Old Mutual PLC Result of AGM (2932G)

TIDMOML

RNS Number : 2932G

Old Mutual PLC

25 May 2017

Old Mutual plc

Ref 117/17

25 May 2017

Results of shareholder voting at tODAY'S Annual General Meeting

At today's Annual General Meeting ("AGM") of Old Mutual plc (the "Company"), all of the resolutions set out in the Notice of Meeting were voted on by a poll and were duly passed, except for the resolution granting authority to disapply pre-emption rights in allotting certain equity securities and selling treasury shares. Details of the votes cast were as follows:

ORDINARY RESOLUTIONS

 
 Resolution 1: To receive and adopt the directors' 
  report and audited financial statements of the Group 
  for the year ended 31 December 2016. 
---------------------------------------------------------- 
   Votes in favour      % of votes cast     Votes withheld 
--------------------  -------------------  --------------- 
    3,648,484,905            99.42            3,918,075 
--------------------  -------------------  --------------- 
    Votes against       % of votes cast 
--------------------  ------------------- 
     21,404,765               0.58 
--------------------  ------------------- 
  Total votes cast     % of total shares 
   (excluding votes     eligible to vote 
      withheld) 
--------------------  ------------------- 
    3,669,889,670            74.44 
--------------------  ------------------- 
 
 
 Resolution 2(i):To re-elect Mr M Arnold as a director 
  of the Company 
---------------------------------------------------------- 
   Votes in favour      % of votes cast     Votes withheld 
--------------------  -------------------  --------------- 
    3,656,371,694            99.73            7,664,076 
--------------------  -------------------  --------------- 
    Votes against       % of votes cast 
--------------------  ------------------- 
      9,771,975               0.27 
--------------------  ------------------- 
  Total votes cast     % of total shares 
   (excluding votes     eligible to vote 
      withheld) 
--------------------  ------------------- 
    3,666,143,669            74.36 
--------------------  ------------------- 
 
 
 Resolution 2(ii): To re-elect Ms Z Cruz as a director 
  of the Company 
---------------------------------------------------------- 
   Votes in favour      % of votes cast     Votes withheld 
--------------------  -------------------  --------------- 
    3,656,802,226            99.74            7,302,332 
--------------------  -------------------  --------------- 
    Votes against       % of votes cast 
--------------------  ------------------- 
      9,703,187               0.26 
--------------------  ------------------- 
  Total votes cast     % of total shares 
   (excluding votes     eligible to vote 
      withheld) 
--------------------  ------------------- 
    3,666,505,413            74.37 
--------------------  ------------------- 
 
 
 Resolution 2(iii): To re-elect Mr A Gillespie as 
  a director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,652,712,797           99.64           7,965,940 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    13,129,008             0.36 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,665,841,805           74.36 
------------------  ------------------ 
 
 
 Resolution 2(iv): To re-elect Ms D Gray as a director 
  of the Company 
---------------------------------------------------------- 
   Votes in favour      % of votes cast     Votes withheld 
--------------------  -------------------  --------------- 
    3,633,995,301            99.11            7,297,596 
--------------------  -------------------  --------------- 
    Votes against       % of votes cast 
--------------------  ------------------- 
     32,514,848               0.89 
--------------------  ------------------- 
  Total votes cast     % of total shares 
   (excluding votes     eligible to vote 
      withheld) 
--------------------  ------------------- 
    3,666,510,149            74.37 
--------------------  ------------------- 
 
 
 Resolution 2(v): To re-elect Mr B Hemphill as a director 
  of the Company 
------------------------------------------------------------- 
   Votes in favour        % of votes cast     Votes withheld 
---------------------  --------------------  ---------------- 
    3,653,851,775              99.62             6,147,474 
---------------------  --------------------  ---------------- 
    Votes against         % of votes cast 
---------------------  -------------------- 
      13,808,496               0.38 
---------------------  -------------------- 
   Total votes cast      % of total shares 
   (excluding votes       eligible to vote 
       withheld) 
---------------------  -------------------- 
    3,667,660,271              74.40 
---------------------  -------------------- 
 
 
 Resolution 2(vi): To re-elect Ms A Ighodaro as a 
  director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,656,191,292           99.70           6,572,723 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    11,043,730             0.30 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,667,235,022           74.39 
------------------  ------------------ 
 
 
 Resolution 2(vii): To re-elect Ms I Johnson as a 
  director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,655,279,102           99.67           6,472,242 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    12,056,401             0.33 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,667,335,503           74.39 
------------------  ------------------ 
 
 
 Resolution 2(viii): To re-elect Mr T Manuel as a 
  director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,650,922,878           99.47           3,429,986 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    19,454,881             0.53 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,670,377,759           74.45 
------------------  ------------------ 
 
 
 Resolution 2(ix): To re-elect Mr R Marshall as a 
  director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,652,615,794           99.56           5,165,107 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    16,026,844             0.44 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,668,642,638           74.41 
------------------  ------------------ 
 
 
 Resolution 2(x): To re-elect Mr N Moyo as a director 
  of the Company 
--------------------------------------------------------- 
  Votes in favour      % of votes cast     Votes withheld 
-------------------  -------------------  --------------- 
   3,173,052,410            87.64            53,390,956 
-------------------  -------------------  --------------- 
   Votes against       % of votes cast 
-------------------  ------------------- 
    447,364,379             12.36 
-------------------  ------------------- 
  Total votes cast    % of total shares 
  (excluding votes     eligible to vote 
      withheld) 
-------------------  ------------------- 
   3,620,416,789            73.44 
-------------------  ------------------- 
 
 
 Resolution 2(xi): To re-elect Mr V Naidoo as a director 
  of the Company 
------------------------------------------------------------ 
   Votes in favour       % of votes cast     Votes withheld 
--------------------  --------------------  ---------------- 
    2,885,851,746             78.95            18,617,639 
--------------------  --------------------  ---------------- 
    Votes against        % of votes cast 
--------------------  -------------------- 
     769,338,359              21.05 
--------------------  -------------------- 
  Total votes cast      % of total shares 
   (excluding votes      eligible to vote 
      withheld) 
--------------------  -------------------- 
    3,655,190,105             74.14 
--------------------  -------------------- 
 
 
 Resolution 2(xii): To re-elect Ms N Nyembezi-Heita 
  as a director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,053,839,331           83.53           17,761,293 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    602,207,120            16.47 
------------------  ------------------ 

 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,656,046,451           74.16 
------------------  ------------------ 
 
 
 Resolution 2(xiii): To re-elect Mr P O'Sullivan as 
  a director of the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,644,265,445           99.37           6,313,182 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    23,229,118             0.63 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,667,494,563           74.39 
------------------  ------------------ 
 
 
 Resolution 3: To re-appoint KPMG LLP as auditors 
  to the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   3,588,488,024           97.80           4,484,423 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    80,835,297             2.20 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,669,323,321           74.43 
------------------  ------------------ 
 
 
 Resolution 4: To authorise the Group Audit Committee 
  to settle the remuneration of the auditors. 
--------------------------------------------------------- 
  Votes in favour      % of votes cast     Votes withheld 
-------------------  -------------------  --------------- 
   3,660,749,535            99.88            8,557,281 
-------------------  -------------------  --------------- 
   Votes against       % of votes cast 
-------------------  ------------------- 
     4,500,928               0.12 
-------------------  ------------------- 
  Total votes cast    % of total shares 
  (excluding votes     eligible to vote 
      withheld) 
-------------------  ------------------- 
   3,665,250,463            74.35 
-------------------  ------------------- 
 
 
 Resolution 5: To approve the Directors' Remuneration 
  Report, other than the part containing the Directors' 
  Remuneration Policy, for the year ended 31 December 
  2016. 
----------------------------------------------------------- 
   Votes in favour      % of votes cast     Votes withheld 
--------------------  -------------------  ---------------- 
    2,611,810,916            72.03            47,844,913 
--------------------  -------------------  ---------------- 
    Votes against       % of votes cast 
--------------------  ------------------- 
    1,014,151,915            27.97 
--------------------  ------------------- 
  Total votes cast     % of total shares 
   (excluding votes     eligible to vote 
      withheld) 
--------------------  ------------------- 
    3,625,962,831            73.55 
--------------------  ------------------- 
 
 
 Resolution 6: To grant authority to allot shares 
  in the Company 
------------------------------------------------------- 
  Votes in favour     % of votes cast    Votes withheld 
------------------  ------------------  --------------- 
   2,701,250,642           73.60           3,581,483 
------------------  ------------------  --------------- 
   Votes against      % of votes cast 
------------------  ------------------ 
    968,975,620            26.40 
------------------  ------------------ 
 Total votes cast    % of total shares 
  (excluding votes    eligible to vote 
     withheld) 
------------------  ------------------ 
   3,670,226,262           74.45 
------------------  ------------------ 
 

SPECIAL RESOLUTIONS

 
 Resolution 7: To grant authority to disapply pre-emption 
  rights in allotting certain equity securities and 
  selling treasury shares 
------------------------------------------------------------- 
   Votes in favour        % of votes cast     Votes withheld 
---------------------  --------------------  ---------------- 
    2,727,863,966              74.36             5,240,515 
---------------------  --------------------  ---------------- 
    Votes against         % of votes cast 
---------------------  -------------------- 
     940,703,264               25.64 
---------------------  -------------------- 
   Total votes cast      % of total shares 
   (excluding votes       eligible to vote 
       withheld) 
---------------------  -------------------- 
    3,668,567,230              74.41 
---------------------  -------------------- 
 
 
 Resolution 8: To grant the Board authority to repurchase 
  shares by market purchase on the London Stock Exchange 
------------------------------------------------------------- 
   Votes in favour        % of votes cast     Votes withheld 
---------------------  --------------------  ---------------- 
    3,648,032,821              99.45             5,528,589 
---------------------  --------------------  ---------------- 
    Votes against         % of votes cast 
---------------------  -------------------- 
      20,246,335               0.55 
---------------------  -------------------- 
   Total votes cast      % of total shares 
   (excluding votes       eligible to vote 
       withheld) 
---------------------  -------------------- 
    3,668,279,156              74.41 
---------------------  -------------------- 
 
 
 Resolution 9: To approve contingent purchase contracts 
  relating to purchases of shares on the African stock 
  exchanges where the Company's shares are listed 
----------------------------------------------------------- 
   Votes in favour      % of votes cast     Votes withheld 
--------------------  -------------------  ---------------- 
    3,643,091,106            99.35             6,798,644 
--------------------  -------------------  ---------------- 
    Votes against       % of votes cast 
--------------------  ------------------- 
     23,917,995               0.65 
--------------------  ------------------- 
  Total votes cast     % of total shares 
   (excluding votes     eligible to vote 
      withheld) 
--------------------  ------------------- 
    3,667,009,101            74.38 
--------------------  ------------------- 
 

Notes to the above tables:

   --      Votes in favour include proxy votes where the Chairman was given discretion how to vote. 

-- Votes withheld are not counted in the calculation of the proportion of votes for or against a resolution.

-- The total number of shares eligible to vote was 4,929,978,343, being the total number of shares in issue at the close of business on 23 May 2017.

-- In accordance with Listing Rules 9.6.2R and 9.6.3R, the full text of the resolutions passed, other than resolutions concerning ordinary business at the AGM, has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM

-- Old Mutual notes the level of votes cast against resolution 2(xi). The Company is aware that many shareholders have not supported the re-election of Vassi Naidoo because he is a member of the Group Audit Committee (GAC) but is not considered to be an independent non-executive director. The Company has explained in its Annual Report 2016 why it considers that Mr. Naidoo's membership of the GAC is in the best interests of the Company and will continue to engage with shareholders to explain this.

-- Old Mutual notes the level of votes cast against resolution 5. We engage fully with shareholders and other stakeholders on matters of executive remuneration. Management is paid for performance and the Company's Remuneration Committee was careful to ensure the outcomes of the incentive plans were a fair reflection of the performance achieved.

-- Old Mutual notes the level of votes cast against resolution 6 and resolution 7. In the case of resolution 7, the level of votes cast against the resolution was sufficient to result in it not being passed, because the required threshold of 75% of the total votes cast was not achieved. Whilst the Company is disappointed with this outcome, as explained in the AGM circular the Directors had no present intention to allot any shares pursuant to this resolution. Whilst both these resolutions are considered routine for listed companies in the UK, the Company is aware that certain overseas institutional investors, mainly in South Africa, have a policy of not supporting them. The Company will continue to engage with those shareholders to improve understanding and, if possible, allay any such concerns for the future.

Enquiries

External communications

   Patrick Bowes                                                      [phone] 

Investor relations

   Dominic Lagan                                                    [phone] 
   Deward Serfontein                                              [phone] 

Media

   William Baldwin-Charles                                   [phone] 

[phone]

Notes to Editors

Old Mutual

Old Mutual provides investment, savings, insurance and banking services to 19.4 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa in 1845, Old Mutual has been listed on the London and Johannesburg Stock Exchanges, among others, since 1999.

Old Mutual is executing its strategy of managed separation, which will entail separating its four businesses into standalone entities. The four businesses are:

Old Mutual Emerging Markets: an attractive business with a dominant position in South Africa, well-placed to capitalise on sub-Saharan African growth as a diversified financial services provider with strong operations in key East and West African markets.

Nedbank: one of South Africa's four largest banks with very strong corporate, commercial and property finance franchises, and a growth opportunity in the retail market, as well as pan-African optionality through its stake in Ecobank Transnational Inc (ETI).

Old Mutual Wealth: a leading, integrated wealth management business, focused on the UK upper and middle market, with strong prospects in a rapidly growing GBP3 trillion market.

OM Asset Management: an institutionally focussed, multi-boutique asset management business, delivering strong, diversified growth in attractive asset classes through organic initiatives and acquisitions.

For the year ended 31 December 2016, Old Mutual reported an adjusted operating profit before tax of GBP1.7 billion and had GBP395 billion of funds under management. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2017 12:55 ET (16:55 GMT)