Plus500 shareholders vote against directors’ remuneration report
Online trading company Plus500 Ltd (LON:PLUS) has just announced the results of today’s Annual General Meeting (AGM).
Each of the resolutions proposed were voted on by way of a poll. The vast majority of the resolutions proposed (19 resolutions out of 20) were passed by the requisite majorities.
The resolution to “Approve the Directors’ Remuneration Report” was turned down, as 54.88% of the total votes were cast against the proposal. Let’s note, however, the vote is merely advisory, hence, the company does not need to take any particular action in response to the shareholders’ reaction.
A couple of other resolutions also faced a heavy opposition. The proposed allotment of shares to Jacob A. Frenkel had 25.5% of the votes cast against it.
The proposed re-election of Sigalia Heifetz was also not welcome, as 20.68% of the votes were cast against it.
Let’s recall that Plus500 announced the appointment of Ms Heifetz to the Board in February 2021. Back then, the broker appointed Ms Heifetz as a Non-Executive Director.
Plus500 had the following comment to make following today’s AGM:
“The Board of Plus500 notes that more than 20% of votes were cast against three resolutions. The Board takes these votes very seriously and will engage with shareholders and shareholder advisory bodies to ensure their feedback informs the Company’s future approach to governance and remuneration. In accordance with the UK Corporate Governance Code, an update on the feedback received from shareholders will be published by Plus500 during the next six months.
The Board remains fully committed to achieving the highest governance standards, while recognising the importance of providing the appropriate incentives to the Group’s Board and Executive management, who continue to drive the value of Plus500’s business for shareholders”.