Business
Statement on AGM Proposals
Statement on AGM Proposals.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \n \n RNS Number : 1026M\n Burford Capital Limited\n 06 May 2020\n \n \n \n \n \n \n \n 6 May 2020\n \n \n \n \n \n \n \n \n BURFORD CAPITAL STATEMENT ON AGM PROPOSALS\n \n \n \n \n \n Burford Capital Limited (\"Burford Capital\" or \"Burford\" or \"the Company\"), the leading global finance and asset management firm focused on law, today \n issued the following statement concerning the proposals circulated for consideration at its forthcoming AGM.\n \n \n \n \n \n As discussed in the Chairman's letter to shareholders, the primary purpose of the proposed amendments to the Articles and the Company's long-term incentive plan is to make them fit for purpose for Burford's anticipated US listing. There are a number of provisions in Burford's Articles, which have not been amended meaningfully since the Company's founding more than a decade ago as a listed fund, that are inconsistent with US practice. The Company has also used this opportunity to refresh the Articles to current Guernsey best practice as advised by leading counsel there.\n \n \n \n \n \n By moving to a dual listing, shareholders in both countries will need to find common ground to arrive at a mutually viable set of Articles for the Company. There are governance points that are commonplace in the UK that would not be typically seen in the US and vice versa. Rigid adherence to a UK market approach risks a situation where Burford's governance is too far afield from US norms for a US listing to be viable.\n \n \n \n \n \n Burford developed the proposed amended Articles through a consultation process involving leading counsel in London, New York and Guernsey, with an effort to reach a set of Articles viable for shareholders in all jurisdictions. Burford explains below the background to certain points raised by ISS and Glass Lewis (without any prior consultation with the Company), and also sets out one modification to the LTIP proposal.\n \n \n \n \n \n The Board strongly recommends a vote in favor of the resolutions proposed at the AGM.\n \n \n \n \n \n LTIP\n \n \n \n \n \n The Company withdraws the proposed amended section 3.4 of the Plan Rules that has attracted negative commentary from ISS and Glass Lewis. While the proposed changes are commonplace in US practice, it ...