REG - AVI Global Trust PLC - AGM results: update statement

AVI Global TrustAnnouncement

03/02/2026 17:30

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RNS Number : 5424R  AVI Global Trust PLC  03 February 2026

AVI Global Trust plc (the "Company")

 

AGM results: update statement

 

At the Company's Annual General Meeting on 19(th) December 2025 all of the
votes were passed by a large majority. However, the Board recognised that
support for the re-election of June Jessop, Chair of the Nomination Committee,
fell below 80%. In detail, 23.1% of votes cast (which was 5.7% of total voting
rights at the time of the AGM) voted against Mrs Jessop's re-election. The
Board has made enquiries on the reasons for the vote against Mrs Jessop's
re-election. A large proportion of the votes against the resolution in
question were cast by a single shareholder and we have been informed that
their votes and others were a result of the Board not meeting those
shareholders' targets for ethnic diversity.

 

In its Annual Report for the year to 30 September 2025, the Board disclosed
that it would seek a replacement for Calum Thomson, who will retire at the AGM
in 2026. The following relevant points were made on page 55 of the Annual
Report:

 

"As an externally managed company, the Company does not have any employees.
The Board acknowledges the importance of diversity for the effective
functioning of the Board which helps to create an environment for success and
effective decision making. The Board is aware of the recommendations of the
Hampton-Alexander Review on gender diversity and the Parker Review on ethnic
diversity and inclusion on company boards. The Company is pleased to have met
the target for at least 40% of individuals on the Board to be women but does
not currently meet the targets for at least one senior Board position to be
held by a woman and at least one individual on the Board to be from a minority
ethnic background. As reported in the 2024 Annual Report, the Board and
Nomination Committee previously considered whether an additional Director
should be appointed to meet the ethnic diversity target. Following discussion,
it was agreed that it was not in the best interest of shareholders to increase
the size of the Board or to replace any of the current Directors before the
end of their term. The targets have been and will continue to be taken into
consideration in respect of the recruitment of all new Directors of the
Company, including during the recruitment exercise in the coming year, as
described on page 54. Whilst recruitment will be carried out in line with the
diversity policy discussed on the previous page, care will be taken that the
recruitment agency used for the search has strong credentials in sourcing
candidates from a wide variety of backgrounds. Diversity considerations will
be taken in account during the selection of the most suitable candidate.

 

As the Board is made up wholly of non-executive Directors it only has two
roles which are classed in the UK Listing Rules as "senior", namely the
Chairman and Senior Independent Director. With effect from 19 December 2025 Ms
Balfour will fulfil the position of Senior Independent Director and, as a
consequence, this target will then be met. The Board is focused on addressing
all of the relevant targets and, through its Nomination Committee, will keep
these matters under regular review and will take account of the targets when
appointing further Board members in the future."

 

Graham Kitchen, the Chairman of the Company, said "The Board remains cognisant
of the diversity guidelines and confirms that the process as stated in the
Financial statements will be followed for the recruitment of the new
director."

 

MUFG Corporate Governance Limited

Secretary

3 February 2026

 

LEI: 213800QUODCLWWRVI968

 

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