REG - Balfour Beatty PLC - Result of AGM

Balfour BeattyAnnouncement

Thu 12:00

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RNS Number : 9141H  Balfour Beatty PLC  08 May 2025

Balfour Beatty plc (the 'Company')

AGM Results

8 May 2025

 

Balfour Beatty plc announces that, at its Annual General Meeting ('AGM') held
on 8 May 2025, the resolutions set out in the Notice of AGM dated 3 April 2025
were passed following a poll on each resolution.

 

Resolutions 1 to 16 were passed as Ordinary Resolutions and Resolutions 17 to
19 were passed as Special Resolutions. The table below details votes cast on
each resolution.

 

                                                                                  Votes For       %       Votes Against  %      Votes Total  Votes      % of ISC Voted (excluding shares held in Treasury)

                                                                                  And                                                        Withheld

                                                                                  Discretionary
 Resolution 1:                                                                    392,359,772     100.00  7,249          0.00   392,367,021  725,959    77.35%

 To receive the audited accounts for the financial year ended 31 December 2024,
 together with the Strategic report, Directors' report and Auditor's report on
 those accounts.
 Resolution 2:                                                                    274,128,865     70.25   116,112,788    29.75  390,241,653  2,851,327  76.93%

 To approve the Directors' Remuneration for the year ended 31 December 2024.
 Resolution 3:                                                                    393,075,544     100.00  10,396         0.00   393,085,940  7,040      77.49%

 To declare a final dividend of 8.7p per share on the ordinary shares of the
 Company.
 Resolution 4:                                                                    355,560,564     90.46   37,490,051     9.54   393,050,615  42,364     77.49%

 To re-elect Mr C Allen, Lord Allen of Kensington CBE as a Director
 Resolution 5:                                                                    381,922,422     97.16   11,144,626     2.84   393,067,048  25,932     77.49%

 To re-elect Ms G Costigan MBE as a Director.
 Resolution 6:                                                                    378,198,883     96.22   14,863,172     3.78   393,062,055  26,431     77.49%

 To re-elect Ms A Drinkwater as a Director.
 Resolution 7:                                                                    387,409,645     98.56   5,657,403      1.44   393,067,048  25,932     77.49%

 To re-elect Ms L J Hardy as a Director.
 Resolution 8:                                                                    392,302,210     99.81   750,652        0.19   393,052,862  40,118     77.49%

 To re-elect Mr P J Harrison as a Director.
 Resolution 9:                                                                    387,284,071     98.53   5,766,227      1.47   393,050,298  42,682     77.49%

 To re-elect Mr R J MacLeod as a Director.
 Resolution 10:                                                                   387,302,259     98.53   5,763,751      1.47   393,066,010  26,970     77.49%

 To re-elect Ms B J Moorhouse as a Director.
 Resolution 11:                                                                   387,404,623     98.58   5,599,171      1.42   393,003,794  89,186     77.48%

 To re-elect Mr L M Quinn as a Director.
 Resolution 12:                                                                   387,442,522     98.57   5,609,355      1.43   393,051,877  41,103     77.49%

 To elect Mr R L Wynter as a Director.
 Resolution 13:                                                                   389,272,042     99.98   81,534         0.02   389,353,576  3,739,404  76.76%

 To reappoint KPMG LLP as auditor of the Company to hold office until the
 conclusion of the next general meeting at which accounts are laid.
 Resolution 14:                                                                   393,036,689     99.99   26,267         0.01   393,062,956  30,024     77.49%

 To authorise the Directors to determine the remuneration of the auditor.
 Resolution 15:                                                                   382,422,442     97.29   10,657,013     2.71   393,079,455  13,525     77.49%

 To authorise the Company and its UK subsidiaries to incur political
 expenditure

 Resolution 16:                                                                   366,970,730     93.36   26,105,197     6.64   393,075,927  17,052     77.49%

 To authorise the Directors to allot shares
 Resolution 17:                                                                   382,165,040     97.23   10,903,280     2.77   393,068,320  24,660     77.49%

 To authorise the Directors to allot shares for cash on a non pre-emptive basis
 Resolution 18:                                                                   386,763,236     98.46   6,048,265      1.54   392,811,501  281,426    77.44%

 To renew the authority for the Company to purchase its own ordinary shares
 Resolution 19:                                                                   375,575,895     95.55   17,504,168     4.45   393,080,063  12,917     77.49%

 To authorise the Company to hold meetings, other than an Annual General
 Meeting, on 14 clear days' notice

 

 

Notes:

1.    The "for" votes include those giving the Chair of the AGM discretion.

2.    Votes "for" and "against" are expressed as a percentage of the total
votes cast (excluding votes withheld).

3.    The percentages above are rounded to two decimal places.

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

5.    Votes withheld are included in the percentage of issued share capital
('ISC') voted (excluding shares held in Treasury) calculation.

6.    The total number of Ordinary Shares of 50p each in the Company in
issue, excluding 10,161,024 treasury shares registered on the share register
in the Company's name, at close of business on 6 May 2025 and the number used
for the percentage of ISC voted was 506,862,796.

 

In accordance with Listing Rule 9.6.2R, copies of resolutions other than those
concerning ordinary business passed at the Annual General Meeting will be
submitted to the National Storage Mechanism and will shortly be available for
inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

Resolution 2 at the AGM, in relation to the Directors' Remuneration Report
('DRR'), was passed with 70.25% support. The Board notes the level of support
for the DRR was lower than in prior years due solely to the 2025 pay review
for the Group's Chief Financial Officer (CFO), Philip Harrison.  The pay
review was in full compliance with the Company's Remuneration Policy,
previously approved by shareholders.  In approving the 2025 CFO pay review
and, in light of his key role in supporting the transition to a new Group
Chief Executive and increased responsibilities taken on during the year, the
Remuneration Committee reviewed his salary and overall remuneration package.

 

The size and complexity of Balfour Beatty in terms of both our market
capitalisation and our revenue (including a significant proportion of US
revenues) alongside the continued strong performance of the business was
considered.  The Remuneration Committee were also mindful that his current
package was positioned below sector peers of a similar size and complexity.
Philip's next base salary review date is 1 July 2026.  The Remuneration
Committee considered that the positioning of Philip Harrison's package
reflects his significant experience and scope of his role and responsibilities
and the decision was in the best interest of the Company and Shareholders.

 

In advance of the 2025 AGM of the Company, the Chair of the Remuneration
Committee wrote to the Company's major shareholders to set out the rationale
for the pay review, which is also disclosed in the Company's 2024 Annual
Report and Accounts available here
(https://www.balfourbeatty.com/investors/results-reports-and-presentations/) ,
and offered shareholders the opportunity to discuss the pay review in more
detail.  All shareholders that acknowledged the letter were supportive of the
action taken by the Remuneration Committee.  The Company received no negative
feedback direct from shareholders on the pay review.

 

The Remuneration Committee continues to be open to feedback from shareholders.
The Company will continue constructive dialogue with shareholders as it
carries out its triennial review of the Remuneration Policy before it is
presented to shareholders at the 2026 AGM of the Company

 

Please do not hesitate to contact companysecretary@balfourbeatty.com should
you have any queries regarding this announcement.

 

General enquiries:

Contact and telephone number for queries

Duly authorised officer of issuer responsible for making notification:

 

Tracey Wood, Group General Counsel and Company Secretary

Tel. +44 (0)20 7216 6800

 

Investor and analyst enquiries:

Jim Ryan

Tel. +44 (0) 7858 368527

jim.ryan@balfourbeatty.com (mailto:jim.ryan@balfourbeatty.com)

 

Media enquiries:

Antonia Walton

Tel. +44 (0) 7966 929 633
antonia.walton@balfourbeatty.com (mailto:antonia.walton@balfourbeatty.com)

 

Notes to editors:

·      Balfour Beatty is a leading international infrastructure group
with over 25,000 employees driving the delivery of powerful new solutions,
shaping thinking, creating skylines and inspiring a new generation of talent
to be the change-makers of tomorrow.

·      We finance, develop, build, maintain and operate the increasingly
complex and critical infrastructure that supports national economies and
deliver projects at the heart of local communities.

·      Over the last 115 years we have created iconic buildings and
infrastructure all over the world. Currently, we are working to deliver
Hinkley Point C, the first UK nuclear power station in a generation;
constructing the world-class arts and cultural facility, the Lyric Theatre, in
Hong Kong; and designing, building, financing, operating and maintaining the
Automated People Mover superstructure at one of the busiest airports in the
world, Los Angeles International Airport.

 

Legal Entity Identifier: CT4UIJ3TUKGYYHMENQ17

 

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