Result of AGM

RNS Number : 9135E
Babcock International Group PLC
21 July 2016
 

RESULTS OF ANNUAL GENERAL MEETING

 

Babcock International Group PLC confirms that all resolutions proposed at the Annual General Meeting held on 21 July 2016 were duly passed by shareholders. Each resolution was put to a poll.

 

In accordance with Listing Rule 9.6.2, a copy of all resolutions passed, other than ordinary business, will be submitted to the UK Listing Authority via the National Storage Mechanism, which can be accessed at www.morningstar.co.uk/uk/NSM.

 

The AGM Voting Results are as follows:

Number of Shareholders at meeting: 13

Number of votes per share: 1

 

Resolution (No. as noted on proxy form)

Total Votes For

%

Total Votes Against

%

Total Votes Cast

Votes

Withheld

 

1.    

Approval of Report and Accounts

 

390,397,642

 

99.99

56,764

0.01

390,454,406

4,757,046

2.    

Approval of Remuneration report

 

203,814,997

57.92

148,069,709

42.08

351,884,706

43,326,745

3.    

Declaration of final

Dividend

 

394,816,230

99.99

4,516

0.01

394,820,746

390,706

4.    

Re-election of Mike

Turner

 

383,126,879

98.12

7,360,654

1.88

390,487,533

4,723,919

5.    

Re-election of Peter

Rogers

 

393,904,497

99.77

912,552

0.23

394,817,049

394,403

6.    

Re-election of  Bill Tame

 

393,740,368

99.73

1,060,132

0.27

394,800,500

410,952

7.    

Re-election of Archie

Bethel

 

393,744,668

99.73

1,069,629

0.27

394,814,297

397,155

8.    

Re-election of John Davies

 

393,742,176

99.73

1,072,730

0.27

394,814,906

396,546

9.    

Re-election of Franco Martinelli

 

393,514,760

99.67

1,299,874

0.33

394,814,634

396,818

10.  

Re-election of Sir David Omand

 

394,017,462

99.80

797,697

0.20

394,815,159

396,293

11.  

Re-election of Ian Duncan

 

394,009,612

99.80

801,830

0.20

394,811,442

400,010

12.  

Re-election of Anna Stewart

 

390,038,761

99.82

701,483

0.18

390,740,244

4,471,208

13.  

Re-election of Jeff Randall

 

394,091,597

99.82

716,553

0.18

394,808,150

403,302

14.  

Re-election of Myles Lee

 

394,383,853

99.90

408,813

0.10

394,792,666

418,786

15.  

Election of Prof. Victoire de Margerie

 

393,124,704

99.58

1,674,980

0.42

394,799,684

411,768

16.  

Re-appointment of Auditors

 

389,748,274

98.76

4,897,709

1.24

394,645,983

565,469

17.  

Authority of Audit Committee to set Auditors

Remuneration

 

394,597,063

99.95

211,178

0.05

394,808,241

403,211

18.  

Authority for Directors to make political donations as defined by the Companies Act 2006

 

390,132,654

99.21

3,098,305

0.79

393,230,959

1,980,493

19.  

Authority to allot shares pursuant to s.551 of  the Act

 

331,711,443

84.31

61,724,544

15.69

393,435,987

1,775,465

20.  

Authority to disapply pre-emption rights pursuant to s.570 and s.573 of the Act

390,241,682

98.76

4,902,030

1.24

395,143,712

67,740

21.  

Renew authority to make market purchases of own shares

 

387,602,554

98.45

6,088,792

1.55

393,691,346

1,520,106

22.  

Reduce notice of general meeting other than an AGM

 

379,638,461

96.44

13,996,462

3.56

393,634,923

1,576,529

 

Further information:


Babcock's 2016 AGM

Babcock's 2015 AGM

Issued share capital

505,596,597

504,196,597

Total votes cast and votes withheld as a % of issued share capital

78.17

78.16

 

Babcock notes that 42.08% of its shareholders decided to vote against its 2016 Remuneration Report.  Babcock believes that a number of shareholders disagreed with the decision by Babcock's Remuneration Committee to allow continued full participation in the 2014 and 2015 Long Term Incentive Awards for Peter Rogers, who retires on 31 August 2016 after 13 years as CEO, and Kevin Thomas, who retired on 31 March 2016 as head of the Support Services division. Their awards will still be subject to the performance targets set at the start of the performance period.

 

This decision was taken in accordance with the Group's remuneration policy, which has been approved and supported by shareholders.   

 

The key factors that the Remuneration Committee took into account were the nature of Babcock's business and the contribution of both executives to Babcock's growth over the last decade and more.

 

Babcock is a long-term business based on winning multi-year contracts and Peter, who is continuing in office for almost half the current financial year, has been instrumental in securing the future growth of the business as well as making possible the strong and successful succession process that is now being completed. Under Peter's leadership, and with Kevin a key member of his senior executive team, Babcock has enjoyed significant success, growing from a small cap business to a FTSE 100 company, delivering total shareholder return of 1,204% (c22.5% p.a.) over the period to 31 March 2016.

 

In light of these important factors, the Remuneration Committee believes it was justified in its decision not to reduce the level of shares under award upon retirement for these two executives. 

 

Babcock will, of course, take into account shareholders' views on the Remuneration Report when it begins consultation later this year on the Group's new Remuneration Policy, which will come into effect in 2017.

 

 

 

Jack Borrett

Company Secretary

21 July 2016

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
RAGAKDDNPBKDKOB
UK 100

Latest directors dealings