Business
Update on 2021 AGM Resolution Vote
Update on 2021 AGM Resolution Vote.
About this update from Tbc Bank Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4750V\n TBC Bank Group PLC\n 13 December 2021\n \n \n \n \n Update on 2021 Annual General Meeting Resolution Vote\n \n \n In accordance with the requirements of Provision 4 of the UK Corporate Governance Code, the Company provides this update following the significant votes against the below resolutions at the Company's Annual General Meeting held on 14 June 2021 (the \"AGM\"): \n \n \n · \n Resolution 2 - Directors' remuneration report; \n \n \n · \n Resolution 15 - Allotment of securities up to a specified amount;\n \n \n · \n Resolution 16 - Disapplication of pre-emption rights (general authority); and\n \n \n · \n Resolution 17 - Disapplication of pre-emption rights (specific authority).\n \n \n All resolutions at the AGM were passed with the exception of Resolution 17. Following the AGM, the Company consulted and engaged with a number of shareholders who voted against the resolutions to better understand their concerns.\n \n \n Resolution 2 - Directors' remuneration report\n \n \n A supporting vote of 76.1% was received for Resolution 2 at the AGM, below the 80% minimum satisfactory vote. The Company's Remuneration Committee Chair, together with the Chairman and Senior Independent Director held discussions with a number of shareholders that voted against this resolution to understand their concerns. \n \n \n The Directors are thankful to the shareholders for sharing their views and understand that the negative vote was principally related to a specific, one-off discretion exercised by the Committee. The dialogue with the shareholders has highlighted that there remains strong support for the Company's remuneration policy which was approved by 96.17% of shareholders.\n \n \n The Company's Remuneration Committee has discussed the feedback received in detail with the Board and will maintain dialogue with shareholders on matters related to executive remuneration. \n \n \n Resolution 15 - Allotment of securities up to a specified amount\n \n \n A vote of 24.71% was received against Resolution 15 at the AGM. The Chairman and Senior Independent Director have held conversations with shareholders that did not support this resolution and is aware that the governance policies maintained by certain shareholders from outside of the United Kingdom are not able to support a general allotment author...