Business
Further statement in relation to AGM vote
Nostrum Oil & Gas PLC is addressing shareholder concerns following its 2025 AGM where several resolutions, including director reappointments and the approval of the Directors' Remuneration Report, did not pass. Shareholders expressed dissatisfaction with payments made under the management incentive plan in 2025, deeming them improper, excessive, or inappropriately timed. The Board is reviewing the plan, considering amendments, ceasing further grants, and has appointed a new head of the Remuneration Committee to address these issues and engage further with shareholders. Disclaimer*
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n \n \nLondon, 19 December 2025\n \nFurther statement in relation to AGM vote\n \nNostrum Oil & Gas PLC (LSE: NOG) (\"Nostrum\" or the \"Company\"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, notifies that in its 2025 AGM results announcement issued on 30 June 2025, the Company noted that:\n· Resolution 2, which proposed to approve the Directors' Remuneration Report, resolution 3, which proposed to reappoint Arfan Khan as a director, resolution 5, which proposed to reappoint Chris Hopkinson as a director and resolution 11, which proposed to permit a notice period of 14 days for general meetings (other than an annual general meeting), were not passed by shareholders; and\n \n· Resolution 4, which proposed to reappoint Stephen Whyte as a director and resolution 6, which proposed to reappoint Fiona Paulus as a director, were both duly passed by shareholders but both resolutions received less than 80% of the votes in favour.\n \nFollowing the 2025 AGM, the Board engaged with shareholders in respect of the votes received against these resolutions to better understand these outcomes.\n \nThe main themes expressed by some shareholders in relation to the votes against mentioned above were that:\n \n· Payments made in 2025 under the Company's management incentive plan were considered improper and/or excessive;\n \n· It was considered that the determination made on satisfaction of performance conditions for certain payments under the management incentive plan was inappropriate or should have been subject to stakeholders' discretion;\n \n· The timing of certain management incentive plan payments was considered inappropriate.\n \nGiven the feedback received from shareholders to date the Board is reviewing the operation of the management incentive plan. The Company's senior management and Board composition have changed in the period since the AGM, including a new appointment as head of the Rem...