Business
Results of AGM & Proposed Board Changes
Results of AGM & Proposed Board Changes.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 7312Y GLI Finance Limited 10 May 2019 \n\n10 May 2019\n \nGLI Finance Limited\n(the \"Company\")\n \nResults of Annual General Meeting & Proposed Board Changes\n \nThe Company is pleased to announce that at the Annual General Meeting held at 10:30am today, each of the Resolutions was duly passed without amendment. The Board recognises, however, that there was opposition (10.34% of the votes cast) to Resolution 2 regarding the approval of the Directors' Remuneration Report for the year ended 31 December 2018. \nThe Board has noted the concerns raised by some shareholders in this regard and has been in ongoing dialogue with the Company's largest shareholders. Following feedback received in the weeks preceding the Annual General Meeting, the Board, in consultation with the Remuneration Committee has come to an agreement on new executive and senior management bonus terms which will be incorporated into the Company's Remuneration Policy for 2019 and thereafter. This includes ensuring the payment of any bonuses will only be made once the year-end accounts have been finalised and announced, and that bonuses will be directly linked to profits. The Remuneration Committee believes this will ensure greater alignment with shareholder returns.\n \nThe Company has good relationships with its shareholders and will continue to engage with them regarding its approach to remuneration going forward.\n \nAs previously announced on 21 December 2015, the Somerston Group of companies (\"Somerston\"), the Company's largest shareholder, was granted the right to nominate one individual for appointment to the Board of the Company. Accordingly, the Board intends to appoint Nicholas Michael Wakefield as a non-executive director of the Company following completion of regulatory due diligence. Mr Wakefield is an Investment Director for Somerston Group and Managing Director of Somerston Asset Management Limited. Mr Wakefield has 20 years investment experience in both private and public investments. He is a CFA and CMT charterholder. A further announcement will be made upon Mr Wakefield's appointment. \n \nNicholas Wakefield commented, \"Somerston wishes to extend its support to the Company by taking up our board seat. I look forward to working more closely with the Company.\"\n \nPatrick Firth, Non...