AGM vote update and audit tender

RNS Number : 5418O

Impax Environmental Markets PLC

30 January 2019

 

Impax Environmental Markets plc (the 'Company')

LEI: 213800RAR6ZDJLZDND86

AGM vote update and audit tender

As stated in the announcement made by the Company on 17 May 2018, the Board has noted and discussed the significant vote against the resolution to re-appoint Ernst & Young LLP as auditor to the Company; and the significant vote against the resolution to increase the maximum aggregate remuneration of the Directors from £150,000 to £200,000 per annum.  The Board has since sought feedback from the main shareholders who voted against the resolutions and understands that they have followed the recommendations of a proxy advisor. The following is an update on decisions made by the Board to address any shareholder concerns in respect of these resolutions.

The current appointment of Ernst & Young LLP, which follows a competitive tender in 2013, is compliant with all existing regulations and the Board and the Audit Committee agree that the auditor remains independent.  However, the Board and the Audit Committee have agreed that a new tender in respect of the audit for the year ending 31 December 2019 will be conducted ahead of the publication of the Company's annual report for the year ended 31 December 2018 and a new auditor will be proposed at the Annual General Meeting to be held in May 2019.  The Company's incumbent auditor will not be invited to participate in the new audit tender.

In respect of the increase in the maximum aggregate remuneration of the Directors, this was introduced to provide the Board with flexibility to meet the Company's circumstances and requirements, for example having the ability to appoint additional directors during a period of Board succession.  It has been the Board's practice to review the ceiling for aggregate Director remuneration on a three year cycle and it confirms that no further increase to the current maximum of £200,000 per annum will be sought before the 2021 Annual General Meeting.

The votes against the reappointment of the auditor and the increase in the maximum aggregate remuneration of the Directors represented 23.7% and 22.8% of votes cast respectively.

A final update in relation to the above subject will be provided in the Company's next Annual Report.

Enquiries:

Anthony Lee      020 7653 9690

PraxisIFM Fund Services (UK) Limited

30 January 2019

 

END

 

 

MSCBMMLTMBAJMFL