12,680,269 |
Approve the directors' remuneration report | 668,201,898 | 359,548,263 | 18,907,436 |
Declare a final dividend | 1,044,735,468 | 34,527 | 1,887,602 |
Reappoint Jon Aisbitt as a director | 1,032,480,091 | 11,423,355 | 2,754,151 |
Reappoint Phillip Colebatch as a director | 1,030,849,533 | 13,848,576 | 1,959,488 |
Reappoint John Cryan as a director | 1,043,525,535 | 1,163,183 | 1,968,879 |
Reappoint Andrew Horton as a director | 1,041,766,686 | 1,920,554 | 2,970,357 |
Reappoint Matthew Lester as a director | 1,043,518,315 | 1,179,765 | 1,959,517 |
Reappoint Emmanuel Roman as a director | 1,043,539,165 | 1,171,644 | 1,946,788 |
Reappoint Dev Sanyal as a director | 1,043,533,785 | 1,159,230 | 1,964,582 |
Reappoint Nina Shapiro as a director | 1,043,482,911 | 1,220,872 | 1,953,814 |
Reappoint Jonathan Sorrell as a director | 1,043,516,795 | 1,185,547 | 1,955,255 |
Reappoint Deloitte LLP as auditors | 1,028,751,733 | 4,031,323 | 13,874,541 |
Determine the remuneration of the auditors | 1,029,790,969 | 4,671,221 | 12,195,407 |
Authorise the directors to allot shares | 1,016,084,183 | 28,642,778 | 1,930,636 |
Authorise the directors to allot shares for cash other than on a pro-rata basis to existing shareholders* | 1,042,213,568 | 2,532,437 | 1,911,592 |
Authorise the Company to purchase its own shares* | 1,039,340,257 | 5,427,709 | 1,889,631 |
Authorise the directors to call general meetings on 14 clear days' notice* | 955,574,664 | 89,178,861 | 1,899,947 |
* Special Resolution requiring 75% majority
The Board is pleased to announce that all resolutions presented at today's Annual General Meeting were passed with the requisite majority.
While the Board notes that there were a significant number of votes cast against Resolution 2 (approval of the new Directors' remuneration policy) and Resolution 3 (approval of the Directors' remuneration report), it has found that, as part of an extensive period of engagement with the Company's major shareholders ahead of the AGM, the majority of those shareholders with whom the policy proposals were discussed were supportive.
The changes to the remuneration policy approved by shareholders provide the Board with additional flexibility to reward any higher levels of future performance at an appropriate level, taking account of the competitive dynamic of the global hedge fund industry within which Man Group operates. The vote on the remuneration policy is an enabling vote only and actual awards will continue to be determined by performance. The Board has demonstrated its disciplined and rigorous approach to remuneration decisions in the past and will maintain these standards in future. Shareholders will have the opportunity to express their views on the Board's judgement in applying the new policy to future reward decisions through ongoing consultation and ultimately through their vote on the Directors' remuneration report each year. We will continue our efforts to engage with our shareholders and take account of their views in the coming year.
Man (EMG)