REG - Galliford Try Hldgs - Result of AGM

Galliford Try HoldingsAnnouncement

13/11/2020 13:30

RNS Number : 3093F
  
Galliford Try Holdings PLC
  
13 November 2020
  
 

GALLIFORD TRY HOLDINGS PLC
 
Result of 2020 Annual General Meeting
 
Galliford Try Holdings plc is pleased to announce that all resolutions were passed on a poll vote conducted at the Annual General Meeting held today. The results of the poll vote are detailed below.
 
As at the time of the meeting, the Company had 111,053,489 ordinary shares of 50 pence each in issue. As a vote withheld is not a vote in law, the proportion of total votes cast for and against each resolution excludes votes withheld. 
 




Resolution


Votes validly cast


% of ISC


Votes for


%


Votes against


%


Withheld




1. Receiving the report and financial statements


56,526,662


50.90


56,483,972


99.92


42,690


0.08


16,689




2.  Approval of the directors' report on remuneration


56,485,273


50.86


36,394,526


64.43


20,090,747


35.57


58,078




3.  Approval of the directors' remuneration policy


55,733,564


50.19


55,542,396


99.66


191,168


0.34


809,787




4.    Re-election of Bill Hocking


56,521,483


50.90


56,479,764


99.93


41,719


0.07


21,869




5.    Re-election of Andrew Duxbury


56,523,454


50.90


56,359,500


99.71


163,954


0.29


19,898




6.    Re-election of Terry Miller


56,527,900


50.90


55,122,050


97.51


1,405,850


2.49


15,452




7.    Re-election of Gavin Slark


56,520,939


50.90


55,129,283


97.54


1,391,656


2.46


22,412




8.    Re-election of Marisa Cassoni


56,523,626


50.90


55,151,473


97.57


1,372,153


2.43


19,726




9.    Re-election of Peter Ventress


56,518,066


50.89


54,682,588


96.75


1,835,478


3.25


25,285




10.  Re-appointment of auditor


56,526,292


50.90


56,474,096


99.91


52,196


0.09


17,060




11.  Authority to set remuneration of the auditor


56,533,141


50.91


56,492,532


99.93


40,609


0.07


10,211




12.   Authority to allot shares


56,522,086


50.90


55,865,646


98.84


656,440


1.16


21,266




13.   Authority for political expenditure


56,507,336


50.88


56,089,649


99.26


417,687


0.74


36,015




14. Approval of the Savings-Related Share Option Plan


56,516,825


50.89


56,452,921


99.89


63,904


0.11


26,527




15.  Authority to disapply statutory pre-emption rights for general purposes


56,517,447


50.89


56,374,787


99.75


142,660


0.25


25,905




16.  Authority to disapply statutory pre-emption rights for an acquisition or a specified capital investment


56,519,147


50.89


56,364,903


99.73


154,244


0.27


24,204




17.  Authority for Company to purchase its own shares


56,530,310


50.90


56,449,817


99.86


80,493


0.14


13,041




18.  Notice period for general meetings


56,536,680


50.91


55,982,915


99.02


553,765


0.98


6,672




 
Resolution 2 - Directors' Remuneration Report
 
The Board notes that while Resolution 2 to approve the Directors' Remuneration Report was passed, 35.57% of shareholders opposed this resolution. The Board and the Company remain committed to continued engagement with shareholders and proxy advisors to address concerns pertaining to directors' remuneration, and discretion applied to executive bonus awards.  
 
Following recent engagement on the Company's executive remuneration arrangements with major shareholders and proxy advisors prior to today's AGM, the Board understands that shareholders' primary concern was the Finance Director's 2019/20 annual bonus where 50% was based on the disposal of the Group's housebuilding divisions which completed in January 2020.  
 
The Remuneration Committee's decision to base half of the Finance Director's 2019/2020 annual bonus on the successful completion of the corporate transaction reflected that this project represented a significant proportion of the Finance Director's duties and responsibilities in the 2019/20 financial year. This approach was also within the scope of the Remuneration Policy in force at that time.  In making the award in respect of the disposal, the Committee also had full regard to the Finance Director's wider contribution and the underlying performance of the Group.
 
The Board will continue to engage with shareholders to ensure their views are fully understood and considered and can be taken into account by the Committee in the future.  In line with the provisions of the UK Corporate Governance Code, the Board will provide an update on the views received and actions taken in response no later than in six months' time.
 
 
In accordance with LR 9.6.2, copies of the relevant ordinary and special resolutions passed at the meeting will be submitted to the FCA's National Storage Mechanism and will be available to view at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
 
Enquiries:
Kevin Corbett                General Counsel & Company Secretary, Galliford Try Holdings plc                   01895 855001
 
 
 
Note to Editors
 
Galliford Try is a trading name of Galliford Try Holdings plc, a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.
 

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