REG - Rentokil Initial PLC - Result of AGM
RNS Number : 4498YRentokil Initial PLC12 May 2021RESULTS 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.
RESOLUTION
VOTES FOR1
%
VOTES AGAINST
%
TOTAL VOTES
% of ISC VOTED
VOTES WITHHELD2
1
To receive the audited financial statements and the directors' and auditors' report thereon
1,451,530,684
100.00
13,163
0.00
1,451,543,847
78.07%
1,433,004
2
To approve the 2021 Directors' Remuneration Policy
1,117,630,721
77.39
326,479,806
22.61
1,444,110,527
77.67%
8,866,324
3
To approve the Directors' Remuneration Report
1,400,164,692
97.12
41,500,982
2.88
1,441,665,674
77.54%
11,311,177
4
To approve the amended rules of the Performance Share Plan 2016
1,098,420,082
75.62
354,060,691
24.38
1,452,480,773
78.12%
496,078
5
To declare a final dividend
1,447,816,095
99.67
4,805,131
0.33
1,452,621,226
78.13%
355,625
6
To elect Stuart Ingall-Tombs as a director
1,451,367,529
99.92
1,193,412
0.08
1,452,560,941
78.12%
415,910
7
To elect Sarosh Mistry as a director
1,452,279,328
99.98
272,836
0.02
1,452,552,164
78.12%
424,687
8
To re-elect John Pettigrew as a director
1,441,873,301
99.26
10,689,934
0.74
1,452,563,235
78.12%
413,616
9
To re-elect Andy Ransom as a director
1,452,427,979
99.99
132,664
0.01
1,452,560,643
78.12%
416,208
10
To re-elect Richard Solomons as a director
1,446,668,103
99.59
5,889,228
0.41
1,452,557,331
78.12%
419,520
11
To re-elect Julie Southern as a director
1,418,461,142
97.65
34,099,444
2.35
1,452,560,586
78.12%
416,265
12
To re-elect Cathy Turner as a director
1,438,081,599
99.00
14,478,767
1.00
1,452,560,366
78.12%
416,485
13
To re-elect Linda Yueh as a director
1,401,390,279
96.48
51,172,207
3.52
1,452,562,486
78.12%
414,365
14
To appoint PricewaterhouseCoopers LLP as auditor
1,444,950,371
99.48
7,601,982
0.52
1,452,552,353
78.12%
424,498
15
To authorise the directors to agree the auditors' remuneration
1,452,535,527
100.00
66,437
0.00
1,452,601,964
78.12%
374,887
16
To authorise the making of political donations
1,445,039,050
99.49
7,473,760
0.51
1,452,512,810
78.12%
464,041
17
To authorise the directors to allot shares
1,319,993,744
90.88
132,499,021
9.12
1,452,492,765
78.12%
484,086
18
To disapply statutory pre-emption rights
1,437,986,861
99.36
9,266,646
0.64
1,447,253,507
77.84%
5,723,344
19
To disapply statutory pre-emption rights - additional 5%
1,413,035,077
97.63
34,239,433
2.37
1,447,274,510
77.84%
5,702,341
20
To authorise the directors to make market purchases of the Company's own shares
1,439,152,453
99.12
12,762,645
0.88
1,451,915,098
78.09%
1,061,753
21
To authorise the calling of a general meeting (other than an AGM) on 14 days' 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:
Company Secretary:
Daragh Fagan
Rentokil Initial plc
01294 858000
Media:
Malcolm Padley
Rentokil Initial plc
07788 978199
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