IQE PLC Iqe Plc : Agm Result And Intended Board Changes

 
TIDMIQE 
 
 
   Cardiff, UK, 23 June 2016 - IQE plc (AIM: IQE; "IQE", the "Group"), the 
leading global supplier of advanced semiconductor wafer products and 
services, provides an update following its Annual General Meeting held 
in Cardiff. 
 
   The Board confirms that all shareholder resolutions at today's AGM were 
duly passed by the requisite majorities with the exception of Resolution 
2, to receive the remuneration report, which received 31% of votes in 
favour and was therefore not passed on a poll called by the Chairman. 
 
   As part of its ongoing succession planning and review of its corporate 
governance, the Board announces today that Sir David Grant, the Senior 
Independent Director, has been appointed Chairman of the Remuneration 
Committee. One of Sir David's initial tasks in his new role is to assess 
executive remuneration, taking further external independent advice as 
necessary, to ensure it is aligned with shareholders' objectives and in 
accordance with good market practice. 
 
   In addition, Dr Ainsworth, Non-executive Chairman, and Professor Gibson, 
Non-executive Director, each having served on the Board for more than 
nine years, have informed the Board that they do not wish to seek 
re-election when their current periods of appointment end.   Accordingly, 
Sir David Grant has been asked to form and Chair a Nominations Committee 
to undertake the process of recruiting new independent Non-executive 
Directors.  He intends to consult with stakeholders in the business and 
to take external professional advice as appropriate. 
 
   A further announcement regarding any board changes will be made in due 
course as appropriate. 
 
   CONTACTS: 
 
 
 
   IQE plc ([phone]) 
 
   Drew Nelson 
 
   Phil Rasmussen 
 
   Chris Meadows 
 
   Canaccord Genuity (+ 44 (0) 20 7523 8000) 
 
   Simon Bridges 
 
   Cameron Duncan 
 
   This announcement is distributed by NASDAQ OMX Corporate Solutions on 
behalf of NASDAQ OMX Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: IQE plc via Globenewswire 
 
   HUG#2022887 
 
 
  http://www.iqep.com 
 

(END) Dow Jones Newswires

June 23, 2016 11:15 ET (15:15 GMT)

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