REG - Utilico Emerging Mkt - Result of AGM

Utilico Emerging Markets TrustAnnouncement

20/09/2022 15:00

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RNS Number : 0274A  Utilico Emerging Markets Trust PLC  20 September 2022

20 September 2022

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

 

Result of Annual General Meeting

 

Utilico Emerging Markets Trust plc ("UEM" or the "Company") held its 2022
Annual General Meeting of its shareholders on 20 September 2022.

 

All resolutions proposed at the meeting were passed on a show of hands.  A
copy of the Notice of Meeting is available at www.uemtrust.co.uk
(http://www.uemtrust.co.uk) .

 

The proxy voting figures received in advance of the meeting are shown below.

 

 Resolution                                                                 Votes for/      %       Votes against  %      Total votes cast  Votes withheld

discretionary
 Ordinary Resolutions
 1. To receive the Company's Accounts and the Reports of the Directors and  137,174,968     100.00  159            0.00   137,175,127       18,007
 Auditor
 2. To approve the Directors' Remuneration Policy                           137,077,065     99.94   75,647         0.06   137,152,712       40,422
 3. To approve the Directors' Remuneration Report                           137,072,932     99.95   65,763         0.05   137,138,695       54,439
 4. To approve the Company's dividend policy                                137,173,149     100.00  41             0.00   137,173,190       19,944
 5. To elect Mr Bridgeman                                                   137,164,476     99.99   7,523          0.01   137,171,999       21,135
 6. To elect Ms Liu                                                         137,161,455     99.99   8,607          0.01   137,170,062       23,072

 7. To re-elect Mr Rennocks                                                 137,163,341     100.00  6,721          0.00   137,170,062       23,072
 8. To re-elect Ms Hansen                                                   103,638,782     75.55   33,531,280     24.45  137,170,062       23,072
 9. To re-elect Mr Stobart                                                  109,925,227     80.14   27,244,835     19.86  137,170,062       23,072
 10. To re-appoint KPMG LLP as auditor of the Company                       137,038,485     99.92   115,427        0.08   137,153,912       39,222
 11. To authorise the Directors to determine the auditor's remuneration     137,152,548     99.99   17,199         0.01   137,169,747       23,387
 12. To authorise the Directors to allot securities                         137,126,099     99.98   33,007         0.02   137,159,106       34,028
 Special Resolutions
 13. To authorise the Directors to disapply pre-emption rights              137,031,803     99.90   137,980        0.10   137,169,783       23,351
 14. To authorise the Company purchase its own shares                       137,148,150     99.98   24,799         0.02   137,172,949       20,185

 

The Board has noted that shareholder proxies representing 24.45% of the shares
voted (representing 16.16% of the issued share capital) were against the
annual re-election of Ms Susan Hansen.  Ms Hansen is also a director of a
company associated with the Investment Managers and is therefore not deemed to
be independent. The vast majority of these shares were voted by one
shareholder, with whom the Company has previously engaged, and who indicated
its opposition to those directors it did not believe are sufficiently
independent.

 

In accordance with the principles of the UK Corporate Governance Code, all
Directors offer themselves for re-election annually. The Board is firmly of
the view that Ms Hansen is and remains independent in character and judgement
and that her appointment to the Board is in the best interests of the Company
and its shareholders.  The Company announced the appointments last year of
Mark Bridgeman and Isabel Liu as new independent directors to the Board of UEM
and the Board continues to consider board refreshment.

 

A copy of the full text of the resolutions (other than those resolutions
comprising ordinary business) will shortly be made available for inspection on
the National Storage Mechanism at
http://data.fca.org.uk/#/nsm/nationalstoragemechanism
(http://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

 

Name of contact and telephone number for enquiries:

ICM Investment Management
Limited
+44(0)1372 271486

Charles Jillings / Alastair Moreton

 

Montfort Communications

Gay Collins, Pippa
Bailey
+44(0)20 3770 7913

utilico@montfort.london

 

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