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Genel Energy PLC (GENL)
Genel Energy PLC: Results of AGM
09-May-2024 / 13:00 GMT/BST
9 May 2024
Genel Energy plc
Results of Annual General Meeting 9
May 2024
The Annual General Meeting of Genel Energy plc was held
today, Thursday, 9 May 2024 and the results of the votes by
shareholders are set out below. The number of ordinary shares of
£0.10p each in the Company in issue at the date of the meeting was
279,402,863 and each share attracted one vote.
The results were as follows:
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Resolutions
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For
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%
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Against
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%
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Withheld
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Total lodged
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- To
receive the audited financial statements of the Company for the
year ended 31 December 2023
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195,330,706
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100.00%
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0
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0.00%
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784,044
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195,330,706
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- To
approve the Remuneration Policy for Directors
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142,845,544
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73.13%
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52,477,876
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26.87%
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791,330
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195,323,420
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- To
approve the Annual Report on Remuneration for the year ended 31
December 2023
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145,795,416
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74.64%
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49,530,304
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25.36%
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789,030
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195,325,720
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- To
re-elect Mr David McManus as a Non‑Executive
Director
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145,833,170
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74.66%
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49,487,313
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25.34%
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794,267
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195,320,483
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- To
re-elect Mr Paul Weir as an Executive Director
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194,947,599
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99.81%
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378,384
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0.19%
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788,767
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195,325,983
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- To
re-elect Mr Ümit Tolga Bilgin as a Non-Executive
Director
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144,641,492
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66.80%
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71,899,074
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33.20%
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788,766
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216,540,566
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- To
re-elect Ms Canan Ediboglu as Non-Executive Director
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194,870,128
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89.99%
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21,670,437
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10.01%
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788,767
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216,540,565
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- To
re-elect Mr Yetik K. Mert as a Non-Executive Director
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194,870,008
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99.77%
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455,974
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0.23%
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788,768
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195,325,982
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- To
appoint BDO LLP as the Company’s auditor
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195,244,728
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99.96%
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82,950
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0.04%
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787,072
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195,327,678
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- To authorise the
Directors to set the Auditor’s fees
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195,186,671
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99.93%
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142,869
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0.07%
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785,210
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195,329,540
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- To give the
Company limited authority to make political donations and
expenditure
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195,176,574
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99.92%
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161,132
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0.08%
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777,044
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195,337,706
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- To authorise the
Company to purchase its Ordinary Shares
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146,134,451
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67.48%
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70,424,338
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32.52%
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770,543
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216,558,789
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- To permit the
Company to hold general meetings, other than an AGM, on not less
than 14 clear days’ notice
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195,202,351
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90.14%
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21,348,438
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9.86%
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778,543
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216,550,789
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Following the retirement of Sir Michael Fallon at today’s
AGM, the Company’s search for a new Independent Non-Executive
Director is ongoing. Canan Ediboglu has been appointed Interim
Senior Independent Non-Executive Director.
The Board of Directors notes that, although resolutions 2, 3,
4, 6, and 12 were passed with the requisite majorities, over 20% of
votes were cast against. The Board will take note of the voting and
will engage with shareholders to further understand the reasons for
the significant vote against these resolutions.
It is noted that, while ISS recommended voting in favour of
all resolutions, Glass Lewis recommended voting against resolution
2 on the Directors’ Remuneration Policy, due to their judgement
that the Remuneration Committee retains “the discretion to grant
potentially excessive awards to executives on recruitment.” Genel
is an international business with operations in challenging
overseas jurisdictions, competing against a wide range of global
listed and private companies for senior talent. The flexibility the
Company has in relation to recruitment packages has been in place
since 2014, and the Company has not
exercised this flexibility since such date. The Board of Directors
continues to believe that this flexibility is reasonable and in the
best interests of our shareholders, but will discuss this further
with major shareholders.
The full text of the resolutions may
be found in the Notice of the Annual General Meeting, copies of
which are available on both the Company's website
www.genelenergy.com and on the
National Storage Mechanism
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
A copy of the special resolutions
(resolutions 12 and 13) passed at the Annual General Meeting, have
been submitted to the National Storage Mechanism and will shortly
be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
-ends-
For further information, please contact:
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Genel Energy
Andrew Benbow, Head of Communications
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+44 20 7659 5100
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Vigo Consulting
Patrick d’Ancona
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+44 20 7390 0230
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Notes to editors:
Genel Energy is a socially responsible oil producer listed on
the main market of the London Stock Exchange (LSE: GENL, LEI:
549300IVCJDWC3LR8F94). Genel has low-cost and low-carbon production
from the Kurdistan Region of Iraq, and continues to seek
opportunities to add new resilient and cash-generative assets to
its portfolio. For further information, please refer to
www.genelenergy.com.
Dissemination of a Regulatory Announcement, transmitted by EQS
Group.
The issuer is solely responsible for the content of this
announcement.
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