Result of AGM

Utilico Emerging Markets Trust PLC
19 September 2023
 

19 September 2023

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

 

Result of Annual General Meeting

 

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2023 Annual General Meeting of shareholders on 19 September 2023.

 

All resolutions proposed at the meeting were passed on a show of hands.  A copy of the Notice of Meeting is available at www.uemtrust.co.uk

 

The proxy voting figures received in advance of the meeting are shown below.

 

Resolution

Votes for/
discretionary

%

Votes against

%

Total votes cast

Votes withheld

Ordinary Resolutions






1. To receive the Company's Accounts and the Reports of the Directors and Auditor

130,591,780

100.00

0

0.00

130,593,634

26,767

2. To approve the Directors' Remuneration Report

130,412,862

99.94

79,139

0.06

130,493,855

126,546

3. To approve the Company's dividend policy

130,589,367

100.00

2,413

0.00

130,593,634

26,767

4. To re-elect Mr Rennocks

129,425,168

99.16

1,097,137

0.84

130,524,159

96,242

5. To re-elect Mr Bridgeman

129,594,224

99.29

928,081

0.71

130,524,159

96,242

6. To re-elect Ms Liu

129,561,580

99.27

955,940

0.73

130,519,374

101,027

7. To re-elect Mr Stobart

96,783,200

74.15

33,734,320

25.85

130,519,374

101,027

8. To re-appoint KPMG LLP as auditor of the Company

130,361,092

99.88

157,087

0.12

130,520,033

100,368

9. To authorise the Directors to determine the auditor's remuneration

130,501,035

99.98

18,076

0.02

130,520,965

99,436

10. To authorise the Directors to allot securities

130,491,704

99.98

24,088

0.02

130,517,646

102,755

 

Special Resolutions

 

 

 

 

 

11. To authorise the Directors to disapply pre-emption rights

130,352,007

99.91

110,912

0.09

130,464,773

155,628

12. To authorise the Company purchase its own shares

130,338,483

99.85

189,571

0.15

130,529,908

90,493

 

While a significant majority of shareholder proxies supported Resolution 7 (re-election of Mr Eric Stobart), the Board is disappointed that a notable number representing 25.85% of the shares voted (17.01% of the issued share capital) were against the annual re-election of Mr Eric Stobart.  Over 97% of these shares were voted by one shareholder, with whom the Company has previously engaged and will continue to engage, and who has indicated its opposition to the appointment of Mr Stobart.

 

Mr Stobart is an Independent Director pursuant to the UK Corporate Governance Code and in accordance with the principles of the Code, all Directors offer themselves for re-election annually. The Board is firmly of the view that Mr Stobart is and remains independent in character and judgement and that his appointment to the Board is in the best interests of the Company and its shareholders.  In 2021 the Company announced the appointments of Mark Bridgeman and Isabel Liu as new Independent Directors to the Board of UEM and the Board continues to consider board refreshment.

 

A copy of the full text of the resolutions (other than those resolutions comprising ordinary business) will shortly be made available for inspection on the National Storage Mechanism at http://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

 

Name of contact and telephone number for enquiries:

ICM Investment Management Limited                                 +44(0)1372 271486

Charles Jillings / Alastair Moreton

 

Montfort Communications

Gay Collins, Pippa Bailey                                                       +44(0)20 3770 7913

utilico@montfort.london

 

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