Plus500 stands by Steve Baldwin, directors’ remuneration
Retail FX and CFD broker Plus500 Ltd (LON:PLUS) today issued an update on the views received from shareholders and the actions taken following the voting outcomes at its Annual General Meeting (AGM) held on 2 May 2023.
At the 2023 AGM, four resolutions were passed with more than 20% of votes cast against. The resolutions related to the re-election of Mr. Steve Baldwin as Non-Executive Director, an allotment of shares to the Chair of the Board, the approval of the remuneration policy for Directors and Executives and the remuneration terms for the CEO. A non-binding advisory vote on the Directors’ Remuneration Report was not approved by the requisite majority. All other 17 resolutions were well supported by shareholders, with at least 80% of votes cast in favour.
Since the AGM, Plus500 has engaged with various shareholder advisory bodies and its top shareholders, in order to gather their feedback on these resolutions.
In relation to resolution 3, 29.68% of votes cast were against the re-election of Mr. Steve Baldwin as a Non-Executive Director. The company understands that the reason for this relates in part to his position as the Chair of the Company’s ESG Committee. The Board reaffirmed its belief that Mr. Baldwin remains highly suitable in his position as a Non-Executive Director and as Chair of the ESG Committee.
The other three resolutions which were passed with more than 20% of votes cast against, relate to remuneration.
“The Board values the feedback and insights received as part of this process and believes it has a good understanding of the reasons behind the votes cast, having engaged with shareholders and further explained the Board’s position in this regard. The Board will continue to take shareholders’ views into consideration as part of its approach to achieving high governance standards and delivering shareholder value”.