Clarkson PLC Result of AGM (5830Y)

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RNS Number : 5830Y

Clarkson PLC

09 May 2019

9 May 2019

Clarkson PLC

("Clarksons" or "the Company")

Results of 2019 Annual General Meeting

At the Annual General Meeting (AGM) of the Company held at 12 noon today at Commodity Quay, St Katharine Docks, E1W 1BF, all resolutions were passed on a poll. The total number of votes received on each resolution was as follows:

 
      Description              Votes        % of     Votes against   % of     Votes cast       Votes 
                                for          votes                    votes    as % of          withheld 
                                             cast                     cast     issued 
                                                                               share capital 
 1    Annual Report            23,263,550   99.67    76,422          0.33     76.97            7,373 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Remuneration 
 2     Report                  11,601,948   51.49    10,930,372      48.51    74.30            815,025 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
 3    Final dividend           23,340,990   99.98    4,456           0.02     76.98            1,900 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Elect Mr B 
 4     Thomas                  21,938,004   98.17    408,448         1.83     73.69            1,001,726 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-elect Mr 
 5     A L Case                23,275,718   99.69    72,460          0.31     76.99            0 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-elect Mr 
 6     J D Woyda               23,275,507   99.69    72,671          0.31     76.99            0 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-elect Mr 
 7     P Backhouse             18,823,510   82.33    4,041,166       17.67    75.40            483,503 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-elect Ms 
 8     ML Clayton              18,782,941   82.27    4,048,476       17.73    75.29            516,762 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-elect Mr 
 9     J Hughes-Hallett        18,845,445   82.54    3,985,972       17.46    75.29            516,762 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Elect Dr T 
 10    Miller                  18,038,587   81.44    4,111,009       18.56    73.04            1,198,333 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-elect Mr 
 11    B Nergaard              18,893,696   82.67    3,960,358       17.33    75.36            493,291 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Re-appoint 
 12    Auditor                 23,332,069   99.96    8,571           0.04     76.97            6,705 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
 13   Auditor's remuneration   23,332,202   99.98    5,193           0.02     76.96            7,870 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Authority to 
 14    allot shares            21,594,856   92.57    1,732,779       7.43     76.93            18,463 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Authority for 
 15    political donations     22,934,948   99.12    204,541         0.88     76.30            206,609 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      U.S. Employee 
       Share Purchase 
 16    Plan                    22,810,099   97.76    522,849         2.24     76.94            13,150 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Disapply pre-emption 
 17    rights*                 23,200,236   99.59    94,931          0.41     76.82            50,931 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Purchase own 
 18    shares*                 23,256,443   99.62    87,767          0.38     76.98            1,887 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      General meeting 
 19    notice period*          22,923,249   98.19    422,598         1.81     76.99            251 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
      Articles of 
 20    Association*            19,179,570   82.39    4,099,889       17.61    76.77            66,638 
     -----------------------  -----------  -------  --------------  -------  ---------------  ---------- 
 

*Special resolution requiring 75% majority.

Notes:

1. Any proxy appointments which give discretion to the Chairman have been included in the "for" total.

   2.   The total number of shares in issue is 30,325,058. 

3. A "vote withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "for" or "against" a resolution.

Statement regarding voting result

The Board notes that while Resolution 2 to approve the Directors' Remuneration Report was passed, a significant number of shareholders opposed this resolution.

We are very disappointed by this outcome, particularly as more than 99.7% of shareholders voted in favour of the re-election of the CEO and CFO and, as such, deem the stewardship of the Company to be in capable hands, a view which is unanimously shared by the Board. Notwithstanding this, the Remuneration Committee notes the concerns raised by shareholders and, as part of the remuneration policy review that falls due in 2020, will be conducting an extensive consultation programme with our shareholders and proxy advisory agencies to listen to their views.

Availability of documents

This information will also shortly be available to view on the Company's website at www.clarksons.com/investors/

In accordance with Listing Rule 9.6.2R, copies of the resolutions (other than those comprising ordinary business) passed at the AGM will be submitted to the UK Listing Authority and will be available for inspection at the UKLA's Document Viewing Facility located at www.morningstar.co.uk

In addition, copies of resolutions 17 to 20 will be filed with Companies House.

Company enquiries:

Clarkson PLC

   Rachel Spencer, Group Company Secretary                     Tel: [phone] 

Camarco

Billy Clegg Tel: [phone] Mob: [phone]

Jennifer Renwick Tel: [phone] Mob: [phone]

About Clarkson PLC

Clarkson PLC is the world's leading provider of integrated services and investment banking capabilities to the shipping and offshore markets, facilitating global trade.

Founded in 1852, Clarksons offers its diverse and growing client base an unrivalled range of shipbroking services, sector research, on-hand logistical support and full investment banking capabilities in all key shipping and offshore sectors.

The Company has delivered 16 years of consecutive dividend growth. The highly cash generative nature of the business, supported by a strong balance sheet, has enabled Clarksons to continue to invest to position the business to capitalise on the upturn in its markets.

Clarksons is listed on the main market of the London Stock Exchange under the ticker CKN and is a member of the FTSE 250 Index.

For more information, visit www.clarksons.com.

The information contained within this announcement is deemed by Clarksons to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of Clarksons is Jeff Woyda, Chief Financial Officer and Chief Operating Officer.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 09, 2019 13:01 ET (17:01 GMT)