Plus500 issues statement in relation to 2022 AGM results
Online trading company Plus500 Ltd (LON:PLUS) today issued a statement in relation to 2022 AGM results.
At the AGM, three of the resolutions which were passed had more than 20% of votes cast against them. These resolutions related to an advisory vote on the Directors’ Remuneration Report, the re-election of one of the Board’s Independent Non-Executive Directors and an allotment of shares to the Chair of the Board.
Members of the Board engaged with several shareholders and shareholder advisory bodies to fully understand their perspective on these resolutions, and on the Group’s overall framework for governance and remuneration. As a result, the Board believes it has a good understanding of the rationale regarding the votes cast against and where appropriate will take these views into consideration in the Group’s future approach to these areas.
Let’s recall that 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.
All other resolutions at the AGM were passed by a majority of at least 80% of votes cast in favour, with a number of these resolutions relating to remuneration increases of the Chair and the Independent Non-Executive Directors. This support demonstrates shareholders’ overall on-going recognition of the importance of providing appropriate incentives to attract and retain high quality individuals to the Board whose stewardship is helping to drive the value of Plus500’s business as the Group successfully continues to deliver against its strategic objectives.
“The Board remains fully committed to achieving the highest governance standards and will continue to engage regularly with shareholders and to consider their views in its decision making”.