Update on 2022 AGM vote shareholder engagement
Update on 2022 AGM vote shareholder engagement
Centrica plc ("Centrica")
2 December 2022
At Centrica's 2022 Annual General Meeting on 7 June 2022, the non-binding advisory vote in respect of approving our Climate Transition Plan was supported by a large majority of shareholders (79.96%).
However, in recognition that some shareholders (20.04%) chose not to support this resolution and in accordance with the UK Corporate Governance Code 2018, Centrica has published this update to explain the action and engagement it has taken to date in response to the voting outcome.
Centrica has consulted a range of shareholders that were unable to support the resolution to understand the reasons behind their decision. During this engagement we have received overwhelmingly positive feedback on our decision to publish our Climate Transition Plan and the setting of targets to become a Net Zero business by 2045 and help our customers achieve Net Zero by 2050. Some of these shareholders indicated that they used the advisory vote as a means of encouraging us to continue to further develop our ambitious plans in this important area. Other shareholders were seeking to understand how our climate goals would help to contribute to a wider pathway that limits global warming to 1.5°C, and wished to explore the development of additional short term carbon reduction targets and supplementary disclosures on the actions we intend to take in meeting our targets.
We welcome these views and will continue to communicate our thinking for our plans through our ongoing constructive engagement with shareholders and other key stakeholders, and through the Centrica's statutory reporting, including a final update in our 2022 Annual Report and Accounts.
For further information on our approach and progress please see Our People & Planet Plan, available on Centrica's website (https://www.centrica.com/sustainability/).
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