Rentokil Initial PLC Result of AGM (4498Y)

TIDMRTO

RNS Number : 4498Y

Rentokil Initial PLC

12 May 2021

RESULTS OF ANNUAL GENERAL MEETING 2021 ('AGM')

At the AGM of Rentokil Initial plc duly convened and held at, and broadcast from, the Power Centre, A1 & A2, Link 10, Napier Way, Crawley, RH10 9RA on 12 May 2021 at 14:00, each resolution as set out in the notice of meeting dated 31 March 2021 was passed on a poll. The results are set out below and will be placed on the Company website at www.rentokil-initial.com/investors .

 
                                                              VOTES                                 % of         VOTES 
 RESOLUTION                     VOTES FOR(1)        %       AGAINST       %     TOTAL VOTES    ISC VOTED   WITHHELD(2) 
      To receive 
       the audited 
       financial 
       statements 
       and the directors' 
       and auditors' 
 1     report thereon          1,451,530,684   100.00        13,163    0.00   1,451,543,847       78.07%     1,433,004 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To approve 
       the 2021 
       Directors' 
       Remuneration 
 2     Policy                  1,117,630,721    77.39   326,479,806   22.61   1,444,110,527       77.67%     8,866,324 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To approve 
       the Directors' 
       Remuneration 
 3     Report                  1,400,164,692    97.12    41,500,982    2.88   1,441,665,674       77.54%    11,311,177 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To approve 
       the amended 
       rules of 
       the Performance 
       Share Plan 
 4     2016                    1,098,420,082    75.62   354,060,691   24.38   1,452,480,773       78.12%       496,078 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To declare 
 5     a final dividend        1,447,816,095    99.67     4,805,131    0.33   1,452,621,226       78.13%       355,625 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To elect 
       Stuart Ingall-Tombs 
 6     as a director           1,451,367,529    99.92     1,193,412    0.08   1,452,560,941       78.12%       415,910 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To elect 
       Sarosh Mistry 
 7     as a director           1,452,279,328    99.98       272,836    0.02   1,452,552,164       78.12%       424,687 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To re-elect 
       John Pettigrew 
 8     as a director           1,441,873,301    99.26    10,689,934    0.74   1,452,563,235       78.12%       413,616 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To re-elect 
       Andy Ransom 
 9     as a director           1,452,427,979    99.99       132,664    0.01   1,452,560,643       78.12%       416,208 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To re-elect 
       Richard Solomons 
 10    as a director           1,446,668,103    99.59     5,889,228    0.41   1,452,557,331       78.12%       419,520 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To re-elect 
       Julie Southern 
 11    as a director           1,418,461,142    97.65    34,099,444    2.35   1,452,560,586       78.12%       416,265 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To re-elect 
       Cathy Turner 
 12    as a director           1,438,081,599    99.00    14,478,767    1.00   1,452,560,366       78.12%       416,485 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To re-elect 
       Linda Yueh 
 13    as a director           1,401,390,279    96.48    51,172,207    3.52   1,452,562,486       78.12%       414,365 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To appoint 
      PricewaterhouseCoopers 
 14   LLP as auditor           1,444,950,371    99.48     7,601,982    0.52   1,452,552,353       78.12%       424,498 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To authorise 
       the directors 
       to agree 
       the auditors' 
 15    remuneration            1,452,535,527   100.00        66,437    0.00   1,452,601,964       78.12%       374,887 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To authorise 
       the making 
       of political 
 16    donations               1,445,039,050    99.49     7,473,760    0.51   1,452,512,810       78.12%       464,041 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To authorise 
       the directors 
       to allot 
 17    shares                  1,319,993,744    90.88   132,499,021    9.12   1,452,492,765       78.12%       484,086 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To disapply 
       statutory 
       pre-emption 
 18    rights                  1,437,986,861    99.36     9,266,646    0.64   1,447,253,507       77.84%     5,723,344 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To disapply 
       statutory 
       pre-emption 
       rights - 
       additional 
 19    5%                      1,413,035,077    97.63    34,239,433    2.37   1,447,274,510       77.84%     5,702,341 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To authorise 
       the directors 
       to make market 
       purchases 
       of the Company's 
 20    own shares              1,439,152,453    99.12    12,762,645    0.88   1,451,915,098       78.09%     1,061,753 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
      To authorise 
       the calling 
       of a general 
       meeting (other 
       than an AGM) 
       on 14 days' 
 21    clear notice            1,400,691,754    96.46    51,328,941    3.54   1,452,020,695       78.09%       392,131 
     -----------------------  --------------  -------  ------------  ------  --------------  -----------  ------------ 
 

1. Votes For include those votes giving the Chairman discretion.

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

The number of ordinary shares in issue at close of business on 11 May 2021 was 1,859,332,965 ordinary shares of 1p each. Resolutions 18 to 21 were proposed as special resolutions. A copy of the resolutions can be found in the Notice of Meeting available at www.rentokil-initial.com/agm .

The Company welcomes the approval by shareholders of its Remuneration Policy and Remuneration Report, however it notes the number of votes opposing the Remuneration Policy (resolution 2) and the amendments to the Company's Performance Share Plan (PSP) rules required to reflect the new Policy (resolution 4).

A significant majority of shareholders were supportive of the Remuneration Policy and proposed change to PSP, including 19 out of our 20 largest shareholders.

As detailed in the Company's 2020 Annual Report, we consulted at length with the Company's largest shareholders as well as proxy advisers, Glass Lewis, the Investment Association and ISS, on the proposals set out in the Remuneration Policy. The strong performance and increased size of the business has resulted in the total remuneration package of the Chief Executive benchmarking just above lower quartile. This policy would deliver market median and, consistent with our culture, any potential for higher remuneration would be fully performance based and long term. No change to base salary or annual bonus potential has been proposed.

The Board is grateful for the time, feedback and support provided by shareholders on these matters and will continue its policy of proactive engagement with its shareholders on all aspects of remuneration going forward. In accordance with the UK Corporate Governance Code, the Company will publish an update on ongoing engagement within six months of the AGM.

A copy of the resolutions passed concerning special business has been submitted and will shortly be available

for inspection at the   National Storage Mechanism located at https://data.fca.org.uk/#/nsm/nationalstoragemechanism . 

Enquiries:

 
                                         Rentokil Initial 
 Company Secretary:    Daragh Fagan       plc                01294 858000 
 
                                         Rentokil Initial 
 Media:                Malcolm Padley     plc                07788 978199 
 

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May 12, 2021 13:03 ET (17:03 GMT)