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FTSE 350 AGM developments from 20 April 2023 to 27 April 2023.*

The Market Tracker ‘AGM season 2023—Week in review’ series looks at key developments across the AGMs held each week. In this second update, the Market Tracker team reviews results from 20 companies that held their AGM this week, in addition to Haleon plc whose results missed the 4pm cut off on 20 April 2023.

Meeting format tracker**

For more on recent developments surrounding meeting format see our recent blog post: Share Your Voice campaign—a bold attempt to revolutionise shareholder democracy. 

Key developments

Beazley plc

• two special resolutions on the dis-application of pre-emption rights failed at Beazley plc’s AGM. The insurance company acknowledged the dissent in its , noting that it is currently in communication with activist shareholders and that ‘both of the resolutions followed the provisions of the Pre-Emption Group's 2022 Statement of Principles for the disapplication of pre-emption rights. The Board considers the flexibility afforded by these authorities to be in the best interests of the Company’

CentralNic plc

• 24% of shareholders at IT service management company, CentralNic plc voted against the directors’ remuneration report. 2022 executive remuneration at CentralNic plc increased by around £700,000 since 2021. The revolt may be due to shareholders expecting more transparency than is currently provided by the company. However, the noted that CentralNic plc’s remuneration report disclosed more than is commonplace for an AIM listed company

Elementis plc

• chemical manufacturer, Elementis plc, was with hit with a similar – yet slightly more restrained – attack on the disapplication of pre-emption rights, as Beazley plc. 18% of shareholders voted against the resolution to disapply pre-emption rights and 15% voted against the resolution to disapply pre-emption rights for acquisition or capital investment
  

• 17% of investors voted against the directors’ remuneration report. In addition, half of the Board were met with surprisingly high votes against re-election. These votes against may reflect a period for Elementis plc. Elementis plc reported on 26 April 2023 that trading ‘has been resilient against continued subdued market demand conditions’

Helios Towers plc

• telecommunications company, Helios Towers plc narrowly missed a significant no vote on executive remuneration, with 18% of shareholders voting against the directors’ remuneration report. The outlined increases to directors’ remuneration, in addition to changes in bonus and share awards. For example, the minimum bonus assessed against financial measures was reduced from 80% to 75%

Nichols plc

• AIM 50 listed soft drink company, Nichols plc, withdrew a resolution to re-appoint David Rattigan as Chief Financial Officer. The company prior to the AGM that Rattigan resigned from the Board and is set to leave Nichols plc at the end of April 2023 

Serco Group plc

• 10% of shareholders voted against a resolution to authorise political donations at Serco Group plc’s AGM. Serco Group plc is a multinational provider of public services such as defence, immigration, transport, and health. sought to enable the company to make political donations ‘up to a maximum aggregate amount of £100,000’. Serco Group believes it ‘is in the best interests of the shareholders for the Company to participate in public debate and opinion-forming on matters which affect the Company’s business’
  

• intrestingly, Serco Group plc did get into some hot water between August 2021 and November 2022 when it provided MP Ranil Jayawardena office space. Serco insisted in its that the arrangement was not a ‘political donation’ as ‘the team’s work was not political and the local political party office was located elsewhere’&²Ô²ú²õ±è;

Significant no votes

Significant no votes will be tracked in the table below as the season progresses.

Failed resolutions

Failed resolutions will be tracked in the table below as the season progresses.

Admiral Group plc, AstraZeneca plc, BP plc, CLS Holdings plc, CRH plc, Flutter plc, Taylor Wimpey plc and Weir Group plc, missed the 4pm cut-off and will be added in next week’s review.

* statement of scope: AGM results must be released by 4pm on the day of publishing to be included. AGM results released after this time will be included in the following review

** the data tracked in this series will be updated weekly on an aggregate basis