Grafton Group PLC AGM Update (0510K)
August 27 2021 - 8:00AM
UK Regulatory
TIDMGFTU
RNS Number : 0510K
Grafton Group PLC
27 August 2021
Grafton Group plc
AGM Update
Grafton Group plc ("Grafton" or "the Company") announced on 28
April 2021 that while all resolutions put to shareholders at the
2021 Annual General Meeting ("AGM") of the Company were passed, a
minority of shareholders chose not to support resolution 3a which
related to the re-election of the Company's Non-Executive Chair,
Michael Roney.
In line with the provisions of the 2018 UK Corporate Governance
Code, the Company has reached out to shareholders in order to gain
an understanding of the reasons behind their votes and now provides
this update on the outcome of the consultation process.
On the basis of the views expressed by shareholders who
responded, the level of votes against Mr. Roney's re-election was
influenced by only two of the Board's seven Directors being female
and several shareholders expressed a concern relating to the number
of Board appointments held by Mr. Roney in listed companies.
As noted in the 2020 Annual Report, the Board's objective is to
increase Board diversity and it has initiated a process to appoint
an additional female Non-Executive Director which will increase
female representation on the Board to more than one-third.
The Board appreciates the increased focus on Directors Board
commitments and notes that a number of institutional investors have
developed specific guidelines and applied a more stringent voting
policy in relation to Directors' Board commitments. The Board of
Grafton believes that Mr. Roney has always devoted sufficient time
to his role as Chair and is confident that he effectively
discharges his role. He brings significant international business
experience to the role, provides clear direction and leadership of
the Board and makes a major contribution to the strategic
development of Grafton. The Board is strongly supportive of the
role and guidance that Mr. Roney provides to the Company for the
benefit of all stakeholders.
The Nomination Committee continues to monitor all Directors'
external commitments and would take appropriate action in the event
of any concerns being raised about their ability to dedicate
sufficient time to their roles as Directors of the Company.
The Company will set out further details on these matters in the
2021 Annual Report.
For further information please contact:
Grafton Group plc +353 1 216 0600
Gavin Slark Chief Executive Officer
David Arnold Chief Financial Officer
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDPPUBGRUPGGGM
(END) Dow Jones Newswires
August 27, 2021 08:00 ET (12:00 GMT)
Grafton Grp.uts (LSE:GFTU)
Historical Stock Chart
From Jun 2024 to Jul 2024
Grafton Grp.uts (LSE:GFTU)
Historical Stock Chart
From Jul 2023 to Jul 2024