QinetiQ Group plc AGM Statement (5404L)

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RNS Number : 5404L

QinetiQ Group plc

19 July 2017

QINETIQ GROUP PLC

19 July 2017

QINETIQ GROUP PLC - Results of Annual General Meeting held on 19 July 2017

QinetiQ Group plc ('QinetiQ') announces that all resolutions proposed at its Annual General Meeting ('AGM') held on 19 July 2017 were duly passed with the requisite majorities and the results of the poll are as follows:

 
                                    VOTES        %         VOTES        %        TOTAL        % OF       VOTES 
                                     FOR                  AGAINST                VOTES        SHARE     WITHHELD 
                                                                                VALIDLY      CAPITAL 
                                                                                  CAST        WITH 
                                                                                             VOTING 
                                                                                             RIGHTS 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To receive 
       the Report 
 1     and Accounts              398,575,070   100.00     18,886      0.00    398,593,956    70.27     1,992,803 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To approve 
       the Directors' 
       Remuneration 
 2     Policy                    255,350,780   63.75    145,182,781   36.25   400,533,561    70.61       53,828 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To approve 
       the Directors' 
       Remuneration 
 3     Report                    380,227,053   94.93    20,307,830    5.07    400,534,883    70.61       51,876 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To declare 
       a final 
 4     dividend                  400,445,516   99.97      133,358     0.03    400,578,874    70.62       7,885 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To elect 
 5     Lynn Brubaker             385,178,105   99.67     1,261,035    0.33    386,439,140    68.13     14,141,115 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
 6     James Burnell-Nugent      385,028,596   96.12    15,529,226    3.88    400,557,822    70.62       28,937 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
 7     Mark Elliott              383,682,580   95.79    16,873,877    4.21    400,556,457    70.61       23,798 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
       Michael 
 8     Harper                    384,551,598   96.01    15,991,463    3.99    400,543,061    70.61       37,194 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
 9     Ian Mason                 385,048,847   96.13    15,494,414    3.87    400,543,261    70.61       36,994 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
 10    Paul Murray               385,000,128   96.12    15,542,729    3.88    400,542,857    70.61       37,398 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
 11    Susan Searle              371,433,918   92.73    29,110,548    7.27    400,544,466    70.61       35,788 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To elect 
 12    David Smith               397,203,885   99.17     3,339,082    0.83    400,542,967    70.61       37,258 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To re-elect 
 13    Steve Wadey               395,231,973   98.67     5,332,911    1.33    400,564,884    70.62       21,875 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To appoint 
       Pricewaterhouse-Coopers 
 14    LLP as auditor            399,760,069   99.80      787,401     0.20    400,547,470    70.61       39,289 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To authorise 
       the Audit 
       Committee 
       to determine 
       the auditor's 
 15    remuneration              400,459,168   99.98      99,683      0.02    400,558,851    70.62       27,908 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To authorise 
       the Company 
       and its 
       subsidiaries 
       to make 
       political 
 16    donations                 384,220,007   99.43     2,204,897    0.57    386,424,904    68.12     14,161,855 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To approve 
       the 2017 
       QinetiQ 
       Group plc 
       Incentive 
 17    Plan                      256,936,791   64.15    143,600,025   38.85   400,536,816    70.61       49,943 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To authorise 
       the Directors 
       to allot 
 18    shares                    390,410,573   97.86     8,532,771    2.14    398,943,344    70.33     1,636,911 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To disapply 
       pre-emption 
 19    rights (standard)*        386,284,019   99.97      133,219     0.03    386,417,238    68.12     14,163,017 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To disapply 
       pre-emption 
 20    rights (acquisitions)*    382,338,635   95.46    18,187,487    4.54    400,526,122    70.61       54,133 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To purchase 
 21    own shares*               388,101,711   97.29    10,822,577    2.71    398,924,288    70.33     1,662,471 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
      To call 
       general 
       meetings 
       on not less 
       than 14 
       clear days' 
 22    notice*                   360,917,781   93.40    25,511,224    6.60    386,429,005    68.12     14,143,666 
---  -------------------------  ------------  -------  ------------  ------  ------------  ---------  ----------- 
 

*Special Resolution

Notes:

   1.     The percentages above are rounded to two decimal places. 
   2.     Votes "for" include discretionary votes. 

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

4. The number of ordinary shares in issue at 11.00 am on 17 July 2017 was 571,757,121 of which 4,515,868 are held in treasury. Therefore the number of ordinary shares with voting rights at 11:00am on 17 July 2017 was 567,241,253.

In accordance with Listing Rule 9.6.2R, a copy of the resolutions, other than those concerning ordinary business, passed by the Company at the AGM held on 19 July 2017, has been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM.

The Board of Directors of QinetiQ (the 'Board) is pleased that all resolutions were successfully approved by shareholders. The Board however recognises that, while the majority of our principal shareholders voted in favour of all resolutions, some shareholders and their proxy advisors did not support resolutions 2 and 17.

Throughout the development of the new Directors' Remuneration Policy (the 'Policy') and the 2017 QinetiQ Group plc Incentive Plan (the 'Incentive Plan'), we engaged with our main shareholders and their proxy advisors to understand their concerns in relation to the Policy and Incentive Plan and incorporate provisions to address them, where consistent with the objectives of the Policy. It is clear from the vote that, while the majority of shareholders were supportive, we still have more to do to explain elements of the Policy and Incentive Plan to some shareholders and why the Board believes their adoption is in shareholders' best interests.

In particular, the Board notes that the move to an annual assessment for the majority of performance conditions caused a concern for some shareholders that this might result in a short-term focus for management. The Board believes that QinetiQ's five-year strategy for sustainable growth will continue to evolve in a dynamic market and that the inclusion of annual and multi-year performance assessments will ensure that Executives are appropriately incentivised to respond to the opportunities and challenges created in this dynamic market. Ongoing forfeiture conditions coupled with a material deferral in shares will ensure that the full value of incentives earned based on the annual assessment of performance will only be received if this leads to long-term sustainable performance and value creation for shareholders.

The Board will implement the Policy and Incentive Plan while remaining receptive to feedback as it continues to work to ensure that policies and procedures are understood and aligned with shareholders' interests.

Enquiries:

 
                                                  +44 (0)1252 
 Company Secretary:     Jon Messent, QinetiQ       392000 
                                                  +44 (0)7920 
 Investor Relations:    David Bishop, QinetiQ      108675 
                                                  +44 (0)7908 
  Ian Brown, QinetiQ                               251123 
                        Chris Barrie, Citigate    +44 (0)20 
 Media Relations:        Dewe Rogerson             7282 2943 
  Ellen Wilton, Citigate                          +44 (0)20 
   Dewe Rogerson                                   7282 2849 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 19, 2017 11:05 ET (15:05 GMT)