Clarkson PLC Results of 2018 Annual General Meeting (7333N)

TIDMCKN

RNS Number : 7333N

Clarkson PLC

10 May 2018

10 May 2018

CLARKSON PLC

("the Company")

Results of 2018 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      % of     Votes       Votes 
                                 for       votes    against     votes     cast      withheld 
                                           cast                 cast       as 
                                                                          % of 
                                                                         issued 
                                                                          share 
                                                                         capital 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Report & 
 1     Accounts              21,829,448   99.62    83,930      0.38     72.48%     8,992 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Remuneration 
 2     Report                10,773,329   57.24    8,049,314   42.76    62.26%     3,097,728 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
 3    Final dividend         21,921,171   100      0           0.00     72.51%     1,200 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 4     Mr J Hughes-Hallett   20,659,184   96.13    830,918     3.87     71.08%     432,268 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 5     Mr A Case             21,839,579   99.64    78,137      0.36     72.50%     1,218 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 6     Mr P Anker            21,842,140   99.64    77,890      0.36     72.50%     2,341 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 7     Mr J D Woyda          21,432,166   97.77    488,986     2.23     72.51%     1,218 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 8     Mr P Backhouse        21,045,366   96.15    842,128     3.85     72.40%     34,877 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 9     Mr B Nergaard         21,035,923   96.12    849,589     3.88     72.39%     36,859 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 10    Ms ML Clayton         21,029,508   96.09    856,003     3.91     72.39%     36,859 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-elect 
 11    Mr E Warner           17,850,660   83.34    3,567,420   16.66    70.84%     504,290 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Re-appoint 
 12    auditor               21,812,333   99.98    5,306       0.02     72.16%     104,731 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Auditor's 
 13    remuneration          21,823,029   99.99    1,253       0.01     72.19%     34,859 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Authority 
       to allot 
 14    shares                20,300,262   92.75    1,587,007   7.25     72.39%     35,102 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Authority 
       for political 
 15    donations             21,078,825   96.35    797,909     3.65     72.36%     11,978 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Disapply 
       pre-emption 
 16    rights*               21,807,512   99.65    77,077      0.35     72.39%     4,123 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Purchase 
 17    own shares*           21,831,679   99.60    86,793      0.40     72.50%     3,898 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
      Notice for 
 18    general meetings*     21,359,060   97.44    561,913     2.56     72.51%     1,398 
---  ---------------------  -----------  -------  ----------  -------  ---------  ---------- 
 

* Special resolution requiring 75% majority.

Notes:

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

   2.   The total number of shares in issue is 30,233,179. 

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 the significant vote against Resolution 2 to approve the Directors' Remuneration Report. The principal area of concern relates to the Executive Directors' bonus scheme which is structured as a profit sharing arrangement. This scheme is contractual for the CEO and CFO/COO and the Remuneration Committee believes that it would be counter to the interests of shareholders to enter into a renegotiation of contractual arrangements.

During 2017 we engaged with our largest shareholders and the major proxy voting agencies and provided certain undertakings (set out in the Remuneration Report) which include a different remuneration structure for new directors. Notwithstanding this, the Remuneration Committee notes the concerns raised by shareholders and we will reflect on feedback received, whilst continuing to ensure that we maintain our focus on the best interests of the business and our ongoing strategy and values that we hold.

Availability of documents

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

Enquiries:

Clarkson PLC

   Rachel Spencer - Group Company Secretary, Clarkson PLC               Tel:  [phone] 

Camarco

Billy Clegg Tel: [phone] 3757 4994

Jennifer Renwick

This information is provided by RNS

The company news service from the London Stock Exchange

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May 10, 2018 13:27 ET (17:27 GMT)